Research on factors affecting the behavior of using international bank cards in Vietnam

This finding confirms that the relationships between e-quality, e-satisfaction and e-loyalty will be stronger if the online banking user is an introvert (less socially connected) than an extrovert (strongly socially connected).

Yang & Peterson (2004) examined the moderating effects of switching costs on customer loyalty through both satisfaction and perceived value measures using a web-based survey of online service users. The results indicated that firms that want to gain customer loyalty should focus primarily on satisfaction and perceived value. The moderating effects of switching costs on the association of customer loyalty and customer satisfaction and perceived value were significant only when the level of customer satisfaction or perceived value was above the mean.

Using data collected from 254 Spanish internet banking users, Aldas-Manzano et al. (2011) examined the moderating effects of satisfaction, trust, frequency of use, and perceived risk on the relationship between satisfaction and loyalty. The study found that satisfaction positively influenced loyalty but the effect was significantly reduced as the level of perceived risk increased. The results were similar for trust, which was more positively correlated with high levels of perceived risk, but under conditions where internet banking services were used less frequently.

Affirming that customer satisfaction and loyalty are two major goals that managers aim for, Thakur (2014) describes both concepts in the context of mobile banking. This study shows that loyalty towards mobile banking based on the antecedent factors has a positive impact on customer satisfaction.

Among the financial technology services, Lim et al. (2019) found that Fintech mobile payment is the most important and fastest growing service. This study proposes the extended post-acceptance model (EPAM) to find out the role of security, service knowledge, confirmation, perceived usefulness as antecedents of customer satisfaction when using this innovative payment service and the relationship

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between customer satisfaction and customer loyalty. The analyzed results show that there is a direct and significant relationship between perceived usefulness, satisfaction and continuance intention while perceived security does not significantly influence customer satisfaction.

Overview of research related to bank card usage behavior in Vietnam

Studies related to the behavior of using banking services, including bank card services, have also been conducted on Vietnamese customers. The following part of the thesis presents studies related to the intention to use services and the satisfaction and loyalty of Vietnamese customers with banking services, including bank card services.

Research status on customers' intention to use banking services

Besides studies on different countries in the world, there have been publications in Vietnam assessing service usage behavior, intention, and attitude using many different approaches and using many different statistical data analysis techniques.

Le Van Huy and Truong Thi Van Anh (2008) proposed a research model on E-Banking acceptance in Vietnam and found a positive impact of attitude on customers' decision to accept using e-banking services.

Nguyen Duy Thanh and Cao Hao Thi (2011) studied the model of E-Banking acceptance and use in Vietnam (E-BAM, E-Banking Adoption Model). The research results showed that the hypotheses of the E-BAM model were accepted. The E-BAM model explained about 57% of the changes in E-Banking acceptance and use.

Based on the theory of technology acceptance and unification, Khuu Hong Van and Nguyen Thi Mai Trang (2011) examined some factors affecting the trend of using online banking in Vietnam based on a survey sample collected in Ho Chi Minh City. The research results showed that the expected effectiveness, social influence, and the use of online banking were significantly affected.

Association, trust, and anxiety influence the tendency to use online banking. The results also show that ease of use and confidence do not influence the tendency to use online banking.

Le Thi Tieu Mai and Le Van Huy (2012) used data collected from a survey of 240 individuals using ATM cards in Nha Trang city and found that the main groups of factors affecting customers' intention to use ATM cards were marketing policies, technology infrastructure and security.

Nguyen Thi Khanh Trang and colleagues (2014) identified factors affecting the intention to use Internet banking services with Hue University students in particular. The research model was developed based on the original Technology Acceptance Model (TAM), with the addition of variables of Internet usage experience, Social norms and Perceived risk. The results showed that Perceived ease of use, Perceived usefulness and attitude all positively affected consumers' intention to use Internet Banking. In addition, Perceived risk, Social norms and Internet experience also had some predictive ability although limited. Also related to Internet banking services, Hoang Manh Hung's research (2015) built a model to find out the factors determining the intention to use Internet Banking services of individual customers (PIB). The independent variables of the research model include personal characteristics of each customer, personality traits and the level of trust of the bank. The findings of this study highlight the important moderating role of perceived ease of use and perceived usefulness variables on the overall effect of trust on behavioral intention while all personal characteristics, except for job title, have played less important roles in some previous studies. Among the personality characteristics, the direct effect of agreeableness on perceived ease of use and neural factors on behavioral intention have not been explored in previous studies on PIB.

Le Thi Kim Tuyet (2015) applied the TPB theoretical model framework, adding a new factor of credit card related costs to evaluate the factors affecting the intention to use Visa credit cards of customers in Da Nang. The research results demonstrated the suitability of the proposed model in explaining the intention to use credit card services with all 4 factors of the model being found.

The factors that significantly influence customers' intention to use Visa credit cards are: pressure to use, awareness of use, security of use and cost of using the card.

In studying the intention to use mobile banking services, Nguyen Thi Thu Ngan and colleagues (2015) used the unified theory and acceptance of technology model UTAUT as a theoretical foundation and proposed many factors to study the factors affecting the intention to use mobile banking services of customers in Da Nang.

The adoption of mobile banking in Taiwan and Vietnam was studied by Liang (2016) focusing on the effects of subjective norms, performance expectancy, effort expectancy, facilitating conditions, and attitudes and intentions to adopt mobile banking services. The analysis results showed that subjective norms and facilitating conditions explained the differences in adoption between Taiwan and Vietnam. Subjective norms positively affected effort expectancy, performance expectancy, and facilitating conditions in Taiwan and Vietnam. Subjective norms also positively affected attitudes and intentions to adopt mobile banking services in Vietnam, but had no impact in Taiwan. Facilitating conditions positively affected attitudes, but did not positively affect intentions in Taiwan. Facilitating conditions positively affected attitudes and intentions to use mobile banking services in Vietnam.

Liu & Tai (2016) explored the factors influencing the intention to use mobile payment service packages in Vietnam from the impact of different variables including mobility, convenience, compatibility, mobile payment knowledge, ease of use, usefulness, risk, trust and security. The results showed that the factors of perceived ease of use and perceived usefulness have strong predictive power for the intention to use mobile payment. All respondents showed that they do not care about the risk when they intend to use mobile payment services. The convenience of mobility, compatibility and mobile payment knowledge have an impact on ease of use and usefulness. Among them, according to the respondents, compatibility has the most significant impact on ease of use and usefulness. In particular, beliefs about safety in use were found to have no significant impact on perceived usefulness, but instead had a direct impact on the intention to use mobile payment services.

Nguyen Dinh Yen Oanh and Pham Thuy Bich Uyen (2017) conducted a study to find out the factors affecting the intention to use mobile commerce services of users in An Giang with a model consisting of 7 structural components, of which 3 components are elements of the TRA model combined with TAM and 4 additional components based on the actual situation of the research subjects. The results showed that the factors that have a positive impact on user intention are service diversity, flexibility, perceived usefulness, perceived credibility, perceived ease of use while the two factors are subjective norm and cost do not affect the intention to use.

Thanh & Tu (2017) evaluated the role of risk on intention to use online banking. The results of structural equation modeling showed that risk factors (privacy risk, security risk, social risk, time risk and financial efficiency risk) in perceived risk have a negative impact on intention to use online banking in Vietnam.

Regarding e-payment and influencing factors, Nguyen Duy Thanh & Huynh Anh Phuc (2017) tested the e-payment adoption model. The results showed that six out of nine hypotheses were supported. The research results demonstrated that there is a linear relationship between service quality, social influence, ease of use and e-payment adoption. This research model explains about 51% of e-payment adoption.

Vuong Duc Hoang Quan & Trinh Hoang Nam (2017) used a combination of the Theory of Planned Behavior (TPB) and Technology Acceptance Theory (TAM) models, and applied SEM to identify factors affecting the intention to use credit cards of Vietnamese customers. By using data from 426 customers after conducting an online survey, the study showed that perceived usefulness and perceived behavioral control have a positive impact on the intention to use credit cards. In other words, when the use of credit cards becomes more efficient, easier to access and more accessible; consumers may feel more motivated to use credit cards. Customers also appreciate the usefulness of credit cards and this will help them accept credit cards more easily. In addition, the impact of superiors, colleagues and the media also has a positive correlation with the intention to use credit cards.

credit card use in Vietnam.

Regarding Fintech services, Dao My Hang & colleagues (2018) conducted a study on factors affecting the decision to use Fintech services in payment activities of individual customers in Hanoi. The research results showed that there are 6 factors affecting customers' decision to use Fintech services in payment, with decreasing levels of influence, including: (1) Level of safety and security, (2) Usefulness; (3) Attitude; (4) Autonomy; (5) Ease of use and (6) Convenience.

Nguyen & Cassidy (2018) found evidence for the hypotheses developed on the theory of credit card adoption. In the transitional economy of Vietnam, consumers’ intention to use credit cards is influenced by Perceived Usefulness (PU), Perceived Ease of Use (PEOU), Subjective Norm (SN). However, according to this study, Perceived Financial Cost (PFC) is not a significant factor.

Thanh & Phuc (2018) studied the role of risk and trust in the adoption of e-payment in Ho Chi Minh City. The results of structural equation modeling (SEM) showed that risk perception and trust played a major role in the structural model of e-payment adoption. The research model explained 38% of e-payment adoption.

Vu Van Diep & colleagues (2019) combined the TAM and TPB frameworks to analyze factors affecting the intention to use mobile payments in Vietnam. The research results showed that attitude, perceived behavioral control, perceived usefulness, and perceived ease of use have a positive impact on consumers' intention to use mobile payments while perceived risk has a negative impact. Subjective norms were found to have no impact on consumers' intention to use mobile payments.

Research status on customer satisfaction and loyalty when using banking services

Factors affecting customer satisfaction and loyalty to banking services have also been studied with customers in Vietnam.

However, a common feature of studies focusing on the Vietnamese market is the high rate of use of first-generation statistical analysis techniques.

Dinh & Pickler (2012) focused on examining the correlation between service quality dimensions (tangibles, reliability, responsiveness, assurance and empathy) and studied the correlation between service quality and customer satisfaction in the retail banking sector in Vietnam. The predictor variables (independent variables) for this study were the aforementioned service quality dimensions. The outcome variable (dependent variable) was customer satisfaction. The study found that reliability and empathy were the two service quality characteristics that had the strongest impact on overall customer satisfaction, followed by tangibles, assurance and finally responsiveness, respectively.

Adding variable values is also mentioned by authors in Vietnam in their studies, Pham Ngoc Thuy and Le Nguyen Hau (2010) used the concept of personal service value to predict customer satisfaction and loyalty to banking services. The study also aimed to confirm the three components of personal service values when conceptualized as a higher-order construct. With customer satisfaction as a mediator, the results showed that personal service values can explain a significant part of customer satisfaction and a significant part of customer loyalty. The data also confirmed the three components of personal service values which are value for peaceful life, value for social recognition and value for social integration.

Quan (2014) studied the impact of five aspects of credit card service quality on Vietnamese customer satisfaction. The results of the study showed that Vietnamese customers were most satisfied with the assurance of credit card services and least satisfied with the responsiveness of bank support staff to credit card services. In addition, all five service quality dimensions, namely reliability, assurance, responsiveness, understanding and tangibles, had an impact on customer satisfaction when using credit cards, in which assurance had the strongest impact and tangibles had the least impact.

Wang (2014) conducted surveys to assess the satisfaction level of customers who are performing transactions via ATMs at Vietnamese bank branches. Based on the service quality model with five main factors selected as tangibles, reliability, responsiveness, communication and security, the author aimed to explore the important aspects that have a great influence on customer satisfaction with banking services. The data were analyzed using various statistical analyses including exploratory factor analysis, reliability, correlation and multiple linear regression. The results indicated that customer satisfaction has a positive impact on tangibles and reliability, while responsiveness is the main cause of customer dissatisfaction.

Nguyen Thi Thu (2016) from data collected from 375 bank customers using ATM services in Hanoi analyzed the factors affecting customer satisfaction and found that the factor of convenience has the greatest impact on customer satisfaction, followed by empathy and sharing, trust, assurance and finally the price factor. In the study of Le Thi Thu Hong & colleagues (2014) on customer satisfaction with payment card services in Can Tho, factors including service style, trust and tangible means were shown to have a clear impact on customer satisfaction.

Customer loyalty is an important factor that significantly affects the company's profitability. The cost of retaining an existing customer is much lower than the cost of acquiring a new customer. Cuong et al. (2011) tested a model of factors affecting customer loyalty in the Vietnamese banking industry. Data were collected by distributing questionnaires in Ho Chi Minh City and analyzed using structural equation modeling (SEM). The results showed that customer loyalty was positively and significantly affected by perceived service quality, corporate image, customer satisfaction, and switching costs. In addition, the results showed that perceived service quality had a significant impact on both corporate image and customer satisfaction.

Nguyen Thi Mai Anh and Ngo Phuc Hanh (2014) in their study of service quality, customer satisfaction and loyalty applied to the card market.