Research on factors affecting customer satisfaction with personal loan service for consumption at Vietcombank Ho Chi Minh City

PHAN QUAN VIET, PhD. (Ho Chi Minh City University of Technology - HUTECH)


In the current market context, for all banks and credit institutions, lending to individual customers is seen as one of the key directions, bringing high profits, with large number of customers and diversified cross-selling products and it is also an effective channel to expand existing customer network. In addition, constantly improving service quality, enhancing customer satisfaction with personal loan service is also considered one of the prerequisites for a bank's success in general and for Vietcombank in particular in the current fierce market competition. With the existing facts as mentioned above at Vietcombank Ho Chi Minh City, the author has carried out the topic "Research on factors affecting customer satisfaction with personal loan service for consumption at Vietcombank HCMC” aiming to revaluate the current situation, contributing to building a scale of the influencing factors to determine which factors have a large impact, which factors have less impact on customer satisfaction and provide management implications which helps to attract and build customers' trust with Vietcombank HCMC better.

Keywords: Factors, satisfaction, services, personal loans, Vietcombank Ho Chi Minh City.

1. Introduction

1.1. Urgency of the research topic

According to the report on lending activities at Vietcombank Ho Chi Minh City through the years 2017 and 2018 – the years promoting the care and development of individual customers in general and consumers in particular, the proportion of loan balance for personal loans to consumers grew very well and accounted for a large proportion in the total loan balance structure, in particular, the loan balance for personal consumers in 2017 were 1,852 billion VND out of the total loan balance of 4,862 billion VND; in 2018 it was 2,241 billion VND out of the total loan balance of 4,997 billion VND. The growth was 389 billion VND in a year. However, through the period of 2019, when market rivals realized the potential of the individual customer segment and launched many attractive incentives and policies to attract this group of customers, it significantly affected the market share of Vietcombank HCMC. The loan balance was 5,820 billion VND, of which the individual customers generally in 2019 accounted for 3,300 billion VND, the loan balance for personal consumers was only 2,415 billion VND; the growth was VND 174 billion. The rate of decline is clear compared to the results of previous years. Obviously, this is a signal that the consumer segment at Vietcombank HCMC is being significantly affected and action should be taken soon to improve the situation, and improve service quality to increase customer satisfaction, which is one of the essential tasks for the entire branch. Therefore, the author chose to study this topic as a reference basis to help the leaders of Vietcombank Ho Chi Minh City grasp the factors affecting the decision to choose a bank to borrow from individual customers at Vietcombank Ho Chi Minh City, from there, it is possible to propose strategies and policies to attract customers, improve the quality of products and services, to bring Vietcombank Ho Chi Minh City to sustainable development in the future.

1.2. Objective of the research

The research objective of the topic is to evaluate and determine the satisfaction of individual customers about the personal consumer loan service of Vietcombank HCMC. On that basis, students propose some governance implications to further improve the satisfaction of individual customers who borrow money at Vietcombank HCMC. Research period: February 2020 - July 2020

2. Theoretical basis and proposed research model

2.1. The concept of consumer lending

First of all, consumer lending is understood as a form of financing for the spending purposes of individuals and households. Consumer loans are an important source of finance to help consumers cover the needs of life such as housing, transportation, living facilities, study, travel, health ... before they can afford to enjoy it.

2.2. The concept of banking services

Banking services are financial services that a bank provides to customers to meet the needs of business, profitability, daily living, assets storage ... Thereby the bank collects interest rate differences, exchange rates or charge fees from products or services.

2.3. The concept of satisfaction

According to Philip Kotler, customer satisfaction is the degree of one's sensory state derived from comparing results obtained from products (or output) with customer expectations. According to Oliver (1980), satisfaction is the response of consumers to the fulfillment of desires.

2.4. Proposed research model

            Through the process of reference, selection and inheritance from studies related to domestic and foreign topics, especially from the SERVQUAL model of Parasuraman et al (1988), the SERVPERF model and the measurement model on customer satisfaction of Zeitham & Bitner (2000), combined with the theoretical basis as well as based on the actual business situation at Vietcombank HCMC, the author proposes a model of the factors affecting customer satisfaction with personal loan services for consumption at Vietcombank HCMC including 6 factors: (1) Reliability; (2) Response; (3) Warranty; (4) Empathy; (5) Tangible means; (6) Price. The author's proposed research model is as follows:

Figure 1. Proposed research model


3. Research results and discussion

3.1. Descriptive statistics of the research sample

According to the proposed model and scale, there are 27 observed variables measuring independent variables, 4 observed variables measuring dependent variables. Therefore, the minimum sample size is 155 survey samples. To ensure the representativeness of the majority of customers and minimize the error due to the sample size determination method, the author decided to conduct a survey on 170 samples. 170 questionnaires were pre-printed and distributed to the respondents, collected after completing the survey.

3.2. Recommended scale

Table 1. Recommended scale


3.3. Analysis of the reliability of the scales

Table 2. Summary of final results of Cronbach's Alpha's test


3.4. EFA factor analysis of independent variables

Table 3. Factor rotation matrix for EFA analysis of independent variables


3.5. Regression analysis

Table 4. Results of linear regression analysis


4.1. Conclusion

The research model in the dissertation has 6 independent factors affecting customer satisfaction with the personal consumer loan service at Vietcombank HCMC, which are (1) Reliability, (2) Response, (3) Warranty, (4) Empathy, (5) Tangible Means, (6) Price. Through the process of descriptive statistical research, reliability testing and quality variable screening, it shows that all 6 factors above have an impact on customer satisfaction, of which the most powerful impact is the factor "Warranty" with Beta = 0.323, followed by the factor "Response" to Beta = 0.235, "Tangible means" with Beta = 0.205, "Empathy" with Beta = 0.184, "Reliability" for Beta = 0.141 and "Price" with Beta = 0.116. From the research results, it is possible to accurately capture the perceptions of customers for personal consumption loans at Vietcombank HCMC, from here it is used as a basis for making improvements, fostering to further enhance customer satisfaction.

4.2. Management implications

Through the results obtained from the survey, it can be seen that the average scores of all 6 factors are acceptable (3 - 3.69 points), none of the factors reach the threshold average of 4, thereby we can somewhat see that, at Vietcombank Ho Chi Minh City, there is no outstanding breakthrough in bringing customer satisfaction, which is especially necessary in the context of today's fierce market competition.

4.2.1. Management implications to improve reliability in personal consumer loan service

In banking, trust is one of the most important factors for customers to come and transact. Customers do not want any errors to happen to their transactions, especially from human factors. Therefore, the bank's staff in all jobs need to be trained and tested continuously in order to continuously foster and improve their professional qualifications, proficient operational skills and avoid errors. With today's science and technology as well as avoiding unnecessary crowds to reduce costs and ensure epidemic safety, online training courses are an effective solution. Staff members can take the initiative in their study time while balancing their work and family time, avoiding rote learning and coping, improving training efficiency.

4.2.2. Management implications to improve responsiveness in personal consumer loans

The factor "Response" has the second strongest positive effect on customer satisfaction. This is completely appropriate because as a buyer of products or services, the customer needs to have the best response from the seller, particularly the bank. For loan borrowers, loan completion time and disbursement are among the factors that are of great concern. With the characteristics of mortgage loans, it is necessary to step by step combine with third parties such as natural resources and environment agencies, notary public offices to complete the procedures. However, banks can still shorten the loan completion time if they focus on shortening some operational steps. The head office should organize regular surveys of direct operational credit officers to receive the reflection or shortcomings at what stage, what form in the credit management and granting process. Since then, we increasingly reduce the loan process, simplify the forms, shorten the time of paper application operations and the system to be able to complete the loan application as soon as possible, and disburse the necessary capital for customers.

4.2.3. Management implication to improve the warranty in personal consumer loan service

Regular professional training courses for the staff should be built. Through these training courses, it helps to improve the level and understanding of the bank's products and services, the needs of customers so that they can consult and answer customers' questions in the best way in the process of using the service. Personal financial information of customers is a factor of security that should be placed on top, if disclosed it can affect the reputation, honor and safety of customers. The bank leaders need to deploy and supervise the strict implementation of information security instructions as instructed from the head office, building up email checking algorithms and user access history periodically in order to early detect security holes, employees who violate the regulations on information safety and confidentiality and propose timely handling measures.

4.2.4. Management implication to enhance Empathy

The leaders of Vietcombank Ho Chi Minh City need to pay attention to building a code of conduct of employees with respect to customers from greeting to guiding customers as well as doing transactions with customers. This helps customers feel the considerate and professional way in the task of responding to the bank's card services. In addition, memorizing the customer's name is also one of the skills that helps customers feel like they are always interested by the bank as a separate individual, not a client in general. This is also a factor that helps customers see the respect that the bank has for them and also helps to improve their satisfaction with the bank.

4.2.5. Management implication to improve and enhance Tangible means

Through the analysis of the research model, the tangible means factor has the 3rd strongest impact on customer satisfaction, which shows that customers have a special interest in physical factors of the bank where the customer comes to do loan transaction, which makes perfect sense because philosophy has a theory that "matter determines consciousness".

A bank with good facilities and spacious, beautiful location also partly shows its position, potential and respect for customers. Vietcombank HCMC needs to pay special attention to improving the tangible means factor. Here they can be mentioned as modern equipment and machines, complete facilities; next is the staff appearance ... Currently, in Binh Thuan province, there are still a number of branches and transaction offices that rent out houses or are degraded, so the facilities do not guarantee good services of retail. In order to achieve a retail space that attracts outside, friendly and convenient inside for customers, Vietcombank HCMC needs to expand and upgrade specialized offices. The premises expansion helps the transaction locations of VIETCOMBANK Ho Chi Minh City to have large premises, open space, easy to arrange advertising posters, convenient for parking spaces, car parking spaces, floor area large enough to accommodate all departments directly serving customers.

4.2.6. Management implication to improve and enhance the Price factor

The interest rate and associated fees are the first thing any borrower should consider. High or low interest rates directly affect the ability of customers to repay debts, which is also a factor to make a comparison between banks. And it has a significant impact on customer satisfaction with the service. Compared with the common ground of commercial banks in Binh Thuan, comparing lending interest rates, Vietcombank Ho Chi Minh City is among the banks with the lowest interest rates in the area; In contrast, the deposit interest rate is in the top of banks with the lowest mobilizing interest rates, and the service fee is equivalent to the other banks. Therefore, Vietcombank HCMC needs to ensure price competitiveness to attract new customers and retain existing customers.



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Trường Đại học Công nghệ TP. HCM (HUTECH)


Trong bối cảnh thị trường hiện nay, đối với tất cả ngân hàng và tổ chức tín dụng thì hoạt động cho vay khách hàng cá nhân đều được xem như là một trong những hướng đi chủ lực, mang lại lợi nhuận cao, số lượng khách hàng lớn, sản phẩm bán chéo kèm theo đa dạng và cũng là kênh hiệu quả để mở rộng mạng lưới khách hàng hiện có. Bên cạnh đó, không ngừng cải thiện chất lượng phục vụ, tăng cường sự hài lòng của khách hàng đối với dịch vụ tiền vay cá nhân cũng được xem là một trong những yếu tố tiên quyết cho thành công của một ngân hàng nói chung và cho Vietcombank nói riêng trong bối cảnh thị trường cạnh tranh khốc liệt như hiện nay. Với những thực tế tồn tại như đã nêu trên tại, tác giả đã thực hiện đề tài “Nghiên cứu các nhân tố ảnh hưởng đến sự hài lòng của khách hàng đối với dịch vụ tiền vay cá nhân tiêu dùng tại ngân hàng Vietcombank TP. HCM” nhằm đánh giá lại thực trạng, góp phần xây dựng thang đo các yếu tố ảnh hưởng để xác định được yếu tố nào ảnh hưởng nhiều, yếu tố nào ít tác động đến sự hài lòng của khách hàng, từ đó đưa ra các hàm ý quản trị giúp thu hút và tạo dựng niềm tin của khách hàng với ngân hàng Vietcombank TP. HCM tốt hơn.

Từ khóa: Nhân tố, sự hài lòng, dịch vụ, tiền vay cá nhân, ngân hàng Vietcombank Thành phố Hồ Chí Minh.