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Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office
Professional bachelor degree in Finance-Banking-Insurance (Customer relationships management) WORK PLACEMENT REPORT Vietnam Public Joint Stock Commercial Bank Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office Names of student: Nguyen Thi Hien University year: 2017-2020 Tutor at TMU: Ths Ngo Thi Ngoc Tutor at PVcomBank Linh Dam Transaction: Luong Xuan Huy Hanoi - 2020 ACKNOWLEDMENTS Firstly, I thank Institute of international cooperation, Thuong Mai University for providing me the opportunity to advance my studies, who teach and provide us valuable knowledge, advises during the education I rearly thank tutor Ths Ngo Thi Ngoc for her great helps and advices for finishing this project report I sincere thanks come to the staffs at Pvcombank – Linh Dam Transaction office, especially Mr Luong Xuan Huy for giving us good opportunities to learn more about working environment to carry out my project in the best conditions LIST OF TABLES LIST OF FIGURES INTRODUCTION The global car market seems to be very stable recently As the growing society, the physical and spiritual life of the people be more and more advanced, along with the continuous development of the demand for goods consumption, the need for travel of the people in the country However, owning a car just stops at the dream for many people because of financial concerns Large supply, high demand, but not anyone can pay for a new car at once So, many banks have offered loans for buying car, and of course, PVcomBank is no exception In order to meet the demand for owning a favorite car and remove barriers to customers fulfilling their wishes quickly and conveniently, Vietnam Joint Stock Commercial Bank (PVcomBank) has implemented super-speed loan product "Only hours with wheels" with special preferential loan policies towards customers Receiving the importance and necessity of the above, after a period of understanding and internship at PVcomBank – Linh Dam Transactions Office, with a desire to deepen the understanding of car loan service, I decide to choose the topic "Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office" PART 1: OVERVIEW OF PVCOMBANK, PVCOMBANK – LINH DAM TRANSACTION AND THE INTERNSHIP 1.1 OVERVIEW OF PVCOMBANK - The full name: Vietnam Public Joint Stock Commercial Bank The abbreviated name: PVcomBank Slogan: “Ngan hang khong khoang cach” Headquarter: 22 Ngo Quyen, Trang Tien Ward, Hoan Kiem District, Hanoi City Holine: (84) 024 3942 6800 Fax: (84) 024 3942 6796/97 Websit: www.pvcombank.com.vn Picture 1.1: Head office of PVcombank - Picture 1.2: Logo of PVcombank Source: PVcombank Vietnam Joint Stock Commercial Bank (also known as PVcomBank) was established under the Decision No 279 / GP-NHNN dated September 16, 2013 of the State Bank of Vietnam on the basis of consolidation between the PetroVietnam Finance Joint Stock Company (PVFC) - and Western Commercial Joint Stock Bank (WesternBank) Vietnam Joint Stock Commercial Bank has a nationwide network of branches / transaction offices Currently, Vietnam Public Commercial Joint Stock Bank has a total of more than 161 Branches / Transaction Offices located in 28 provinces and cities across the country Among them are Ho Chi Minh City - 30 branches / transaction offices, Can Tho city - 21 branches / transaction offices, Hanoi - 20 branches / transaction offices, and many other provinces and - cities At the time of establishment, Vietnam Commercial Joint Stock Bank - PVcomBank has total assets of nearly VND 100,000 billion, charter capital of VND 9,000 billion, of which the largest shareholder is Vietnam Oil and Gas Group (accounting for 50%) and strategic shareholder Morgan Stanley (6.7%) With a network of 108 transaction offices in key provinces and cities nationwide; High quality human resources and extensive experience in providing services to businesses in the petroleum industry, energy, and infrastructure PVcomBank provides a wide range of products and services that fully meet the requirements of institutional and individual customers Business activities - PVcomBank provides financial and banking services such as opening domestic and foreign currency accounts, receiving deposits, investing in loans and guarantees, domestic and foreign payment, trade finance, transfer fast money, foreign exchange, card issuance and payment, traveler's checks, home banking, online banking - PVcomBank aims to build an image of a close, friendly, devoted bank for the success of customers We are committed to strive to become a standard bank in service delivery, with friendly style, taking the interests of customers - partners as the goal of action to build the brand of PVcomBank always associated with the operating method Dynamic throughout: Bank no gap! - PVcomBank is gradually affirming its prestige and brand in the financial and monetary market, providing high quality services, making a difference in service style; at the same time, fulfilling the corporate social responsibilities, bringing benefits to the community and increasing shareholder value 1.2 OVERVIEW OF PVCOMBANK – LINH DAM TRANSACTION -Name: PVcomBank linh dam transaction office -Location: 13 BT1 Bac Linh Dam Urban Area, Nguyen Huu Tho, Hoang Liet Ward, Hoang Mai District, Hanoi city -Number of employees: 20 persons -Date of creation: 2013 -Activity: Main business activities: -Individuals: credit, money transfer services, card products, electronic banking, savings, other products -Business: credit, deposits, trade finance, foreign exchange products, account services, other products 1.3 INTRODUCTION OF MY INTERNSHIP 1.1.1.The reason for choosing topic The global car market seems to be very stable recently As the growing society, the physical and spiritual life of the people be more and more advanced, along with the continuous development of the demand for goods consumption, the need for travel of the people in the country Large supply, high demand, but not anyone can pay for a new car at once So, many banks have offered loans for buying car, and of course, PVcomBank is no exception Receiving the importance and necessity of the above, after a period of understanding and internship at PVcomBank – Linh Dam Transactions Office, with a desire to deepen the understanding of car loan service, I decide to choose the topic "Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office" 1.1.2.Objective of the internship My targets: - Understand working environment in the bank Have the opportunity to learn and experience reality Make some suggestion in order to expanding the product’s quality Needs expressed by the contractual owner Analyzing of the current status of car loan of PVcomBank Linh Dam Transaction office Identified customer’s behaviour and satisfaction level Attracting potential customer Conducting customer surveys Expanding and enhance your abilities, meet all the requirements of the project Building relationship with customers Quantified results expected I expected to the survey on 100 respondents, who live in the research area, used service of 1.1.3 - PVcomBank Linh Dam Transaction office Scope of topic Scope of content: Car loan service Scope of customer: Individual customer and household Scope of the study: The study limited car loan, the solution to expanding will also limit the extent applicable in PVcomBank Linh Dam transaction office 1.1.4 Internship plan Table 1: Internship plan at PVcomBank Linh Dam Transaction Office Date 03/02/2020 Missions/ Tasks Outcome Go to the bank to meet the tutor Understand Luong Xuan Huy internship schedule and what it takes to prepare Start internship and study about car Collecting 04/02 – 07/02 the loan Get a deep knowledge of the what information customers about need and product situation Observe and learn communication Learn how to negotiate with and negotiation skill from tutor and customers and how the bank 10/02 – 14/02 others staffs as well of PVcomBank works Linh Dam Transaction Find customers, collecting data Learn and approach reality from banks; negotiate with them 17/02 – 10/04 with Personal Relationship Officer Customer to meet customers directly Conduct a survey on customer’s Understand 13/04 – 17/04 20/04 – 01/05 to create demand and satisfaction around relationships with customers PVcomBank Linh Dam Do service analysis: Learn from experience and find -Customer survey ways to expand car loan service -Competitor comparing and reach target customers - SWOT matrix 04/05 – 07/05 - List the risks Completing the report and finishing Knowledge of car loan service of the internship PVcomBank Career orientation in near future 10 - Monthly cost of living (of whole family): VND 15 million Asset: Their house and they have saving money for VND 200 million He sold his old car last month for VND 300 million Purpose loan: He wants to buy Toyota Corolla Altis Car with total cost of VND 820 million Negotiation: He wants to borrow VND 350 million Based on his financial situation, I suggested that he should borrow for years with interest rate is 8.99% within the first months and the following months plus marginal interest (3.2% - 4.5%) 2.3 SERVICE ANALYSIS 2.3.1 Customer research: • Survey objective: I research about evaluation and expectations of potential customers and • • experience and satisfaction of existing customers Survey method: Questionnaire In addition, I surveys on social networking site like Facebook Target customers: Customers who have used and not used car loan services at PVcomBank • Linh Dam Progress: For existing customers, I take email of customer from loan agreement and send the questionnaire for them For potential customers, I distributed the questionnaire to all customers who came to transaction at the PVcomBank Linh Dam Some customers I have • been interviewed directly and there are customers I get their information from the bank help Data processing: The number of questionnaires for customers was 165 The total answered correctly and seriously which I received 100 2.3.2 Survey result: Chart 1: Age group of customers Firstly, according to the chart above, we see that the average age of those who make car loan the most is about 35 - 55 years old, the highest proportion is 42% Most of these age groups are usually people who have stabilized jobs, got married Married couples always have a need to buy a new car so that they can convenient for travel Aged over 55 accounts for 15%, aged 25 – 35 accounts for 34% and only 9% of customer under the age of 25 using this service at the bank Chart 2: Monthly income of customers Secondly, the income of people was mainly concentrated in three groups with income of about 30 million VND/month Regarding the marital status of people, we found that they were mainly married, accounting for 74%, the remaining unmarried accounting for 26% The data show that 15 married people have better total incomes Because the income of people will be greater than person Chart 3: The demand of car in the price • Chart 4: source for you to know PVcomBank Chart shows the information about the demand of customer in the price of the car Customers who want to buy a value of cars in the 500 million – billion VND range are the most for 53% Over billion only 7% And next to is the chart about sources to customers • know the information of PVcomBank Among the factors which resulted in the customers interest in PVcomBank car loan product, it noticeable that Reasonable loan period is the most important factor Following that, the Interest rate is the second factor that customers care Next, people are interested in Quick procedure and Loan document are not complex Besides, in People factors, Service attitude of staff is also very important After analyzing the factors that interest customers in the car loan service according to the importance rating of these factors, the level increases from to I have got the result: In recent years, the lending activities to buy cars for individual customers of PVcomBank transaction office have achieved some successes - This activity has been expanded in scale, improved to meet the needs of customers, attracting many customers - The loan procedure is quick, the loan capital is high at 70% - 85% of the value of the car but the appraisal loan process is still in accordance with the regulations set by the bank - A variety of flexible repayment and repayment methods meet customers' needs well - The consultation of the enthusiastic staff makes customers very satisfied and appreciated PVcombank Continuously improve the quality of customer service of the transaction: high reliability, courteous staff, friendly attitude, improve customer service skills of staffs 2.3.3 Competitor analysis Table 2.1 PVcomBank compares with competitors on car loan market Banks Interest rate PVcomBank First month: 8.99%, apply for all car Brands Duration Percentage of loan Maximum years Lending up to 85% of the value of collateral 16 TP Bank First year: 7.9%, apply for all car Brands Maximum years Maximum 80% of car’s value VP Bank First year: 8.1% for all Brands SeaBank First year: 7.9% for all Brands Maximum years Maximum years Maximum 80% Maximum 80% of of car’s value car’s value Currencies VND VND VND VND Time to 4h from taking 8h from taking 8h from taking 8h from taking approval complete customer’s complete customer’s complete complete profile profile customer’s profile customer’s profile (Source: Summary from the websites of competitor in the market) 2.3.4 SWOT analysis: Table 2.4: SWOT matrix of PVcomBank - Linh Dam about car loan service S (Strengths) Quick procedure (fast approval) Simple procedures, no need to prove collecting too many details of customer information Lending capacity is high to 85% of the value of collaterals O (Opportunities) The more society develops, the more people’s income increases Therefore, the need to own a car is increase Cooperating with Prudential Insurance to increase net profit, minimize costs, reduce risks of credit channels PVcomBank Has passed the most risky and most difficult period and move on to more prospects W (Weakness) PVcomBank is the most amalgamation of PVFC and WesternBank, so the brand name is almost completely new, so few people know it According to the State's policy, restructuring banks from organizations, PVFC and WesternBank, still have many bad debts, mainly in large amounts Scale has not grown strongly Not yet made many provisions, so the profit is not high In the restructuring phase, car loan service has not developed strongly compared to its potential T (Threats) The car market is always volatile The number of customers increased but still modest compared to the potential of the branch Many competitors are fierce about interest rates, quality, service improvements, and customer satisfaction Source: My research 2.3.5 Host firm assessment and recommendations Some assessment PVcomBank Linh Dam deals well when located right on the road near the 4th intersection Its network is evenly distributed throughout the district to ensure that everyone is convenient to borrow money when they need it The income life and intellectual level of citizens are quite high It means the opportunity for PVcomBank is huge In general, all customers want the Bank to improve interest rates, processes and attitudes of employees When compared to other banks, PVcomBank has both advantages and disadvantages: 17 Its advantages are fast procedure (fast approval), simple procedures, no need to prove collecting too many details of customer information Its downside of PVcomBank is the most amalgamation of PVFC and WesternBank, so the brand name is almost completely new, so few people know it In the restructuring phase, car loan service has not developed strongly compared to its potential Recommendations Finally, I give some personal ideas which found out from my internship I think that it • - can help to improve car loan process and make it more practical About car loan service: Pay more focus on car loan product Cooperating with more car showroom or shopping center PVcomBank also should expand their cooperation with car showroom or shopping center so they can introduce our lending services, we can have preferred interest rate or get promotion • - for customers Focusing on advertising PVcomBank should increase the advertising in billboard at public area, in magazines, publications for banks, economics such as “Tạp chí ngân hàng”, “Thị trường chứng khoán”’ “Kinh tế thời nay” Through them, customers have chance to get the full information, find - out thoroughly about products and services as well as name, reputation of the bank Advertising on the Internet is also very important Branches should include information on bank’s policies on websites on some websites where the number of visits is high like • “www.vnexpress.net, www.dantri.com.vn ” Bank customers: Because Vietnamese people have a habit of using cash, when they use large savings they are afraid to borrow money from banks, which is an issue that improves and • encourages people to use of banking services About bank policy: Improving customer care service: Transaction office need to build a reasonable customer policy to both retain old customers and attract new customers In order to well - implement the customer policy, the following measures may be taken: Regularly exchanging, consulting and contributing ideas between the branch and customers so that they can create a good relationship between customers and branches as well as help - transaction office become more complete Continuously improve the quality of customer service of the transaction: high reliability, courteous staff, friendly attitude, improve customer service skills of staffs 18 PART 3: INTERNSHIP ASSESSMENT 3.1 The difficulties encountered While I surveyed customers, many customers hesitated and refused to answer my interview questions, one of which refused to provide information for fear of disclosing personal information or causing trouble their time I have had difficulty attracting interested customers and using car loan Many customers not understand the car loan service and worry about being unable to pay a loan when buying a car even though I tried to introduce and persuade them about the incentives offered by PVcomBank At first, I did not have much experience to reach customers Mood is a huge factor affecting customer interest I take a lot of time to choose the right time to reach and promote services to customers At least, I surveyed by setting up questionnaires on the internet like Facebook but the results were not as effective as I thought, few people were interested The majority of respondents are students while my target are working-age people During my internship, a huge difficulty that caused me difficulty was the corona virusCovid 19 The life of the people almost stopped making it difficult to find customers more At the moment, most of the clients I have consulted are currently using PVcomBank services that I have been provided by the bank 3.2 Internship gained - Knowledge of the professional working environment Knowledge of regulation of loan services of PVcomBank Working in a professional banking environment Have the opportunity to learn and experience reality Attracting potential customer Building relationship with customers Communication skill Negotiation skill Make the internship plan Manage working time 19 3.3 Career plan Become a manager Become a Personal Customer Relationship Officer Study Master of Marketing Figure 2: My career plan 20 CONCLUSION Thanks to the support of a professional working environment and the enthusiastic support of employees of PVcomBank in the internship period at the PVcomBank helped me to understand the activity of car loan in the bank And then apply the knowledge acquired to the university in the operational tasks I also gained experiences about individual work in a professional environment This will serve as an important basis that will enable me to my work well in the future Despite this effort, the level and experience is limited, the practice time is not much so my report is still lacking I look forward to receiving your comments Finally, I would like to thank PVcomBank Linh Dam the transaction office for giving me the opportunity to have a valuable time Thank you to the employees of PVcomBank for helping me and facilitating the completion of this report 21 QUESTIONNAIRE FORM This is a survey about the factors affect on choosing car loan service of customer Your assistance is the basis for me to develop better products, better suited to needs, tastes of consumers All questions are only use for purpose of research Your information is totally kept secret I hope that you can spend some minutes to help me complete this survey A GENERAL INFORMATION Name: ……………………………………… Gender: Female Marital status: Single Which age group you belong to: < 25 25-35 35 - 55 Which economic components you belong to: State agency Private company Joint venture Joint stock company Foreign invested company Freelance business Please indicate your monthly income: < 10m VND 10m – 30m VND Information about your degree: Highschool Intermediate University B INFORMATION ABOUT CAR LOAN SERVICE Male Married > 55 Retirement Housewife Student >30m VND Post graduate How you know the information about PVcomBank? Media Staff Relatives Website Other … You want to buy car in the price: 500 million – billion VND billion – billion VND billion – billion VND > billion VND 22 Other 10 Which are factors that interest you in the car loan service? Assess the level of importance of these factors, the level increase from to 5, in which: 1- Completely not important 2- Not important 3- Normal 4- Important 5- Very important EVALUATION CRITERIA • Product Specification Interest rates Flexible credit limit Reasonable loan time Quick disbursement time A variety of flexible repayment and repayment methods There are many incentive programs Quick procedure Loan document are not complex • People Having acquaintances in banking Service attitude of staff Consultation by enthusiastic staff • Facilities There are many branch Infrastracture spacious, clean and comfortable 23 Picture 1.3: Internships and individual customer relations staff of PVcombank 24 LIST OF REFERENCES https://www.pvcombank.com.vn/ https://www.pvcombank.com.vn/ca-nhan/tin-dung/cho-vay-mua-o-to-linh-hoat-sp211.html http://www.pvi.com.vn/gioi-thieu-new/doi-tac-chien-luoc/ngan-hang-tmcp-dai-chung-viet-nampvcombank.html https://vi.wikipedia.org/wiki/Ng%C3%A2n_h%C3%A0ng_th%C6%B0%C6%A1ng_m %E1%BA%A1i_c%E1%BB%95_ph%E1%BA%A7n_%C4%90%E1%BA%A1i_Ch%C3%BAng_Vi %E1%BB%87t_Nam https://thebank.vn/cong-cu/tim-chi-nhanh-ngan-hang/pvcombank-120.html https://tuoitrethudo.com.vn/pvcombank-tag958/ Bao cao thuong nien 2016_view final.pdf https://finance.vietstock.vn/PVcomBank/tai-tai-lieu.htm https://topbank.vn/tu-van/lai-suat-vay-mua-xe-o-to-pvcombank https://azvay.com/lai-suat-vay-mua-xe-o-to-ngan-hang-pvcombank/ 25 ... at PVcomBank – Linh Dam Transactions Office, with a desire to deepen the understanding of car loan service, I decide to choose the topic "Expanding car loan service for individual customers at. .. deepen the understanding of car loan service, I decide to choose the topic "Expanding car loan service for individual customers at PVcomBank – Linh Dam Transactions Office" 1.1.2.Objective of... for individual customers at PVcomBank – Linh Dam Transactions Office" PART 1: OVERVIEW OF PVCOMBANK, PVCOMBANK – LINH DAM TRANSACTION AND THE INTERNSHIP 1.1 OVERVIEW OF PVCOMBANK - The full name: