Analyzing factors that affect Customer loyalty - the case of Vietinbank branch 4

VIETNAM NATIONAL UNIVERSITY -HOCHIMINH CITY INTERNATIONAL UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION Analyzing factors that affect Customer loyalty - the case of Vietinbank branch 4 In Partial Fulfillment of the Requirement of the Degree of BACHELOR OF ART in BUSINESS ADMINISTRATION Student's name : VUONG THE BAO (BAIU09480) Advisor : PhD HO NHUT QUANG Ho Chi Minh city, Vietnam 2013

APPROVED BY :Advisor Ho Nhut Quang, PhD APPROVED BY: Committee

ACKNOWLEDGMENTS During the time working on this thesis, I was learned and experienced a lot of valuable things for myself and my future career and this thesis would not be done if there was not the support and help of many people. This is my pleasure to appreciate those people who motivated me to complete this thesis. Firstly, I feel so thankful to my advisor, Mr Ho Nhut Quang, who was encouraged, guided, supported and motivated me from the beginning to the end of the work. His feedbacks, comments, complaints and advises which were gave me a lot of great lessons to understand and do in the right way. Once again, to you sir, thank you. Thanking Ms, who spent a lot of valuable time to help, support and give me many good advises about the study, especially the questionnaire's structure. Thank you. Another thanks go to my friends in International University, National University in Ho Chi Minh city. They are Bang, Trang, Tung, Đạt, Nghĩa and Cường. They supported and helped me to understand clearly about the way to run the SPSS and they gave me a lot of motivation to complete the thesis. Thank you. Last but not least, I want to say a big thank to my family for their love and supports. They are the strongest power and motivation which made me stronger in trying to complete the thesis. Thank you. After all, thank all of you who spent a lot of loves and supports for me.

TABLE OF CONTENTS LIST OF TABLES...viii LIST OF FIGURES...xi ABSTRACT...xii I. CHAPTER I - INTRODUCTION...1 1.1 Background... 1 1.2 Problem statement...2 1.3 Research question...3 1.4 Objective of research...3 1.5 Research scope and limitations...3 1.6 Significance of research...3 II. CHAPTER II - LITERATURE REVIEW...4 2.1 Customer loyalty...4 2.2 Brand awareness...5 2.3 Customer satisfaction...5 2.4 Perception value...6 2.5 Service quality and Servqual model...7 2.6 Previous study...9 2.7 Conceptual model and hypothesis...13 iv

III. CHAPTER III - METHODOLOGY...15 3.1 Study design...16 3.2 Target sample...17 3.3 Sample size...17 3.4 Questionnaire design...17 3.5 Data collection...22 3.6 Data analysis...23 IV. CHAPTER IV- DATA ANALYSIS AND RESULTS...24 4.1 Sample Demographics...24 4.2 Descriptive Analysis...26 4.2.1 Tangible...26 4.2.2 Reliabilities...27 4.2.3 Responsiveness...29 4.2.4 Assurance...30 4.2.5 Empathy...31 4.2.6 Customer Satisfaction...33 4.2.7 Perception Value...34 4.2.8 Brand Awareness...35 4.2.9 Customer Loyalty...36 v

4.3 Reliability test...37 4.3.1 Tangible...38 4.3.2 Reliabilities...39 4.3.3 Responsiveness...41 4.3.4 Assurance...42 4.3.5 Empathy...43 4.3.6 Customer Satisfaction...44 4.3.7 Perception Value...45 4.3.8 Brand Awareness...46 4.3.9 Customer Loyalty...47 4.4 Exploratory Factor Analysis (EFA)...48 4.4.1 Independent Variables...48 4.4.2 Dependent Variable...55 4.5 Regression and Hypothesis Test...56 4.5.1 H1,H2,H3...56 4.5.2 H4,H5,H6,H7,H8...61 vi

V. CHAPTER V. CONCLUSION AND RECOMMENDATION...68 5.1 Conclusion...68 5.2 Recommendation...71 5.3 Limitation of the study...73 5.4 Recommendation for further study...73 REFERENCES...74 APPENDIX A. SPSS's results...85 APPENDIX B. Questionnaire in English...91 APPENDIX C. Questionnaire in Vietnamese...100 vii

LIST OF TABLES Table 1. Summary of adjusted measurement scale...18 Table 2. Descriptive statistics of Tangible...26 Table 3. Descriptive statistics of Reliabilities...28 Table 4. Descriptive statistics of Responsiveness...29 Table 5. Descriptive statistics of Assurance...30 Table 6. Descriptive statistics of Empathy...32 Table 7. Descriptive statistics of Satisfaction...33 Table 8. Descriptive statistics of Perception value...34 Table 9. Descriptive statistics of Brand awareness...35 Table 10. Descriptive statistics of Customer loyalty...36 Table 11. Reliability test of Tangible...38 Table 12. Reliability test of Reliability...39 Table 13. New Reliability test of Reliability...40 Table 14. Reliability test of Responsiveness...41 Table 15. Reliability test of Assurance...42 Table 16. Reliability test of Empathy...43 Table17. Reliability test of Satisfaction...44 Table 18. Reliability test of Perception value...45 viii

Table 19. New Reliability test of Perception value...46 Table 20. Reliability test of Brand awareness...46 Table 21. Reliability of Customer loyalty...47 Table 22. Summary of EFA test of Tangible, Reliability, Responsiveness, Assurance and Empathy...49 Table 23. KMO test and Bartlett's test of Tangible, Reliability, Responsiveness, Assurance and Empathy...51 Table 24. Summary of EFA test of Satisfaction, Perception value and Brand awarenes.53 Table 25. KMO test and Bartlett's test of Satisfaction, Perception value and Brand awareness...55 Table 26. KMO test and Bartlett's test of Customer loyalty...55 Table 27. Correlation test of H1, H2, H3...56 Table 28. Model summary of H1,H2 and H3...57 Table 29. ANOVA of H1, H2 and H3...57 Table 30. Coefficients of H1,H2 and H3...58 Table 31. New model summary of H1,H2 and H3...59 Table 32. New ANOVA of H1,H2 and H3...59 Table 33. New Coefficients of H1,H2 and H3...59 Table 34. Coefficients of Stage 1...61 Table 35. Coefficients of Stage 2...62 ix

Table 36. New Coefficients of stage 2...63 Table 37. The confirmation of hypothesis...66 Table 38 Correlation of Stage 1...85 Table 39 Model summary of Stage 1...86 Table 40 ANOVA of Stage 1...87 Table 41 Correlation of Stage 2...87 Table 42 Model summary of stage 2...89 Table 43 ANOVA of Stage 2...89 Table 44 New model summary of Stage 2...90 Table 45 New ANOVA of Stage 2...90 x

LIST OF FIGURES Figure 1. Tor Wallin Andreasse and Bodil Lindestad (1998)'s model...9 Figure 2. Serkan Aydin, Gokhan Ozer, (2005)'s model...10 Figure3. Luc Honore Petnji Yaya, Frederic Marimon, Marti Casadesus, (2011)'s model11 Figure 4. General conceptual model of the Marketing group of IU- staff (2012)...12 Figure 5. Conceptual model of the thesis...13 Figure 6. Research framework...15 Figure 7. Proportion of respondents' gender...24 Figure 8. Proportion of respondents' age...25 Figure 9. The adjusted research model...67 xi

ABSTRACT Vietnam's economy is more and more developing which gives the companies great chances for gaining the successes. Moreover, customer loyalty is a key success of every companies which helps them to build a strong advantage to compete with others. The main aim of this study is to analyzing factors that affect customer loyalty at Vietinbank branch 4. In order to evaluate this term, the research give out the problems what need to be solved : (1) Which factors affect customer loyalty at Vietinbank branch 4, (2) How to improve customer loyalty at Vietinbank branch 4. The study was start off with conducting a theoretical framework consisting of independent factors and dependent factor (customer loyalty). The next step was developing the questionnaire and distributing to the customers. After that, all of data which was collected from previous steps will be used to run the analysis testing to get the final result to give the conclusion and recommendations. From the finding of the study, there are two factors which have direct impact (Perception value and Brand awareness) and 5 factors which have indirect impact (Tangible, Responsiveness, Assurance, Reliabilities and Empathy) on customer loyalty at Vietinank branch 4. Although the limitation of time and ability, the result of this study can be reliable and useful for further researches. xii

CHAPTER I INTRODUCTION 1.1 Background Banks are playing a very essential role in the economic development of a nation. The strength of the economy is nearly connected to the soundness of its banking system. Vietnam's economy is more and more developing. That is a great chance for companies to gain more successes. Moreover, there has been a fast increase in the number of financial institutions. In 2007, there were 38 domestic banks and 5 wholly foreign-owned banks. Two years later, the number of domestic banks has grown to 47 and wholly foreign-owned ones to 12 (www.sbv.gov.vn).as a result, customers have many choices of the Banking services. So that, the banks, especially Vietinbank, should have a strong foundation and a suitable strategic management which might help them to survive and develop in the high competitive market. According to Kotler (2004), loyalty factor is considered as key value of marketing strategy in the banking service and others. It also helps banks to make more profit and reduce the cost. Additional," a loyal customer may bring many benefits to the organization, contribute to the improvement of the growth rate and to the increase of the safety degree or organizational stability" (Reichheld and Sasser, 1990; Grönroos, Rust and Oliver, 1994; Berry, Heskett, 1995; Diller, 1997; Gummeson, 1999 etc.). That brings to gaining customer loyalty is one of the most important issues for many firms today; and ensuring that a customer stays with the firm costs more than acquiring a new one (Dick and Basu, 1994). So that creating customer loyalty is a great strategy which not only does not cost so much but also makes advantages for the firms. Although Vietinbank is one of the biggest banks in Vietnam, it might have some problems in term of customer loyalty which can make disadvantages to Vietinbank in developing and competing in the market. So this study which might be the first one about 1

Vietinbank in term of customer loyalty evaluation is conducted to evaluate and make some suggestions to improve its problems. That is also the foundation to improve and get more solid successes in future. 1.2 Problem statement According to Farid Subkhan (2005), loyal customers are those who have the enthusiasm about the brands or products they use, the more zealous a customer is, the more the profit contributed to the brand. Ribbink al.,( 2004) also mentions that customer loyalty is important in that it has a positive effect on long-term profitability. Moreover, Vietinbank branch 4 is located in district 4 which is rated as a poor district in Ho Chi Minh City. District 4 has so little advantage with small production, no large enterprise, complex residential components and mostly poor working people. When the bridges which link district 4 to district 1 were opened, the commercial services in district 4 were more developed with the establishment of many commercial banks. So that, it led to a very aggressive competition between Vietinbank branch 4 and other banks for the customers to win the market. After all, there is a need to evaluate and understand clearly the factors which have positive impact on Customer loyalty of Vietinbank branch 4 in order to make competitive advantages to the others. From the above reasons, I chose the topic as follow: "Analyzing factors that affect Customer loyalty - the case of Vietinbank branch 4" 2

1.3 Research question Particularly, this research would try to answer the following questions: Which factors affect customer loyalty in Vietinbank branch 4? How to improve customer loyalty in Vietinbank branch 4? 1.4 Objective of research To answer the research questions above, objectives of the thesis would be: To review theories and build up a conceptual framework for the study. To evaluate factors affecting customer loyalty in Vietinbank branch 4. To suggest measures for improving customer loyalty of Vietinbank branch 4. 1.5 Research scope and limitations This study just focused on Vietinbank branch 4th not all of Vietinbank's branches. Additional, with only 200 samples will be taken, it might limit the external validity of the findings. The study focused on the customers in Ho Chi Minh City only.moreover, Secondary and Primary Data collected and used was limited to period between 2011 and 2013. 1.6 Significance of research This research was a chance for me to apply the theories and knowledge that I have learned into a real case of life. It also gave me experiences what will be useful in my future career. At the same time, I hope that the result of this research can help to improve the services quality of Vietinbank especially customer loyalty and increase the sale of Vietinbank in future. 3

CHAPTER II LITERATURE REVIEW 2.1 Customer loyalty According to Jacoby and Keyner (1973) "loyalty is the behavioral reaction based on prejudice as the function of psychological processes by the decision maker in the existence of one or more alternative in time". Besides that, loyalty is the commitment in purchasing a product or service in the future (Bennett, Härtel and McColl-Kennedy, 2005). Zeithaml and Bitner ( 1996) stated that factors of loyalty are an organization's most reliable success.zeithaml et al. (1996) defined customer loyalty as the willingness to stay with current service provider. The loyalty customers are supporter concept for the service can be defined: providing positive word-of-mouth, commendation the service to other, encouraging others to use service and protecting the service provider and create higher profits for corporation. Additionally, Customer loyalty was measured as the base of competitive advantage and has a essential role on company s performance (Rust et al., 2000). Previous research studies showed that corporation can gain more profit through retaining their current customers rather than to conquer previous ones (Hogan et al., 2003, Lee-Kelley et al., 2003). For more details, firms spend more than five times as much to reach a new customer than to retaining an existing one (Kotler and Keller, 2006; Wills, 2009). According to Payne (1993), many banking services are sensitive in understanding brand image, service quality and customer satisfaction which are proved as a key determinant of customer loyalty. Moreover, perceived value and satisfaction have been recommended as key elements to explain loyalty behavior in the markets (Anderson, 1995; Heskett, Sasser and Schlesinger, 1997; Flint, Woodruff and Gardial, 2002 ; Ulaga and Schultz, 2006) 4

2.2 Brand awareness According to Keller (2003) brand awareness was defined as the customers ability to recall and recognize the brand as reflected by their ability to identify the brand under different conditions and to link the brand name, logo, symbol... to certain relations in memory". It evaluated the percentage of the target market which is aware of a brand name (Bovee et al, 1995). According to Aaker (1996), brand awareness was considered according to the different ways in which consumers remember a brand, which included: Brand recognition: consumers ability to verify prior exposure to that brand when given the cue about brands. Brand recall: consumers ability to get back the brand from memory given the product category. Top-of-mind brand: the brand name which first comes to mind when a consumer is offered with the name of a product classification. Dominant Brand: the single brand which is provided by most consumers Aaker and Keller (1990) stated that a brand with high awareness can encourage brand loyalty to consumers. In additional, brand awareness had the extreme total effects on brand loyalty (Peng,2006). Moreover, brand awareness had a positive relation to brand loyalty (Aaker & Keller, 1990; Peng, 2006; Wu, 2002; Chou, 2005). According to Aaker (1991) It also affected perceptions and attitudes, and could be a key for brand loyalty. 2.3 Customer Satisfaction The feeling of pleasure and expectation fulfillment was satisfaction (Zairi, 2000). Customer satisfaction was defined as an "evaluation of the perceived discrepancy between prior expectations and the actual performance of the product" (Tse and Wilton, 1988, Oliver 1999). In another way, according to Kim, Park and Jeong (2004) customer 5

satisfaction was customer's counteraction to the satisfaction, and customer's conclusion of satisfaction level. In addition, customer satisfaction was actually the way that the ongoing performance was identified by customers ( Gustafsson, Johnson and Roos, 2005). In any organization satisfaction of customer was more important, because if your customer was satisfied with your services or products, your company will be at a good foothold in the market. According to Hennig-Thurau and Klee, (1997) satisfaction of customers with products and services of a company was considered as most important factor leading toward competitiveness and success. Moreover, previous researchers have found that satisfaction of the customers could help the brands to build long and profitable relationships with their customers (Eshghi, Haughton and Topi, 2007). Several studies have provided that there existed a direct relationship between satisfaction and loyalty. Ehigie (2006) suggested that there was a significant positive relationship between customer satisfaction and customer loyalty. Moreover, it has been found that one factor which also have a significant positive effect on customer loyalty was customer satisfaction (Soderlund,1998). Satisfaction has been shown to have impact on customer loyalty in past studies (Bloemer, 1998 and Hallowell, 1996). 2.4 Perception values Customer perceived-value was defined as the cognizance about quality, social psychology, benefit and money (Bishop,1984; Velimirović, et al., 2011). According to Woodruff and Gardial (1996), a customer s perceived perception of what they want to happen in a specific use situation, with the help of a product and service ordering, in order to complete a purpose or goal. Perception value was defined as "what you [consumer] get for what you pay" by Sirohi, McLaughlin and Wittink (1998). In addition, Monroe (1990) stared that Perception value is a tradeoff between the quality or benefit they perceive in the product relative to the sacrifice the perceive by paying the price. 6

Moreover, "a consumer s anticipation about the outcome of purchasing a product or service based on future benefits and sacrifices" was known as perception value (Spreng, Dixon and Olshavsky (1993)). Previous studies have proved to the positive relationship among service quality and perceived value (Bauer et al., 2006) which has been shown to cause loyalty among the customers. Chang and Wildt (1994) stated that value can assist loyalty. Wu (2007) mentioned that the perception of consumers will increase or reduce brand loyalty. There was also positive relationship found between consumer perceived value and customer loyalty (Yang & Peterson, 2004; Sirdeshmukh,2002). 2.5 Service quality Santos (2003) defined service quality as the customers overall judgment of the fineness in offering the service. Service quality has been referred as the extent to which a service meets customers needs or expectations (Lewis & Mitchell, 1990; Dotchin & Oakland, 1994, Wisniewski and Donnelly (1996)). Cronin (2000) found correlation among service quality and customer satisfaction,which in return provides customer loyalty (Lai et al., 2009). Zeithaml et al. (1996) stated that overall service quality is positively related to a willingness to pay more and to loyalty. Customers who received superior service quality from their bank will prefer to maintain a loyal relationship with it (Bei and Chiao, 2006). Service quality has been proved as the driver of loyalty (Lai et al., 2009). According to Gronroos (1982), Lewis and Booms (1983), Pasuraman et al (1985),one service quality measurement model which is the most often used to measuring service quality has been to compare customer expectation before service encounter and perception of the actual service delivered is Servqual model. SERVQUAL has proven to be a paticular model that has been used in various service organizations and industries to measure service quality including banks ( Alexander, 1994; Cowling and Newman, 7

1996; Levesque and Dougall, 1996; Caruana, 2000; Caruana, 2002; Sureshchandar, 2002; Paswan, 2004; Seth, 2005; Lymperopoulos, 2006) It was developed by Parasuraman et al (1985) and it has five factors as follows: 1. Reliability: The ability to provide the promised service dependably and accurately. 2. Responsiveness: The willingness to help customers and provide prompt service. 3. Assurance: the knowledge and courtesy of employees and their ability to raise trust,confidence and effective communication with the customer. 4. Empathy: The supply of caring, individualized attention the organization provides its customers. 5. Tangible: Physical material base, equipment and appearance of staff. 8

2.6/Review of previous study Tor Wallin Andreasse and Bodil Lindestad (1998)'s model Figure 1. Tor Wallin Andreasse and Bodil Lindestad (1998)'s model Based on theory from consumer behavior, Tor Wallin Andreassen and Bodil Lindestad conducted this research to test corporate image and customer satisfaction as two factors to customer loyalty. The finding of the papers stated that corporate image and customer satisfaction were not two dividable way to customer loyalty. Corporate image affected customer loyalty directly but customer satisfaction did not. This finding was relevant with high and low service expertise. This information which was the relative strength of the two ways was important in improving customer loyalty. 9

Serkan Aydin, Gökhan Özer, (2005)'s model Figure 2. Serkan Aydin, Gökhan Özer, (2005)'s model Corporate image, perceived service quality, trust and customer switching costs were the major factors of customer loyalty, and loyal customers might buy more and had a positive word-of-mouth effect. At the same time, the cost of selling to new customers was much higher than the cost of selling to existing customers. But many companies were still losing customers at a formidable rate. In this context, Serkan Aydin, Gökhan Özer, (2005) conducted this paper with the main aim was to examine the relationships between these factors and customer loyalty. At the end, the findings showed that perceived service quality was a necessary but not sufficient condition for customer loyalty. 10

Luc Honore Petnji Yaya, Frederic Marimon, Marti Casadesus, (2011)'s model Figure 3. Luc Honore Petnji Yaya, Frederic Marimon, Marti Casadesus, (2011)'s model This research investigated to measure e-service quality and the factors which affected customer satisfaction and loyalty in online banking service. The finding of the paper was that all of those factors had a positive impact on customer satisfaction and significantly affect e-loyalty. Moreover, the mediating role of satisfaction on the relationship between customer loyalty and service quality was approved. 11

General conceptual model on marketing This model was conducted by the Marketing group of IU- staff in 2012. Figure 4. General conceptual model of the Marketing group of IU- staff (2012) 12

2.7/Conceptual model and hypothesis Base on the different framework introduced above, the most appropriate model for this thesis topic was General conceptual model on marketing.however, instead of testing on all of those factors, this research aimed at focusing on the Customer loyalty. So that, the model of this thesis included the significant factors that might have positive impact on Customer loyalty in Vietinbank branch 4 which consisted of Servqual model's factors (tangibles,reliability,responsiveness,assurance and empathy),satisfaction, Perception value and Brand awareness. Figure 5: Conceptual model of the thesis 13

The model had the following Hypotheses: H1: There is a positive impact of "Customer Satisfaction" on "Customer Loyalty". H2: There is a positive impact of "Perception Values" on "Customer Loyalty". H3: There is a positive impact of "Brand awareness" on "Customer Loyalty". H4: There is a positive indirect impact of "Tangibles" on "Customer Loyalty". H5: There is a positive indirect impact of "Reliability" on "Customer Loyalty". H6: There is a positive indirect impact of "Responsiveness" on "Customer Loyalty". H7: There is a positive indirect impact of "Assurance" on "Customer Loyalty". H8: There is a positive indirect impact of "Empathy" on "Customer Loyalty". 14

CHAPTER III METHODOLOGY Problem Statement Research Objective 1. Review the theory Method: collect secondary data, analyze and identify model 2. Introduce Vietinbank brach 4 Secondary data and company record 3. Identify the Consumer Loyalty Method: Use SPSS software -Descriptive statistic -Statistical test -Regresstion 4.Give suggestion and recommendation Figure 6. Research framework 15

3.1/ Study design 1. Nature of study Vietinbank might get some issues about customer loyalty but up to now there was still not any study in this aspect to give a deeper view in this. That brought the exploratory to be conducted in this case to define the problems. Based on qualitative and quantitative approach, this study would try to find out and evaluate both situation and solution for customer loyalty of Vietinbank. Moreover, it could bring to a platform in improving this aspect in the future. 2. Method of data collection This study used both communication and monitoring study to collect primary data. The communication would be the first step in the process of collecting data. It included interview and survey. The interview step was for the managers of Vietinbank branch 4. This was conducted to get some unbiased ideas in order to support and contribute effectively to the survey. The result of the interview would be used to improve the written questionnaire. After that, the pilot study test would be conducted with the questionnaire draft based on 9 factors in the conceptual model and in depth interview in order to recheck and improve questionnaire before. 20 respondents would be chosen to answer the questionnaire. Finally, the main study which was the final questionnaire was developed and completed after being checked many times before. 16

3.2/ Target sample This study collected data at Vietinbank branch 4th in Ho Chi Minh city. There would be two processes to be conducted: interview sampling process and survey process. 1. Interviewing process As I mentioned before, the manager of Vietinbank branch 4th would be interviewed. 2. Survey process The survey would be based on convenience sampling which gave the information from the most available respondents. The questionnaire would be distributed to the customers who were available during the opening hours of Vietinbank. 3.3/ Sample size The target population brought to a decision of choosing 200 customers for sampling. Because of the limitation of time and material so this research could not get a lot customers. But 200 customers was still a reliable number to make sure the reliability for this research. 3.4/Questionnaire design The final questionnaire for surveying was conducted which is based on the interview and pilot study. The design of questionnaire was divided into 6 parts, including personal information and the factors of the conceptual model: Servqual model's factors, Customer satisfaction, Brand awareness, Perception value, Customer loyalty. All the questions,except personal information, were measured on Five-point Likert scale which had number 1 is strongly disagree, number 2 is disagree, number 3 is neither disagree or agree, number 4 is agree and number 5 is strongly agree. 17

Table 1. Summary of adjusted measurement scale Construct Variables Scale Tangibles TAN1 1.Vietinbank branch 4's decoration is simple and friendly. 5-point Likert scale TAN2 2.Vietinbank branch 4's staffs with nice uniform and appear neat. 5-point Likert scale TAN3 3.Vietinbank branch 4's staffs can speak English and Vietnamese t communicate with customers. 5-point Likert scale TAN4 4.Logo and signboard outside Vietinbank branch 4 are impressive, easy to recognize. 5-point Likert scale TAN5 5.Vietinbank branch 4 has a convenient location. 5-point Likert scale Reliabilities REL1 6.Vietinbank branch 4 maintains service quality standard at all the time. 5-point Likert scale REL2 7.Vietinbank branch 4's staffs have full knowledge of service's form to response to customer if asked. 5-point Likert scale 18

REL3 8.Vietinbank branch 4 commits to provide high quality with well origin. 5-point Likert scale REL4 9.Vietinbank branch 4 always provides service right at the first time. 5-point Likert scale REL5 10.Vietinbank branch 4 always enthusiastically record mistakes. 5-point Likert scale Responsiveness RES1 11.Vietinbank branch 4 always performs service promptly. 5-point Likert scale RES2 12.Vietinbank branch 4's staffs are always willing to help customers. 5-point Likert scale RES3 13.Vietinbank branch 4's staffs are always ready to respond to customers' request. 5-point Likert scale RES4 14.Vietinbank branch 4 has effective communication channels with customers. 5-point Likert scale Assurance ASSU1 15.Vietinbank branch 4's staffs instill the confidence in customers. 5-point Likert scale ASSU2 16.Customers feel safe when using 5-point Likert scale 19

Vietinbank branch 4's services. ASSU3 17.Vietinbank branch 4's staffs are consistently courteous. Empathy EMPA1 18.Vietinbank branch 4 cares for customer on special day (Birthday, Women's day, Christmas, Tet holiday). 5-point Likert scale 5-point Likert scale EMPA2 19.Vietinbank branch 4's staffs always interested in the feeling of customers. 5-point Likert scale EMPA3 20.Vietinbank branch 4's staffs always listen to customers' comments sincerely. 5-point Likert scale EMPA4 21.Vietinbank branch 4's staffs have no discrimination among customers (first come, first serve). Customer Satisfaction SAS1 22.In general, i completely feel satisfied with service quality of Vietinbank branch 4. 5-point Likert scale 5-point Likert scale SAS2 23.I will continue using services of Vietinbank branch 4 later on. 5-point Likert scale SAS3 24.I will introduce Vietinbank branch 4 to 5-point Likert scale 20

close friends, family. Perception Value VAL1 25.Vietinbank branch 4's services have consistent quality. 5-point Likert scale VAL2 26.It is reasonably priced. 5-point Likert scale VAL3 27.I enjoy using Vietinbank branch 4's services. 5-point Likert scale VAL4 28.Vietinbank branch 4's services would make me want to use them. 5-point Likert scale Brand Awareness BRA1 29.Vietinbank branch 4 comes to my mind when I think of bank brands. 5-point Likert scale BRA2 30Vietinbank branch 4 is thought to be well known. 5-point Likert scale BRA3 31.Vietinbank branch 4 can be recognized among competitors. 5-point Likert scale Customer Loyalty LOY1 32.I consider myself loyal to Vietinbank branch 4. 5-point Likert scale 21

LOY2 33.I use Vietinbank branch 4 whenever i can. 5-point Likert scale LOY3 34.I really like to talk about Vietinbank branch 4 to others. 5-point Likert scale LOY4 35.Vietinbank branch 4 is the number one brand I would prefer to use. 5-point Likert scale 3.5/Data collection a/ Primary data The primary data was collected by following steps: interview, pilot study and main study. After all of those steps, the data from the opinions and evaluations of Vietinbank's manager and its customers would be used to analyze the factors which affect customer loyalty in Vietinbank branch 4. b/ Secondary data Internal source: the data was collected from the Vietinbank's website. External source: the data was collected from the newspapers, magazines, some research studies or from the competitors which was related to the service quality, customer loyalty in Vietinbank. 22

3.6/Data analysis The data from the result of questionnaire was analyzed by SPSS software (Statistical Package for Social Sciences). The independent variables were evaluated by descriptive statistic. 23

Chapter IV DATA ANALYSIS AND RESULTS 4.1 Sample Demographics The research was conducted at Vietinbank branch 4 in Ho Chi Minh city. The sampling method were non-probability and convenience with 200 samples. 233 questionnaires were distributed directly to the respondents. 33 questionnaires were rejected because they were not full of information. 200 fullinformation questionnaires were used to encode and test with the SPSS software. Gender 104 96 Male Female Figure 7. Proportion of respondents' gender 24

There were 200 respondents which consisted of 96 males (48%) and 104 females (52%). Age 85 26 26 63 Under 25 From 26 to 35 From 36 to 45 Over 45 Figure 8. Proportion of respondents' age Among 200 respondents, there were 26 customers(13%) in the age under 25 years old, 63(31.5%) from 26 to 35, 85 (42.5%) from 36 to 45 and the remaining were 26 respondents (13%) over 45 years old. These results might show that customers who were in the age from 26 to 45 often use Vietinbank branch 4's services. Moreover, the result were distributed to all of the ages so it might bring the results of the testing to be reliable. 25

4.2 Descriptive Analysis The Descriptive statistics were conducted to explain the basic features of the data in the research. There were two basic terms what were analyzed consisting of "mean" and "standard deviation". Mean described the central trend of the data. Standard deviation indicated the dispersion level of the data. 4.2.1 Tangible There were 5 items which were used to measure "Tangible": TAN1: "Vietinbank branch 4's decoration is simple and friendly." TAN2: "Vietinbank branch 4's staffs with nice uniform and appear neat." TAN3: "Vietinbank branch 4's staffs can speak English and Vietnamese t communicate with customers." TAN4: "Logo and signboard outside Vietinbank branch 4 are impressive, easy to recognize." TAN5: "Vietinbank branch 4 has a convenient location." Table 2 Descriptive statistics of Tangible Descriptive Statistics Std. N Minimum Maximum Mean Deviation TANGIBLE(TAN1) 200 1 5 3.77.742 TANGIBLE(TAN2) 200 1 5 3.60.777 TANGIBLE(TAN3) 200 1 5 3.78.760 26

TANGIBLE(TAN4) 200 1 5 3.78.840 TANGIBLE(TAN5) 200 1 5 3.73.707 Valid N (list wise) 200 Tangible was the dimension showing the quality of physical material base, equipment and appearance of staff which consumers think they can try the service. The result of collected data showed that all of the means were above 3.6 (average mean =3.732). " Vietinbank branch 4's staffs with nice uniform and appear neat " is the one that customers feel least secure, 3.6. They could previse that uniform and appear neat of Vietinbank branch 4's staffs are not nice at all. The " Vietinbank branch 4's staffs can speak English and Vietnamese to communicate with customers" and " Logo and signboard outside Vietinbank branch 4 are impressive, easy to recognize" have the highest mean, 3.78. It might show that most of the respondents agreed that Vietinbank branch 4's staffs had a good communication skill and the logo and signboard outside made them easy to see. All of standard deviation of " Tangible" were quite high (>0.7). The highest was " Logo and signboard outside Vietinbank branch 4 are impressive, easy to recognize", 0.84. It could be explained as the standard about uniform of many customers are different from each others. So, it led to high differences in the answers. However, the significant of the means are accepted following the rule of 2 (Mean/Standard Deviation >2) 4.2.2 Reliability There were 5 items which were employed to analyze "Reliabilities" : REL1: "Vietinbank branch 4 maintains service quality standard at all the time." REL2: "Vietinbank branch 4's staffs have full knowledge of service's form to response to customer if asked." 27

REL3: "Vietinbank branch 4 commits to provide high quality with well origin." REL4: "Vietinbank branch 4 always provides service right at the first time." REL5: "Vietinbank branch 4 always enthusiastically record mistakes." Table 3. Descriptive statistics of Reliabilities Descriptive Statistics N Minimum Maximum Mean Std. Deviation RELIABILITIES(REL1) 200 1 5 3.64.708 RELIABILITIES(REL2) 200 1 5 3.67.804 RELIABILITIES(REL3) 200 1 5 3.61.794 RELIABILITIES(REL4) 200 1 5 3.66.753 RELIABILITIES(REL5) 200 1 5 3.62.877 Valid N (list wise) 200 Reliability factors showed the ability to provided the promised service dependably and accurately of the bank which made customers believe that Vietinbank branch 4's service is reliable to use. As the results, all of the mean values were higher than 3.6 (average mean =3.64). It would mention that the respondents accepted Vietinbank branch 4's service were dependable and accurate. For example, " Vietinbank branch 4's staffs have full knowledge of service's form to response to customer if asked" had the highest mean of 3.67 which showed that customers believed in the knowledge of staffs to answer all of the questions. 28

Some customers got little problems about the services of Vietinbank branch 4 so that they made the answers of this dimension with the low rate. As a result, the standard deviation were high, especially "Vietinbank branch 4 always enthusiastically record mistakes",.877. 4.2.3 Responsiveness There were 4 items which were used to measure "Responsiveness": RES1: "Vietinbank branch 4 always performs service promptly." RES2: "Vietinbank branch 4's staffs are always willing to help customers." RES3: "Vietinbank branch 4's staffs are always ready to respond to customers' request." RES4: "Vietinbank branch 4 has effective communication channels with customers." Table 4. Descriptive statistics of Responsiveness Descriptive Statistics Std. N Minimum Maximum Mean Deviation RESPONSIVENESS(RES1) 200 1 5 3.58.792 RESPONSIVENESS(RES2) 200 1 5 3.43.746 RESPONSIVENESS(RES3) 200 1 5 3.45.769 RESPONSIVENESS(RES4) 200 1 5 3.55.794 Valid N (list wise) 200 Responsiveness was the dimension which showed the willingness of Vietinbank branch 4's staffs to help customers and provide prompt service. According to the result table, the smallest mean was 3.43 ("Vietinbank branch 4's staffs are always willing to help 29

customers"), the highest one was 3.58 (Vietinbank branch 4 always performs service promptly) and the average mean is equal to 3.5025. As we can see, all of them were above 3 which means that customers almost agreed to the elements. There were some customers who used banking service at many different banks and Vietinbank branch 4 was just one of them. So their answers were not confidence as the ones who only used Vietinbank branch 4's services. That was the reason why the standard deviation was quite high, nearly 0.8. 4.2.4 Assurance There were 3 items which were employed to determine "Assurance": ASSU1: "Vietinbank branch 4's staffs instill the confidence in customers." ASSU2: "Customers feel safe when using Vietinbank branch 4's services" ASSU3: "Vietinbank branch 4's staffs are consistently courteous." Table 5. Descriptive statistics of Assurance Descriptive Statistics N Minimum Maximum Mean Std. Deviation ASSURANCE(ASSU1) 200 1 5 3.71.753 ASSURANCE(ASSU2) 200 1 5 3.77.721 ASSURANCE(ASSU3) 200 1 5 3.67.732 Valid N (listwise) 200 The results of "Assurance" showed the level that customers evaluated the knowledge and courtesy of Vietinbank branch 4 's staffs and their ability to raise trust,confidence and effective communication with them. The means were quite high, all of them were above 30

3.5 (average mean =3.72). That brought to the high acceptance from the customers about the high level of assurance of Vietinbank branch 4. Especially " Customers feel safe when using Vietinbank branch 4's services" had the highest mean, 3.77. It meant that customers had no worries and scares when they thought about using Vietinbank brach 4's services. So they rated the answers with high points (almost 4). The standard deviation of "Assurance" was lower than the above ones. That led to the explanation that respondents' answers had quite low level of dispersion, under 0.75. This also meant that customers might have the same thinking when they thought about "Assurance" of Vietinbank branch 4. 4.2.5 Empathy There were 4 items which were used to measure "Empathy" : EMPA1: "Vietinbank branch 4 cares for customer on special day (Birthday, Women's day, Christmas, Tet holiday)." EMPA2: "Vietinbank branch 4's staffs always interested in the feeling of customers." EMPA3: "Vietinbank branch 4's staffs always listen to customers' comments sincerely." EMPA4: "Vietinbank branch 4's staffs have no discrimination among customers (first come, first serve)." 31

Table 6. Descriptive statistics of Empathy Descriptive Statistics Std. N Minimum Maximum Mean Deviation EMPATHY(EMPA1) 200 1 5 3.86.750 EMPATHY(EMPA2) 200 1 5 3.88.767 EMPATHY(EMPA3) 200 1 5 3.75.685 EMPATHY(EMPA4) 200 1 5 3.73.747 Valid N (listwise) 200 The "Empathy" dimension measures the supply of caring, individualized attention the organization provides its customers. According to the result table, all of the means were higher than 0.37 (average mean= 3.805). As the reasons, customers were quite sure about the situation of caring and individualized attention of Vietinbank branch 4 to them and they also accepted that. For more detail, " Vietinbank branch 4's staffs always interested in the feeling of customers" had the highest mean, 3.88. This result showed that all of respondents nearly agreed with the existence of interests of Vietinbank branch 4's staff to their feeling. With the standard deviation were not high and the lowest one was " Vietinbank branch 4's staffs always listen to customers' comments sincerely ", 0.685. This result indicated that the dispersion of customers respond was quite low. It also meant that respondents could clearly realize the sharing of their feeling by the staffs of Vietinbank branch 4. 32

4.2.6 Customer Satisfaction There were 3 items which were employed to determine "Customer Satisfaction" : SAS1: "In general, i completely feel satisfied with service quality of Vietinbank branch 4." SAS2: "I will continue using services of Vietinbank branch 4 later on." SAS3: "I will introduce Vietinbank branch 4 to close friends, family." Table 7. Descriptive statistics of Satisfaction Descriptive Statistics Std. N Minimum Maximum Mean Deviation SATISFACTION(SAS1) 200 1 5 3.65.825 SATISFACTION(SAS2) 200 1 5 3.63.835 SATISFACTION(SAS3) 200 1 5 3.67.789 Valid N (listwise) 200 The results in "Customer Satisfaction " show the feeling of pleasure and expectation fulfillment's level of customers. So that, the higher the points of the means are given, the more satisfied the customer feel. Three of the items got the means over than 3.6, larger than 3.5 but under 4( average mean =3.65). Some customers were still neutral. They could not decide between " agree" and "neither" when rating the statements. Furthermore, the standard deviation were high, from 7.89 to 8.35. The fluctuation of the answers was quite high so that it showed the unsure in customers' decisions. 33

4.2.7 Perception value There were 4 items which were used to measure "Perception value": VAL1: "Vietinbank branch 4's services have consistent quality." VAL2: "It is reasonably priced." VAL3: "I enjoy using Vietinbank branch 4's services." VAL4: "Vietinbank branch 4's services would make me want to use them." Table 8. Descriptive statistics of Perception value Descriptive Statistics Std. N Minimum Maximum Mean Deviation VALUE(VAL1) 200 1 5 3.76.680 VALUE(VAL2) 200 1 5 3.80.816 VALUE(VAL3) 200 1 5 3.76.718 VALUE(VAL4) 200 1 5 3.83.683 Valid N (listwise) 200 Perception value is the judgment that show customer's perceived perception of what they want to happen in a specific situation, with the help of a product and service ordering, in order to complete a purpose or goal. All of four items had good means, over 3.7 (average mean =3.79). Especially, " It is reasonably priced", 3.8, and " Vietinbank branch 4's services would make me want to use them", 3.83. Both of them had high mean which indicated that respondents tend to agree that the services had good quality and price. Moreover, the dispersion of respondents' answers was quite low so that the standard deviation fluctuated from 6.8 to 8.16. 34

4.2.8 Brand awareness There were 3 items which were employed to analyze "Brand awareness": BRA1: Vietinbank branch 4 comes to my mind when I think of bank brands. BRA2: Vietinbank branch 4 is thought to be well known. BRA3: Vietinbank branch 4 can be recognized among competitors. Table 9. Descriptive statistics of Brand awareness Descriptive Statistics Std. N Minimum Maximum Mean Deviation BRAND(BRA1) 200 1 5 3.70.752 BRAND(BRA2) 200 1 5 3.73.748 BRAND(BRA3) 200 1 5 3.64.789 Valid N (listwise) 200 Brand awareness is the dimension which test the ability of customers to recall and recognize the branch as reflected by their ability to identify the brand under different conditions to certain relations in memory. With the quite high results in means of three items in " Brand awareness" dimension, nearly 3.7 (average mean =3.69), so that customers rised acceptance in choosing Vietinbank branch 4 when they were in the situation of selecting a branch to use. In another aspect, " Vietinbank branch 4 is thought to be well known" had a quite low standard deviation, 0.748, the respondents gave almost familiar direction answers. Moreover, " Vietinbank branch 4 can be recognized among competitors", 0.789, some customers thought that there was a lot of branches of bank nowadays, so they were not confident in rating the statements. 35

4.2.9 Customer loyalty There were 4 items that were used to measure "Customer loyalty": LOY1: "I consider myself loyal to Vietinbank branch 4." LOY2: "I use Vietinbank branch 4 whenever I can." LOY3: "I really like to talk about Vietinbank branch 4 to others." LOY4: "Vietinbank branch 4 is the number one brand I would prefer to use." Table 10. Descriptive statistics of Customer loyalty Descriptive Statistics N Minimum Maximum Mean Std. Deviation LOYALTY(LOY1) 200 1 5 3.74.696 LOYALTY(LOY2) 200 1 5 3.76.824 LOYALTY(LOY3) 200 1 5 3.74.712 LOYALTY(LOY4) 200 1 5 3.75.730 Valid N (list wise) 200 Customer loyalty dimension, the dependent factor of my study, indicates the behavioral reaction based on prejudice as the function of psychological processes by the decision makers and the commitment in purchasing product or service in the future. As the previous ones, the means of this dimension were also quite high, above 3.7 (average mean =3.75). Most of respondents scored the statement with 4 and some of them rate with 3 which is neutral. So that, customers were quite confident to agreed that they felt loyalty to Vietinbank branch 4. At the same time, the fluctuation of the answers was not much. " I consider myself loyal to Vietinbank branch 4" item gave the standard deviation 36

of 0.696. It meant that many customers did not have much differences in rating the statements. After all, for all factors researched, the results of means was quite high averagely and standard deviations were above 6.5. That brought to the conclusion that customers almost agreed with all of the statements but some respondents used many branches of bank so they were not confident when rating the statement, that led to the quite high of standard deviation. 4.3 Reliability testing Reliability testing is a tool which judge the internal consistency in the respondents' answers. Moreover, it is employed to evaluate if all of the items measure the same thing. George and Mallery (2003) gave the following rules : Cronbach's Alpha < 0.5 : Unacceptable 0.5 < Cronbach's Alpha < 0.6 :Poor 0.6 < Cronbach's Alpha < 0.7 : Acceptable 0.7 < Cronbach's Alpha < 0.8 : Good 0.8 < Cronbach's Alpha : Excellent In the case of exploratory, if Cronbach's Alpha had the value which is greater than 0.6 we can accept it. 37

4.3.1 Tangible Table 11. Reliability test of Tangible Reliability Statistics Cronbach's Alpha N Items of.866 5 Item-Total Statistics Scale Mean if Scale Corrected Cronbach's Item Variance if Item-Total Alpha if Item Deleted Item Deleted Correlation Deleted TANGIBLE(TAN1) 14.88 6.156.777.817 TANGIBLE(TAN2) 15.05 6.675.569.868 TANGIBLE(TAN3) 14.87 6.090.773.817 TANGIBLE(TAN4) 14.87 6.465.561.873 TANGIBLE(TAN5) 14.92 6.245.799.813 The Cronbach's Alpha of "Tangible" dimension was very high, 0.866. This showd that the items were consistent internally and established well. All of the Item- total correlation was greater than 0.6 but " Vietinbank branch 4's staffs with nice uniform and appear neat" and " Logo and signboard outside Vietinbank branch 4 are impressive, easy to recognize" just had values nearly 0.6. But at all, these two items were very important in the process of identifying the "Tangible" and the Cronbach's Alpha of this dimension was also very high so they should not be deleted from the table. 38

4.3.2 Reliability Table 12. Reliability test of Reliability Reliability Statistics Cronbach's Alpha N Items of.854 5 Item-Total Statistics Scale Mean if Item Scale Corrected Cronbach's Delete Variance if Item-Total Alpha if Item d Item Deleted Correlation Deleted RELIABILITIES(REL1) 14.56 7.413.500.863 RELIABILITIES(REL2) 14.54 6.481.664.826 RELIABILITIES(REL3) 14.59 6.293.733.807 RELIABILITIES(REL4) 14.54 6.521.716.813 RELIABILITIES(REL5) 14.58 5.932.735.806 This dimension also had high Cronbach's Alpha value (0.854). But in the case of " Vietinbank branch 4 maintains service quality standard at all the time" was eliminated, the value of Cronbach's Alpha of this dimension would increase from 0.854 to 0.863. So there was a need to deleted this items to get a higher Cronbch's Alpha. 39

Table 13. New Reliability test of Reliability Reliability Statistics Cronbach's N Alpha Items.863 4 of Item-Total Statistics Scale Mean if Item Scale Corrected Cronbach's Delete Variance if Item-Total Alpha if Item d Item Deleted Correlation Deleted RELIABILITIES(REL2) 10.90 4.597.630.858 RELIABILITIES(REL3) 10.94 4.414.710.826 RELIABILITIES(REL4) 10.90 4.523.725.822 RELIABILITIES(REL5) 10.94 3.906.790.792 As we can see, after we deleted the item " Vietinbank branch 4 maintains service quality standard at all the time" the Cronbach's Alpha was increased to 0.863 and all of the Itemtotal Correlation were greater than 0.6 which indicated that the remaining factors were designed well. 40

4.3.3 Responsiveness Table 14. Reliability test of Responsiveness Reliability Statistics Cronbach's Alpha N Items of.887 4 Item-Total Statistics Scale Mean if Item Scale Corrected Cronbach's Delete Variance if Item-Total Alpha if Item d Item Deleted Correlation Deleted RESPONSIVENESS(RES1) 10.43 3.895.853.815 RESPONSIVENESS(RES2) 10.59 4.425.702.873 RESPONSIVENESS(RES3) 10.56 4.469.654.891 RESPONSIVENESS(RES4) 10.46 3.988.809.832 The "Responsiveness" dimension got a excellent result in Cronbach's Alpha value which was 0.887. If the item " Vietinbank branch 4's staffs are always ready to respond to customers' request" was deleted, the Cronbach's Alpha was not change much, just from 0.887 to 0.891. So, all of four items could be kept. 41

4.3.4 Assurance Reliability Statistics Cronbach's N Alpha Items.849 3 Table 15. Reliability test of Assurance of Item-Total Statistics Scale Mean if Scale Corrected Cronbach's Item Variance if Item-Total Alpha if Item Deleted Item Deleted Correlation Deleted ASSURANCE(ASSU1) 7.43 1.654.783.724 ASSURANCE(ASSU2) 7.38 1.795.736.772 ASSURANCE(ASSU3) 7.48 1.909.639.862 The result after running the Reliability testing of "Assurance" was also a good one, 0.849 and all of three Item-total Correlation were higher than 0.6. It proved that the factors were designed well and consistent. In the case of item " Vietinbank branch 4's staffs are consistently courteous" was eliminated, the value of Cronbach's Alpha was not changed so much and this item was one the most important one in the process of evaluate " Assurance". So that all of three items should be retained. 42

4.3.5 Empathy Reliability Statistics Cronbach's N Alpha Items.865 4 of Table 16. Reliability test of Empathy Item-Total Statistics Scale Mean if Item Scale Corrected Cronbach's Delete Variance if Item-Total Alpha if Item d Item Deleted Correlation Deleted EMPATHY(EMPA1) 11.37 3.379.820.783 EMPATHY(EMPA2) 11.35 3.363.801.790 EMPATHY(EMPA3) 11.48 4.019.624.862 EMPATHY(EMPA4) 11.49 3.829.622.865 With the value of 0.865 of Cronbach's Alpha, "Emphathy" has been proved that it had a well-designed and all of items were consistent together. There was no item should be deleted because of the decrease in Cronbach's Alpha value. 43

4.3.6 Customer satisfaction Table 17. Reliability test of Satisfaction Reliability Statistics Cronbach's Alpha N Items of.814 3 Item-Total Statistics Scale Mean if Scale Corrected Cronbach's Item Variance if Item-Total Alpha if Item Deleted Item Deleted Correlation Deleted SATISFACTION(SAS1) 7.31 2.102.665.745 SATISFACTION(SAS2) 7.33 2.140.630.782 SATISFACTION(SAS3) 7.28 2.132.703.708 "Satisfaction" dimension had good Cronbach's Alpha value (0.814) and no items had the Item-Total Correlation under 0.6. All of the items would be kept for further test because any elimination will lead to a downward of Cronbach's Alpha value. 44

4.3.7 Perception value Reliability Statistics Table 18. Reliability test of Perception value Cronbach's N Alpha Items.821 4 of Item-Total Statistics Scale Mean if Scale Corrected Cronbach's Item Variance if Item-Total Alpha if Item Deleted Item Deleted Correlation Deleted VALUE(VAL1) 11.38 3.352.674.763 VALUE(VAL2) 11.35 2.882.701.749 VALUE(VAL3) 11.39 3.122.731.734 VALUE(VAL4) 11.32 3.736.488.840 "Value" dimension received a good Cronbach's Alpha value at 0.821. But Cronbach's Alpha If Item Deleted of " Vietinbank branch 4's services would make me want to use them" was 0.84 and its Item-Total Correlation was also under 0.6 (0.488). So it was significant to eliminate this item. 45

Table 19. New Reliability test of Perception value Reliability Statistics Cronbach's N Alpha Items.840 3 of When the item " Vietinbank branch 4's services would make me want to use them" was deleted the Cronbach's Alpha increased to 0.84 which also meant this dimension was more reliable and effective. 4.3.8 Brand awareness Table 20. Reliability test of Brand awareness Reliability Statistics Cronbach's N Alpha Items.818 3 of Item-Total Statistics Scale Mean if Scale Corrected Cronbach's Item Variance if Item-Total Alpha if Item Deleted Item Deleted Correlation Deleted BRAND(BRA1) 7.38 1.884.677.745 46

BRAND(BRA2) 7.34 1.904.669.753 BRAND(BRA3) 7.43 1.803.670.753 This group of items in "Brand" dimension got a very high value of Cronbach's Alpha, 0.818. Moreover, with all of the item-total Correlation were above 0.6, there was no items would be eliminated and the structure between factors was strong and consistent. 4.3.9 Customer loyalty Table 21. Reliability test of Customer loyalty Reliability Statistics Cronbach's N Alpha Items.810 4 of Item-Total Statistics Scale Mean if Scale Corrected Cronbach's Item Variance if Item-Total Alpha if Item Deleted Item Deleted Correlation Deleted LOYALTY(LOY1) 11.24 3.558.598.775 LOYALTY(LOY2) 11.22 2.987.684.734 LOYALTY(LOY3) 11.24 3.319.688.734 LOYALTY(LOY4) 11.23 3.565.550.797 47

The last dimension in the reliability testing was "Loyalty" which was also the dependent factors of this study. It got a quite high Cronbach's Alpha, 0.81. About the Item-Total Correlation, there were " I consider myself loyal to Vietinbank branch 4" and " Vietinbank branch 4 is the number one brand I would prefer to use" got the value under 0.6. But if the two items were deleted, the Cronbach's Alpha would receive a decrease. So that all of items were kept. 4.4 Exploratory Factor Analysis (EFA) Exploratory Factor Analysis (EFA) is a tool to bring inter-correlated variables together in the case of the study which get the questionnaire consisting of many questions and these questions can make the study more complicated. There are some criteria which need to be passed : Kaiser-Meyer-Olkin (KMO) should be from 0.6 to 1.0 to be a good analysis. At the same time, the Significant of Bartlett's test of Sphericity also should be under 0.05. Total Variance Explained need to be greater than 50%. Eigen- value of each factors greater than 1 is accepted. 4.4.1 Independent variable This part included 5 factors : "TANGIBLE", "RELIABILITIES", "RESPONSIVENESS", "ASSURANCE" and "EMPATHY". 48

Table 22. Summary of EFA test of Tangible, Reliability, Responsiveness, Assurance and Empathy Total Variance Explained Extraction Sums of Squared Rotation Sums of Squared Initial Eigenvalues Loadings Loadings % of Componen % of Cumulativ Cumulativ Varian Cumul t Total Variance e % Total % of Variance e % Total ce ative % 1 4.714 23.570 23.570 4.714 23.570 23.570 3.399 16.994 16.994 2 2.969 14.847 38.417 2.969 14.847 38.417 3.040 15.198 32.191 3 2.834 14.171 52.588 2.834 14.171 52.588 2.880 14.399 46.591 4 2.325 11.625 64.213 2.325 11.625 64.213 2.859 14.294 60.885 5 1.670 8.349 72.562 1.670 8.349 72.562 2.335 11.677 72.562 6.677 3.383 75.945 7.634 3.169 79.114 8.587 2.936 82.050 9.498 2.490 84.540 10.489 2.446 86.985 11.452 2.260 89.245 12.415 2.074 91.320 13.351 1.754 93.073 14.345 1.724 94.797 15.257 1.283 96.080 16.220 1.102 97.183 17.190.952 98.135 18.171.854 98.989 49

Rotated Component Matrix a Component 19.121.605 99.593 20.081.407 100.000 Extraction Method: Principal Component Analysis. 1 2 3 4 5 TANGIBLE(TAN1).877 TANGIBLE(TAN2).691 TANGIBLE(TAN3).868 TANGIBLE(TAN4).665 TANGIBLE(TAN5).891 RELIABILITIES(REL2).777 RELIABILITIES(REL3).847 RELIABILITIES(REL4).851 RELIABILITIES(REL5).892 RESPONSIVENESS(RES1).921 RESPONSIVENESS(RES2).802 RESPONSIVENESS(RES3).775 RESPONSIVENESS(RES4).894 ASSURANCE(ASSU1).861 ASSURANCE(ASSU2).844 ASSURANCE(ASSU3).816 50

EMPATHY(EMPA1).891 EMPATHY(EMPA2).883 EMPATHY(EMPA3).781 EMPATHY(EMPA4).792 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 5 iterations. Table 23. KMO test and Bartlett's test of Tangible, Reliability, Responsiveness, Assurance and Empathy KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling.780 Adequacy. Bartlett's Test of Approx. Chi-Square 2386.204 Sphericity df 190 Sig..000 The EFA had the result of KMO Measure of Sampling Adequacy was 0.78 (greater than 0.6). Bartlett's Test of Sphericity had Sig.=0 (<0.05) which showed that the variables were interrelated in the population. 51

According to the table, 20 items were divided into 5 groups. The first component consisted of 5 items "TANGIBLE(TAN1)", "TANGIBLE(TAN2)", "TANGIBLE(TAN3)", "TANGIBLE(TAN4)" and "TANGIBLE(TAN5)". This component is labeled as " Tangible". The second group is included of 4 items " RESPONSIVENESS(RES1)", " RESPONSIVENESS(RES2)", " RESPONSIVENESS(RES3)" and " RESPONSIVENESS(RES4)". This second group is named as " Responsiveness". The third component has 4 items " EMPATHY(EMPA1)"," EMPATHY(EMPA2)", " EMPATHY(EMPA3)" and " EMPATHY(EMPA4)". The third group had the name as " Empathy". The next group's name is " Reliabilities" because it consist of 4 items " RELIABILITIES(REL2)"," RELIABILITIES(REL3)", " RELIABILITIES(REL4)" and " RELIABILITIES(REL5)". At the end, the last component included 3 items " ASSURANCE(ASSU1)"," ASSURANCE(ASSU2)" and " ASSURANCE(ASSU3)" and it was named as " Assurance". 52

This part consisted of "SATISFACTION", "VALUE" and "BRAND" Table 24. Summary of EFA test of Satisfaction, Perception value and Brand awarenes Total Variance Explained Extraction Sums of Squared Rotation Sums of Squared Initial Eigenvalues Loadings Loadings % of Comp % of Cumulativ % of Cumulative Varianc onent Total Variance e % Total Variance % Total e Cumulative % 1 3.648 40.534 40.534 3.648 40.534 40.534 2.284 25.377 25.377 2 1.684 18.711 59.244 1.684 18.711 59.244 2.257 25.081 50.457 3 1.390 15.448 74.692 1.390 15.448 74.692 2.181 24.235 74.692 4.505 5.606 80.298 5.450 5.001 85.300 6.390 4.331 89.631 7.382 4.239 93.870 8.317 3.518 97.388 9.235 2.612 100.000 Extraction Method: Principal Component Analysis. 53

Rotated Component Matrix a Component 1 2 3 SATISFACTION(SAS1).838 SATISFACTION(SAS2).833 SATISFACTION(SAS3).818 VALUE(VAL1).788 VALUE(VAL2).895 VALUE(VAL3).879 BRAND(BRA1).846 BRAND(BRA2).821 BRAND(BRA3).835 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 4 iterations. 54

Table 25. KMO test and Bartlett's test of Satisfaction, Perception value and Brand awareness KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling.775 Adequacy. Bartlett's Test of Approx. Chi-Square 749.639 Sphericity Df 36 Sig..000 The above EFA had the value of KMO of 0.775 (>0.6) and the Sig. of Bartlett's Test of Sphericity has the result of 0 (<0.05). There were 9 items which were divided into 3 groups. The 3 items " VALUE(VAL1)", "VALUE(VAL2)" and " VALUE(VAL3)" were in the first group which was labeled " PE". The second group had 3 items " BRAND(BRA1)"," BRAND(BRA2)" and " BRAND(BRA3)" and it was named as "BR". The last group is labeled "SA" because it consisted of 3 items " SATISFACTION(SAS1)", " SATISFACTION(SAS2)" and " SATISFACTION(SAS3)". 4.4.2 Dependent variable Table 26. KMO test and Bartlett's test of Customer loyalty KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling.780 Adequacy. Bartlett's Test of Approx. Chi-Square 264.570 Sphericity Df 6 Sig..000 The Dependent variable is named as "LO" 55

4.5 Regression and Hypothesis testing 4.5.1 H1,H2,H3 Dependent variable was "LO". Independent variables were "SA", "PE" and "BR". Table 27. Correlation test of H1, H2, H3 Correlations SA PE BR LO SA Pearson 1.281 **.377 **.227 ** Correlation Sig. (2-tailed).000.000.001 N 200 200 200 200 PE Pearson.281 ** 1.297 **.737 ** Correlation Sig. (2-tailed).000.000.000 N 200 200 200 200 BR Pearson.377 **.297 ** 1.366 ** Correlation Sig. (2-tailed).000.000.000 N 200 200 200 200 LO Pearson.227 **.737 **.366 ** 1 Correlation Sig. (2-tailed).001.000.000 N 200 200 200 200 **. Correlation is significant at the 0.01 level (2-tailed). According to the table above, all of three independent items: Satisfaction(SA),Perception value (PE) and Brand awareness (BR) had the positive relationship with Customer loyalty 56

(LO). With the Pearson Correlation value were 0.227, 0.737, 0.366 respectively. Moreover, we got all of the Significant levels were under 0.05. Now, we could go to the next step which was regression analysis. Table 28. Model summary of H1, H2 and H3 Model Summary b Adjusted R Std. Error of Durbin- Model R R Square Square the Estimate Watson 1.753 a.567.561.66283835 2.022 a. Predictors: (Constant), REGR factor score 1 for analysis 4, REGR factor score 1 for analysis 3, REGR factor score 1 for analysis 2 b. Dependent Variable: REGR factor score 1 for analysis 5 Table 29. ANOVA of H1,H2 and H3 ANOVA b Sum of Mean Model Squares df Square F Sig. 1 Regression 112.886 3 37.629 85.646.000 a Residual 86.114 196.439 Total 199.000 199 a. Predictors: (Constant), REGR factor score 1 for analysis 4, REGR factor score 1 for analysis 3, REGR factor score 1 for analysis 2 b. Dependent Variable: REGR factor score 1 for analysis 5 57

Table 30. Coefficients of H1,H2 and H3 Coefficients a Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. 1 (Constant) -5.473E-16.047.000 1.000 REGR factor score 1 -.033.052 -.033 -.640.523 for analysis 2 REGR factor score 1.695.050.695 13.866.000 for analysis 3 REGR factor score 1.171.052.171 3.297.001 for analysis 4 a. Dependent Variable: REGR factor score 1 for analysis 5 As we can see, the "SA" variables had the Sig. level was 0.523 which was greater than 0.05 and it also had a negative value of Beta. So the H1's hypothesis should be rejected as well. We run the regression analysis again with the two remaining Independent variables had the Sig. <0.05 which meant that they had statistical significant. 58

Table 31. New model summary of H1,H2 and H3 Model Summary b Adjusted R Std. Error of Durbin- Model R R Square Square the Estimate Watson 1.753 a.566.562.66184342 2.013 a. Predictors: (Constant), BR, PE b. Dependent Variable: LO Table 32. New ANOVA of H1,H2 and H3 ANOVA b Sum of Mean Model Squares df Square F Sig. 1 Regression 112.707 2 56.353 128.650.000 a Residual 86.293 197.438 Total 199.000 199 a. Predictors: (Constant), BR, PE b. Dependent Variable: LO Table 33. New Coefficients of H1,H2 and H3 Coefficients a Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta T Sig. 1 (Constant) -5.769E-16.047.000 1.000 PE.689.049.689 14.022.000 BR.161.049.161 3.270.001 a. Dependent Variable: LO 59

We got R Square's value of 0.566 which means that there is 56.6% of Dependent variable (LO) were explained by Independent variables ( BR and PE). That means that the remaining percentage (43.4%) of "Customer loyalty" was interpreted by other factors. The value of Durbin-Watson was 2.013 which was greater than 1.5 and lower than 2.5. So there was no autocorrelation exists in the model. The value of Significant F value was equal 0 (<0.05) which showed that regression model was suitable with set of data. From the data above, the regression equation was proposed: LO= 0.689PE+0.161BR The equation which was proposed above indicated that Perception value (PE) and Brand awareness (BR) had the positive impact on Customer Loyalty (LO) which was the dependent variable. So the hypothesis H2 and H3 were accepted. Perception value (PE) had the greatest value of Beta Coefficients, 0.689. As a result, PE had significant impact on Customer Loyalty (LO). It affected LO more than the others. The second factor which had the Beta Coefficients' value of 0.161 was Brand awareness (BR). BR also influenced on Customer Loyalty (LO) but less than PE. 4.5.2 H4,H5,H6,H7,H8 Correlation testing, Durbin-Watson and F test would be conducted in 2 stages as following: Stage 1: Possible effects of Servqual model's factors on Perception value. Stage 2: Possible effects of Servqual model's factors on Brand awareness. All of the testing results in this step were showed in the Appendix A. 60

Stage 1: Possible effects of Servqual model's factors on Perception value (PE). Dependent variable: Perception value (PE) Independent variables : Tangible, Reliabilities, Responsiveness, Assurance and Empathy. Following the results of Correlation testing, all of the items had the Sig.'s level lower than 0.05, except "Assurance", 0.32. So there was a suggestion of eliminating "Assurance" as well. The four remaining items "Tangible", "Reliabilities", "Responsiveness" and "Empathy" had the value of Pearson Correlation as 0.181, 0.219, 0.142, 0.162 respectively. So they had the relationships to Perception Value (PE). The Durbin-Watson's value was 1.555 which stayed between 1.5 and 2.5 and it meant that the correlation's level did not have any influence to results of regression. Significant level of F value (0) was lower than 0.05 so the whole regression had statistical meaning. Coefficients a Table 34. Coefficients of Stage 1 Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta T Sig. 1 (Constant) 2.671E-16.067.000 1.000 Tangible.181.067.181 2.709.007 Reliabilities.219.067.219 3.266.001 Responsiveness.142.067.142 2.118.035 Assurance.071.067.071 1.056.292 Empathy.162.067.162 2.417.017 a. Dependent Variable: PE 61

The results from the table above showed that "Assurance" had the Sig. level greater than 0.05, which was 0.292 and in the previous correlation testing there was a suggestion of elimination "Assurance". So "Assurance" was rejected as well. The regression equation: PE= (2.671E-16) + 0.181(Tangible) + 0.219(Reliabilities) + 0.142(Responsiveness) + 0.071(Assurance) + 0.162(Empathy) The equation showed the four factors Tangible, Reliabilities, Responsiveness and Empathy had the positive impact on Perception value (PE). The factor which gave the most influences on PE was Reliabilities with the value of Beta Coefficient of 0.219. The second factor which had impact on PE was Tangible had the smaller value of Beta Coefficient, 0.181. The next one was Empathy which had the Beta Coefficient's value of 0.162. The last factor which had the Beta Coefficient's value of 0.142 was Responsiveness. Stage 2: Possible effects of Servqual model's factors on Brand awareness (BR). Dependent variable: Brand awareness(br). Independent variables: Tangible, Reliabilities, Responsiveness, Assurance and Empathy. Table 35. Coefficients of Stage 2 Coefficients a Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta T Sig. 1 (Constant) 9.843E-17.059.000 1.000 Tangible.040.059.040.686.494 Reliabilities.396.059.396 6.713.000 Responsiveness -.114.059 -.114-1.926.056 Assurance.157.059.157 2.664.008 62

Empathy.358.059.358 6.062.000 a. Dependent Variable: BR According to the Correlation table, there were 2 independent variables had the significant was greater than 0.05 which were Tangible (0.494) and Responsiveness (.056). Moreover, Responsiveness also had a negative value of Beta. As the result, Tangible and Responsiveness did not have strong correlation with Dependent variable (BR). So the H4's and H6's hypothesis should be suggested to be rejected. We run the regression analysis again with the three remaining Independent variables Reliabilities, Assurance and Empathy. Three of them had the relationship with BR. Table 36. New coefficients of stage 2 Coefficients a Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta t Sig. 1 (Constant) 9.077E-17.059.000 1.000 Reliabilities.396.059.396 6.676.000 Assurance.157.059.157 2.650.009 Empathy.358.059.358 6.028.000 a. Dependent Variable: BR 63

After running the regression test, we had the value of Durbin-Watson of 1.958, greater than 1.5 and lower 2.5 which meant that the autocorrelation in this model did not affect the result of the regression. The Significant of F value was under 0.05 so it brought to a result that the regression had a statistical meaning. The "Tangible" and "Responsiveness" items had the Sig. >0.05. Moreover, they were suggested to be rejected in the Correlation testing. As a result, "Tangible" and "Responsiveness" were eliminated. So, we got the equation BR= 0.396(Reliabilities)+0.157(Assurance)+0.358(Empathy) The above equation indicated the factors which had the significant affect on Brand awareness (BR). They were Reliabilities, Assurance and Empathy. With the value of Beta Coefficients of 0.396, Reliabilities had the strongest impact on BR than the others. The next factors is Empathy which had the Beta Coefficient's value of 0.358. This factors also affected BR significantly. Empathy was the last factor affected on BR. It got the value of Beta Coefficient of 0.157 and it was the factor which had less impact on BR than the 2 others. After 3 parts of Regression analysis, we got 3 regression equations. Firstly, for testing the H1,H2 and H3's hypothesis we had the equation LO= 0.689PE+0.161BR Secondly, we got the equation PE= (2.671E-16) + 0.181(Tangible) + 0.219(Reliabilities) + 0.142(Responsiveness) + 0.071(Assurance) + 0.162(Empathy) 64

According to the equation, Tangible, Reliabilities, Responsiveness and Empathy all had the positive relation to Perception value (PE). Moreover, Perception value (PE) also had the strong relationship to Customer loyalty (LO). Those relationships brought to a result which showed that Tangible, Reliabilities, Responsiveness and Empathy had the indirect affect on Customer loyalty(lo) through Perception value (PE). The last one, BR= 0.396(Reliabilities)+0.157(Assurance)+0.358(Empathy) Following the equation above, there were 3 items Reliabilities, Assurance and Empathy which had positive influence on Brand awareness(br). Besides that, Brand awareness had a positive impact on Customer loyalty (LO). By combining two things, there were a indirect relationship between Reliabilities, Assurance and Empathy to Customer loyalty (LO) through Brand awareness (BR). 65

To sum up, we got a hypothesis testing results table which showed the conclusion Table 37. The confirmation of hypothesis Hypothesis Description Results H1 There is a positive impact of "Customer Satisfaction" on Rejected "Customer Loyalty". H2 There is a positive impact of "Perception Values" on Accepted "Customer Loyalty". H3 There is a positive impact of "Brand awareness" on Accepted "Customer Loyalty". H4 There is a positive indirect impact of "Tangibles" on Accepted "Customer Loyalty". H5 There is a positive indirect impact of "Reliability" on Accepted "Customer Loyalty". H6 There is a positive indirect impact of "Responsiveness" on Accepted "Customer Loyalty". H7 There is a positive indirect impact of "Assurance" on Accepted "Customer Loyalty". H8 There is a positive indirect impact o "Empathy" on "Customer Loyalty". Accepted 66

Figure 9 The adjusted research model 67

CHAPTER V CONCLUSION AND RECOMENDATION 5.1 Conclusion This study was conducted to find out and analyze the factors which had impact on Customer loyalty at Vietinbank branch 4 in Ho Chi Minh city in 2013. According to the purposes of the research, quantitative methods were employed to determine clearly customers' evaluation about each factors which may influence on Customer loyalty at Vietinbank branch 4. The theoretical framework of this study consisted of 8 independent factors which were Tangible, Reliabilities, Responsiveness, Assurance, Empathy, Customer Satisfaction, Perception value and Brand awareness. One dependent variable which was Customer loyalty. There were 35 items which were employed to analyze and measure 9 factors. After completing the surveying, there were 200 questionnaires which were received by directly distributing to respondents at Vietinbank branch 4. The Data analysis was included of 6 steps which were sample demographic, descriptive statistic, reliability testing, exploratory factor analysis (EFA), correlation test and regression analysis. The first step, data demographic, was conducted to describe the proportion in gender and age of the sample (200 respondents). The result showed that the percentage between male and female customer in the survey were nearly equal, 48%, 52 % respectively. So that, in the term of Gender, the sample may represent for the population. In other aspect of demographic, the term of Age, the result indicated that nearly haft of respondents were over 45 years old (42.5%). The age from 36 to 45 also had a high percentage of 31.5%. 68

The remaining 30% belonged to the age under 35 years old. It meant that the customers who usually used Vietinbank branch 4's services were almost over 35 years old who might have many experiences and careful thinking about what they chose. Second step was descriptive statistic, the results showed that the mean of all variables were between 3 and 4 and the standard deviation was from 0.68 to 0.877. With the interval of value from 3 to 4, the mean indicated that the respondents preferred to choosing 3 and 4 in the answers which meant that they nearly agreed with the statements in the questionnaires. Standard deviation of this study was quite high which showed that there were some differences in customers' mind when they rated the statements. The item which had the lowest standard deviation was " Vietinbank branch 4's services have consistent quality.". So it meant that when respondents answered this statement they had nearly familiar thinking. The largest standard deviation was 0.877 which belong to the item " Vietinbank branch 4 always enthusiastically record mistakes.". This result showed that customers did not feel confident when they decide to rate the statement and their mind were different from each others. The next one was reliability test which was measured by Cronbach's alpha value. The two items " Vietinbank branch 4 maintains service quality standard at all the time." and " Vietinbank branch 4's services would make me want to use them." were eliminated to increase the Cronbach's alpha and Items-total Correlation which made the variables more reliable and consistent. After that, the exploratory factors analysis (EFA) was employed and it brought to a result that there was no change in grouping the items. There were 34 items which were grouped into 9 groups. The correlation test's results indicated that all of three factors "Customer satisfaction", "Brand awareness" and "Perception value" had the significant correlation to "Customer 69

loyalty". Moreover, "Tangible" and "Responsiveness" were found to be not correlated to "Brand awareness". "Assurance" did not have relationship to "Perception value". Finally, the regression equation was conducted. LO= 0.689PE+0.161BR There were only 2 variables that affected "Customer loyalty" which were "Brand awareness" and "Perception value" because "Customer satisfaction" had the Sig level over 0.05 so it was rejected. In the stage 1, PE= (2.671E-16) + 0.181(Tangible) + 0.219(Reliabilities) + 0.142(Responsiveness) + 0.071(Assurance) + 0.162(Empathy) After eliminating "Assurance", there were 4 factors which had the positive impact on "Perception value" which were "Tangible", "Reliabilities", "Responsiveness" and " Empathy". In second stage, BR= 0.396(Reliabilities)+0.157(Assurance)+0.358(Empathy) There were 3 factors that had positive effect on "Brand awareness" which were "Reliabilities", "Assurance" and "Empathy". After all of regression tests, it was proved that there were indirect impact of "Tangible","Reliabilities", "Assurance","Responsiveness" and "Empathy" on "Customer loyalty" through their positive relationship between them and "Brand awareness" and "Perception value". 70

5.2 Recommendation Service quality As a result, all of five dimensions of service quality,especially serqual's model's factors which were Tangible, Reliabilities, Responsiveness, Assurance and Empathy had indirect impact on Customer loyalty. So Vietinbank branch 4 should improve these factors which can make customer more loyal to it. Vietinbank branch 4 should spend more investment in employee training which helps staffs to increase and develop their knowledge about services deeply. Employee training should focus on "personal communication" and " customer care" which were the main keys success of meeting customers' need. Employees of Vietinbank should communicate to customers with a professional approach, promptly record and recover service mistakes and ensure to provide the services as same as they promised. In addition, Vietinbank branch 4 has to make sure that their services are right at the first time and familiar to their promises. It also should make sure that the staffs willing to help customers, understand what customers need and know clearly about their fields of work. Vietinbank also should to keep stable standard of service all the time which make customer satisfied to use its services. According to the finding, customers usually use the brand which can keep their promises of services and its employees always help and understand customer's need. Moreover, there is a need to improve tangible of Vietinank branch 4. The decoration should be friendly and simple which can make customers convenience when they come to Vietinbank. Employees also need to have a nice looking uniform and have English skill to communicate effectively to customers. 71

Vietinbank branch 4 should give some services for special customers which was giving them gift in their birthday, Tet holiday, New year...and so on to make customer more loyal. Perception value According to the finding, Vietinbank branch 4 should pay attention to "Perception value" which had the most impact on "Customer loyalty". This factor indicated the cognizance about quality, benefit and money of customers. As a result, Vietinbank branch 4 should supply services with high quality which helps it to increase the level of positive thinking of customer about the worth of the money customers paid for the services. The more benefits customers get from the services the more loyalty they are to the brand through their positive perception value. Moreover, this study also found that when customers perceive the price of the services as reasonable, it helped to determine the value of the money which customers paid for the services. So that, there is a need for Vietinbank branch 4 to make clear about what customers are being charged for. Brand awareness According to the result of the study, Brand awareness also had positive effect on Customer loyalty. So Vietinbank branch 4 should be well promoted to ensure that customers will remember them. In detail, the bank should promote to advertise and support the word-of-mount which make satisfied customers easy to tell others about their experiences. As a result, the brand management should focus on advertising and word-ofmount to get more attention and support from customers which help it to gain more brand awareness,especially more customer loyalty. 72

5.3 Limitation of the study Firstly, this study could not conduct all factors which had positive impacts on Customer loyalty. It conducted just 8 factors which were analyzed in relating and determining to Customer loyalty. The second problem was the number of respondents which was only 200 customers. Moreover, this study only focused on Vietinbank branch 4 in Ho Chi Minh city not all of the branches and other markets. So the results of this study might not explain clearly about Customer loyalty in other branches and places in Vietnam. The last but not least was the limitation of time, ability and experience which might create some inevitable mistakes in the study. 5.4 Recommendation for further study Other researchers who are interested in "Customer loyalty" can find other models or add more factors according to their situation and condition because this study's independent factors only explained 56.7% about Customer loyalty so there were 43.3% of Customer loyalty were interpreted by the other factors. Besides that, "Customer loyalty" is a popular and important key success for corporations in recent so further study can conduct in other industries. Moreover, because of the limitation of personal capability and time, this thesis's results may not well explain factors which affect Customer loyalty. So further study can be conducted in all of Vietinbank's branches or in other commercial banks in Vietinam with larger sample size. 73

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APPENDIX A Results of SPSS Stage 1: Possible effects of Servqual model's factors on Perception value (PE). Table 38 Correlation of Stage 1 Correlations Tangibl e Reliabiliti es Responsive ness Assuranc e Empath y PE Tangible Pearson 1.000.000.000.000.181 * Correlation Sig. (2-tailed) 1.000 1.000 1.000 1.000.010 N 200 200 200 200 200 200 Reliabilities Pearson.000 1.000.000.000.219 ** Correlation Sig. (2-tailed) 1.000 1.000 1.000 1.000.002 N 200 200 200 200 200 200 Responsivene ss Assurance Empathy Pearson.000.000 1.000.000.142 * Correlation Sig. (2-tailed) 1.000 1.000 1.000 1.000.045 N 200 200 200 200 200 200 Pearson.000.000.000 1.000.071 Correlation Sig. (2-tailed) 1.000 1.000 1.000 1.000.320 N 200 200 200 200 200 200 Pearson.000.000.000.000 1.162 * Correlation 85

PE Sig. (2-tailed) 1.000 1.000 1.000 1.000.022 N 200 200 200 200 200 200 Pearson.181 *.219 **.142 *.071.162 * 1 Correlation Sig. (2-tailed).010.002.045.320.022 N 200 200 200 200 200 200 *. Correlation is significant at the 0.05 level (2-tailed). **. Correlation is significant at the 0.01 level (2-tailed). Table 39 Model summary of Stage 1 Model Summary b Adjusted R Std. Error of Durbin- Model R R Square Square the Estimate Watson 1.363 a.132.109.94370879 1.555 a. Predictors: (Constant), Empathy, Assurance, Responsiveness, Reliabilities, Tangible b. Dependent Variable: PE 86

Table 40 ANOVA of Stage 1 ANOVA b Sum of Mean Model Squares df Square F Sig. 1 Regression 26.226 5 5.245 5.890.000 a Residual 172.774 194.891 Total 199.000 199 a. Predictors: (Constant), Empathy, Assurance, Responsiveness, Reliabilities, Tangible b. Dependent Variable: PE Stage 2: Possible effects of Servqual model's factors on Brand awareness (BR). Table 41 Correlation of Stage 2 Correlations Responsiven Tangible Reliabilities ess Assurance Empathy BR Tangible Pearson Correlatio n 1.000.000.000.000.040 Reliabilities Sig. (2-1.000 1.000 1.000 1.000.569 tailed) N 200 200 200 200 200 200 Pearson.000 1.000.000.000.396 ** Correlatio n 87

Sig. (2-1.000 1.000 1.000 1.000.000 tailed) N 200 200 200 200 200 200 Responsiveness Pearson.000.000 1.000.000 -.114 Correlatio n Sig. (2-1.000 1.000 1.000 1.000.109 tailed) N 200 200 200 200 200 200 Assurance Pearson.000.000.000 1.000.157 * Correlatio n Sig. (2-1.000 1.000 1.000 1.000.026 tailed) N 200 200 200 200 200 200 Empathy Pearson.000.000.000.000 1.358 ** Correlatio n Sig. (2-1.000 1.000 1.000 1.000.000 tailed) N 200 200 200 200 200 200 BR Pearson.040.396 ** -.114.157 *.358 ** 1 Correlatio n Sig. (2-.569.000.109.026.000 tailed) 88

N 200 200 200 200 200 200 **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-tailed). Table 42 Model summary of stage 2 Model Summary b Adjusted R Std. Error of Durbin- Model R R Square Square the Estimate Watson 1.569 a.324.307.83256692 1.947 a. Predictors: (Constant), Empathy, Assurance, Responsiveness, Reliabilities, Tangible b. Dependent Variable: BR Table 43 ANOVA of Stage 2 ANOVA b Sum of Mean Model Squares df Square F Sig. 1 Regression 64.525 5 12.905 18.618.000 a Residual 134.475 194.693 Total 199.000 199 a. Predictors: (Constant), Empathy, Assurance, Responsiveness, Reliabilities, Tangible b. Dependent Variable: BR 89

After running Regression analysis again in stage 2 Table 44 New model summary of Stage 2 Model Summary b Adjusted R Std. Error of Durbin- Model R R Square Square the Estimate Watson 1.556 a.310.299.83718671 1.958 a. Predictors: (Constant), Empathy, Assurance, Reliabilities b. Dependent Variable: BR Table 45 New ANOVA of Stage 2 ANOVA b Sum of Mean Model Squares df Square F Sig. 1 Regression 61.627 3 20.542 29.309.000 a Residual 137.373 196.701 Total 199.000 199 a. Predictors: (Constant), Empathy, Assurance, Reliabilities b. Dependent Variable: BR 90

APPENDIX B Questionnaire in English Analyzing factors that affect Customer loyalty - the case of Vietinbank branch 4 Welcome, I am the student of International University (IU), National University in Ho Chi Minh city. I am conducting a research on the factors that affect Customer loyalty at Vietinbank branch 4. The main purposes of the study are analyzing and providing the solutions to help Vietinbank branch 4 to improve their Customer loyalty. I hope that you will spend a few minutes to answer the questionnaire which is very valuable with this research. Please answer the following question to give information for the research: Your gender: Male Female Your age: Under 25 from 26 to 35 36 to 45 Over 45 91

Please answer all the question by marking a "X" in the box follow the scale: "1": Strongly Disagree "2": Disagree "3": Neither "4": Agree "5": Strongly Agree TANGIBLES 1 2 3 4 5 TAN 1 Vietinbank branch 4's decoration is simple and friendly. TAN 2 Vietinbank branch 4's staffs with nice uniform and appear neat. TAN 3 Vietinbank branch 4's staffs can speak English and Vietnamese t communicate with customers. TAN 4 Logo and signboard outside Vietinbank branch 4 are impressive, easy to recognize. 92

TAN 5 Vietinbank branch 4 has a convenient location. RELIABILITIES 1 2 3 4 5 REL 1 Vietinbank branch 4 maintains service quality standard at all the time. REL 2 Vietinbank branch 4's staffs have full knowledge of service's form to response to customer if asked. REL 3 Vietinbank branch 4 commits to provide high quality with well origin. REL 4 Vietinbank branch 4 always provides service right at the first time. 93

REL 5 Vietinbank branch 4 always enthusiastically record mistakes. RESPONSIVENESS 1 2 3 4 5 RES 1 Vietinbank branch 4 always performs service promptly. RES 2 Vietinbank branch 4's staffs are always willing to help customers. RES 3 Vietinbank branch 4's staffs are always ready to respond to customers' request. RES 4 Vietinbank branch 4 has effective communication channels with customers. 94

ASSURANCE 1 2 3 4 5 ASSU 1 Vietinbank branch 4's staffs instill the confidence in customers. ASSU 2 Customers feel safe when using Vietinbank branch 4's services. ASSU 3 Vietinbank branch 4's staffs are consistently courteous. EMPATHY 1 2 3 4 5 EMPA1 Vietinbank branch 4 cares for customer on special day (Birthday, Women's day, Christmas, Tet holiday). 95

EMPA 2 Vietinbank branch 4's staffs always interested in the feeling of customers. EMPA 3 Vietinbank branch 4's staffs always listen to customers' comments sincerely. EMPA 4 Vietinbank branch 4's staffs have no discrimination among customers (first come, first serve). SATISFACTION 1 2 3 4 5 SAS 1 In general, I completely feel satisfied with service quality of Vietinbank branch 4. SAS 2 I will continue using services of Vietinbank branch 4 later on. 96

SAS 3 I will introduce Vietinbank branch 4 to close friends, family. PERCEPTION VALUE 1 2 3 4 5 VAL 1 Vietinbank branch 4's services have consistent quality. VAL 2 It is reasonably priced. VAL 3 I enjoy using Vietinbank branch 4's services. VAL 4 Vietinbank branch 4's services would make me want to use them. 97

BRAND AWARENESS 1 2 3 4 5 BRA 1 Vietinbank branch 4 comes to my mind when I think of bank brands. BRA 2 Vietinbank branch 4 is thought to be well known. BRA 3 Vietinbank branch 4 can be recognized among competitors. CUSTOMER LOYALTY 1 2 3 4 5 LOY 1 I consider myself loyal to Vietinbank branch 4. LOY 2 I use Vietinbank branch 4 whenever i can. 98

LOY 3 I really like to talk about Vietinbank branch 4 to others. LOY 4 Vietinbank branch 4 is the number one brand I would prefer to use. Thank you!!! 99

APPENDIX C Questionnaire in Vietnamese Đề tài: PHÂN TÍCH NHỮNG YẾU TỐ ẢNH HƯỞNG ĐẾN SỰ TRUNG THÀNH CỦA KHÁCH HÀNG Ở NGÂN HÀNG VIETINBANK CHI NHÁNH 4 Chào Anh/Chị tôi là sinh viên của trường đại học Quốc Tế đại học Quốc gia thành phố Hồ Chí Minh. Tôi đang tiến hành nghiên cứu về các yếu tố ảnh hưởng đến sự trung thành của khách hàng ở ngân hàng Vietinbank chi nhánh 4. Mục đích của việc nghiên cứu là để phân tích và đưa ra những giải pháp để giúp Vietinbank chi nhánh 4 ngày càng tốt hơn trong việc có thêm nhiều khách hàng trung thành. Tôi mong Anh/Chị sẽ dành 1 chút thời gian để trả lời những câu hỏi dưới đây và nó sẽ rất có giá trị đối với việc nghiên cứu này. Xin Anh/Chị hãy trả lời những câu hỏi dưới đây để cung cấp thêm thông tin cho việc nhiên cứu: Giới tính : Nam Nữ Tuổi: : Dưới 25 Từ 26 đến 35 Từ 36 đến 45 Trên 45 100

Anh/Chị hãy trả lời các câu hỏi dưới đây bằng cách đánh dấu "X" vào ô trống với "1": Rất không đống ý "2": Không đồng ý "3": Tương đối đồng ý "4": Đồng ý "5": Rất đồng ý Phương tiện hữu hình 1 2 3 4 5 TAN 1 Cách bày trí của Vietinbank chi nhánh 4 đơn giản, nhẹ nhàng và thân thiện với khách hàng. TAN 2 Nhân viên của Vietinbank chi nhánh 4 mặc đồng phục đẹp và gọn gàng. TAN 3 Nhân viên của Vietinbank chi nhánh 4 có thể nói tiếng Anh và tiếng Việt để giao tiếp với khách hàng. TAN 4 Logo và bảng hiệu của Vietinbank chi nhánh 4 ấn tượng và dễ nhận biết. TAN 5 Vietinbank chi nhánh 4 nằm ở 1 địa điểm thuận lợi. 101

Độ tin cậy 1 2 3 4 5 REL 1 Vietinbank chi nhánh 4 luôn duy trì chất lượng dịch vụ. REL 2 Nhân viên của Vietinbank chi nhánh 4 có kiến thức đầy đủ về các loại dịch vụ để trả lời với khách hàng khi được hỏi. REL 3 Vietinbank chi nhánh 4 cam kết cung cấp dịch vụ chất lượng cao và có nguồn gốc rõ ràng. REL 4 Vietinbank chi nhánh 4 luôn cung cấp dịch vụ 1 cách chính xác ngay từ lần đầu tiên. REL 5 Vietinbank chi nhánh 4 luôn nhiệt tình ghi nhận lại những sai sót của mình. Sự đáp ứng 1 2 3 4 5 RES 1 Vietinbank chi nhánh 4 luôn cung cấp dịch vụ kịp thời. 102

RES 2 Nhân viên của Vietinbank chi nhánh 4 luôn sẵn lòng giúp đỡ khách hàng. RES 3 Nhân viên của Vietinbank chi nhánh 4 luôn sẵn sàng trả lời những đề nghị của khách hàng. RES 4 Vietinbank chi nhánh 4 giao tiếp với khách hàng hiệu quả. Sự đảm bảo 1 2 3 4 5 ASSU 1 Nhân viên của Vietinbank chi nhánh 4 truyền sự tự tin đến cho khách hàng. ASSU 2 Khách hàng cảm thấy an tâm khi sử dụng dịch vụ của Vietinban chi nhánh 4. ASSU 3 Nhân viên của Vietinbank chi nhánh 4 lịch sự một cách nhất quán. 103

Sự đồng cảm 1 2 3 4 5 EMPA1 Vietinbank chi nhánh 4 quan tâm đến khách hàng trong những ngày đặc biệt :ngày sinh nhật, Quốc tế phụ nữ, Giáng sinh, Tết.. EMPA 2 Nhân viên của Vietinbank chi nhánh 4 luôn quan tâm đến cảm xúc của khách hàng. EMPA 3 Nhân viên của Vietinbank chi nhánh 4 luôn lắng nghe khách hàng một cách chân thành. EMPA 4 Nhân viên của Vietinbank chi nhánh 4 không phân biệt đối xử với khách hàng, ai đến trước phục vụ trước. 104

Sự hài lòng của khách hàng 1 2 3 4 5 SAS 1 Nhìn chung tôi cảm thấy hài lòng với chất lượng dịch vụ của Vietinbank chi nhánh 4. SAS 2 Tôi sẽ tiếp tục sử dụng dịch vụ của Vietinbank chi nhánh 4 sau này. SAS 3 Tôi sẽ giới thiệu Vietinbank cho bạn bè và gia đình. Nhận thức về giá trị 1 2 3 4 5 VAL 1 Dịch vụ của Vietinbank chi nhánh 4 có chất lượng phù hợp. VAL 2 Giá cả hợp lý. 105

VAL 3 Tôi thích sử dụng dịch vụ của Vietinbank chi nhánh 4. VAL 4 Dịch vụ của Vietinbank chi nhánh 4 làm tôi muốn sử dụng chúng. Nhận thức về thương hiệu 1 2 3 4 5 BRA 1 Khi tôi nghĩ về ngân hàng, tôi nghĩ tới Vietinbank chi nhánh 4. BRA 2 Vietinbank chi nhánh 4 được nhiều người biết đến. BRA 3 Vietinbank chi nhánh 4 có thể được nhận ra giữa các đối thủ cạnh tranh. 106

Sự trung thành của khách hàng 1 2 3 4 5 LOY 1 Tôi cảm nhận tôi trung thành với Vietinbank chi nhánh 4. LOY 2 Tôi sử dụng Vietinbank chi nhánh 4 bất cứ khi nào tôi cần. LOY 3 Tôi thật sự thích khi kể về Vietinbank chi nhánh 4 với người khác. LOY 4 Vietinbank chi nhánh 4 là thương hiệu số một tôi muốn dùng. Chân thành cám ơn Anh/Chị đã giúp đỡ. 107

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