Marketing mix solutions to develop Agribank cards at Vietnam Bank for Agriculture and Rural Development – Thanh Xuan branch

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Marketing mix solutions to develop Agribank cards at Vietnam Bank for Agriculture and Rural Development – Thanh Xuan branch

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Marketing mix solutions to develop Agribank cards at Vietnam Bank for Agriculture and Rural Development – Thanh Xuan branch

i Acknowledgement I owe a debt of gratitude to many people who helped me complete this thesis I would like to acknowledge the help of all First of all I would like to express my deepest acknowledgement to my supervisor, Professor Ngo Thuy Lan from National Economics University of Foreign Languages Department, for her valuable advice and recommendations I acknowledge Ms Ha Viet Hoa, Head of Department of Marketing, Ms Nguyen Ngoc Anh, and Ms Dinh Thi Thu Trang, Mr Nguyen Huy Hoang, Mr Nguyen Hai Tuan, Mr Trinh Thanh Dong, staff from Thanh Xuan branch of Agribank for their support with statistical techniques and data analysis I am greatly indebted to Mrs Nguyen Thi Nhu Van, Chief accountant, who introduced me to Marketing Department and continuously encouraged me during internship time at Thanh Xuan branch I would particularly like to thank all staff from Marketing Department and all members of Thanh Xuan branch of Agribank for their help, support and providing related information, data I would like to thank Foreign Languages Department of National Economics University, Marketing Department of Thanh Xuan branch of Agribank which supported me in completing my thesis In the process of data collection for this research, many people contributed to the task and I am particularly grateful for their contributions Finally, to my family and my friends, I wish to extend my loving thanks for their encouragement My greatest debt of gratitude is to my parents who were supporting me during my study in University ii Abstract In the globalization context, trade activities grow in both quantities and quality It is required a new safe, fast and effective payment method In addition, this century witnesses a lot of successes in scientific and technical progress, especially success in advanced information technology Nowadays, bankcards are used more and more popularly in societies Bankcards have features of a modern and perfect payment method: To cardholders: Cardholders like the convenience of bankcards which can give them the safety, fastness and effectiveness…in payment activities To banks: Bankcards’ operation is increasingly playing an important role in banking business The operation also helps reduce paperwork in banks dramatically because transactions are carried out through computers and electronic systems To merchants: Merchants discovered that bankcard customers were most likely to make a purchase and they bought more with the cards than with cash Handling the cards was also much safer than handling checks for which payment was not guaranteed To societies: Bankcards’ transactions help reduce the cash pressure and it is a progress to a “non-cash society” Owing to these advantages, bankcards gradually become a popular payment method in developed countries as well as all over the world Bankcards were used in Vietnam since 1990s and they have really developed in Vietnam market in recent years Issuing and acquiring cards’ business made significant achievement and profit for Vietnam market and commercial banks To Vietnam Bank for Agriculture and Rural Development, the bank has just joined bankcard’s market for about six years, however, it has gained huge successes However, Thanh Xuan branch which was established for more than two years still copes with many difficulties and challenges After internship time at Services and Marketing Department of Thanh Xuan branch, I decided to choose topic: “Marketing mix solutions to develop iii Agribank cards at Vietnam Bank for Agriculture and Rural Development – Thanh Xuan branch” for my report My report is divided into three chapters: Chapter I: Overview of bankcard Chapter II: The role of marketing activities to bankcard and actual state of Agribank cards Chapter III: Solutions to develop Agribank cards at Agribank Thanh Xuan iv Glossary of Terms and Abbreviations Agribank ABIC Vietnam Bank for Agriculture and Rural Development Agriculture Bank Insurance Joint – Stock Corporation AMEX American Express ATM Automatic Teller Machine BIDV EDC HSBC ICO JCB PG Bank PIN Bank for Investment and Development of Vietnam Electronic Data Capture The Hongkong and Shanghai Banking Corporation International Card Organization Japan Credit Bureau Petrolimex Group Joint-stock Commercial Bank Personal Identity Number POS Point of Sale SBV SMS SWIFT VCA The State Bank of Vietnam Short Message Services Society for Worldwide Interbank Financial Telecommunication Vietnam Card Association VIB Vietnam International Bank WSBA Western States Bankcard Association Table of Contents ACKNOWLEDGEMENT .i v ABSTRACT ii GLOSSARY OF TERMS AND ABBREVIATIONS iv TABLE OF CONTENTS v LIST OF TABLES AND FIGURES .vii CHAPTER I OVERVIEW OF BANKCARD1 1.1 General introduction about bankcard 1.1.1 History of bankcard 1.1.2 Concept and classification 1.2 Cards’ activities in commercial banks 1.2.1 Entities join card activities 1.2.2 Transaction process 5 CHAPTER II THE ROLE OF MARKETING ACTIVITIES TO BANKCARD AND ACTUAL STATE OF AGRIBANK CARDS 2.1 Introduction of Vietnam Bank for Agriculture and Rural Development (Agribank) - Thanh Xuan branch 2.1.1 Foundation and development of Agribank Thanh Xuan 2.1.2 Organization structure 10 2.1.3 Products and services 11 2.2 Marketing activities at Agribank Thanh Xuan 12 2.2.1 Organization of Services and Marketing Department 2.2.2 Current marketing activities 13 2.2.3 The role of marketing to Agribank cards 14 2.3 Bankcard activities in the branch 15 2.3.1 Introduction of Agibank cards 15 2.3.2 Actual state of Agribank card in the branch 17 2.3.2.1 Some results of development Agribank card 17 12 vi 2.3.2.2 Existing problems and difficulties 21 CHAPTER III SOLUTIONS TO DEVELOP AGRIBANK CARDS AT AGRIBANK THANH XUAN 23 3.1 Advantages and disadvantages in developing bankcards 3.1.1 Advantages 23 3.1.2 Disadvantages 23 3.2 Marketing mix solutions to develop Agribank card 24 3.2.1 Study and set the target market24 3.2.2 Marketing mix solutions to develop Agribank cards 26 3.2.2.1 Product policies 26 3.2.2.2 Price policies 28 3.2.2.3 Promotion policies 3.2.2.4 Place policies CONCLUSION 28 29 30 Bibliography List of Tables and Figures Figure - Types of bankcards 23 vii Figure - Participants in bankcard transactions Figure - Procedure of issuing bankcard Figure - Procedure of acquiring cards Figure – Education of staff 10 Figure - Organization Chart 11 Figure - Services and Marketing Department 12 Table - Total profit of services (VND million) 14 Figure - Types of Agribank Card 16 Table - Result of issuing cards 18 Table - Devices of acquiring card of Agribank Diagram - Quantity of ATM, EDC 20 19 CHAPTER I: OVERVIEW OF BANKCARD 1.1 General introduction about bankcard 1.1.1 History of bankcard Bankcard history began when individual retail merchants extended credit to their customers, allowing them to charge purchases to an account held by the merchant In 1730, Christopher Thompson, a furniture merchant, created the first advertisement for credit by offering furniture that could be paid off weekly However, 1950 marked the real beginning of the credit card most of us are familiar with today Diner’s Club, Inc introduced the first credit card that could be used at a variety of stores and businesses Advantages of this card immediately took notice of many people In 1960, Bank of American introduced its own bankcard, the BankAmericard In 1966, fourteen United States banks formed Interbank, a new association with the ability to exchange information on credit card transactions The following year, 1967, four California banks changed their named from the California Bankcard Association to the Western States Bankcard Association (WSBA) The new WSBA licensed Interbank to use the MasterCharge name and logo In the late 1960s, numerous financial institutions became MasterCharge (Interbank) members to compete with BankAmericard Eventually, financial institutions interested in issuing cards in the U.S became members of either BankAmericard or MasterCharge In 1977, BankAmericard became Visa USA/ Visa International In 1979, MasterCharge changed its name to MasterCard to reflect its expanded services At the present time, the leaders in the bankcard systems are Visa, Master Card, Amex and JCB Payment by bankcard quickly becomes popularity in other countries In 1960, the first plastic card was used in Japan marked the beginning of bankcard in Asia The first plastic card of Barcaly Bank issued in 1966 also highlighted a new period of development of bankcard in Europe In Vietnam, the first card was accepted in 1990 It was the starting point for card’s products and services in Vietnam Nowadays, bankcard presents all over the world in diversified forms to meet every demand of cardholders Banks and financial institutions always try to improve bankcard to reach a friendly and convenient payment method for customers 1.1.2 Concept and classification Everyday millions of people all around the globe are using bankcards for making credit card payments for their purchases However, the fact that not every cardholders know concept of a bankcard * Concept: In simple terms: A bankcard can be described as a plastic card issued by a bank or a financial institution which the cardholder can gain access to the financial resources of the bank as a line of credit * Classification: There are many types of cards that can be used as alternative forms of payment Financial institutions issue some and bank issues others Many allow the balance to be paid in full each month Some take the payment directly from the cardholder’s bank account while others require that the cardholder send payment to the issuer Herein, I list some popular ways to divide bankcards Figure - Types of bankcards Cards Payment method Technical Feature Issuer Area of Using card International card Domestic card Travel and Entertainment cards Bankcards Smart card Magnetic stripe card Cash card Credit card Debit card * Payment method: - Debit card: A plastic card used to initiate a debit transaction In general, these transactions are used primarily to purchase goods and services and to obtain cash, for which the cardholder's asset account is debited by the issuer Debit card consist of two basic types: + On-line debit card: An online-debit card deducts funds from the bank account immediately, as soon as the card is used There is no delay for processing the transaction + Off-line debit card: An off-line debit card does not deduct funds from the checking account immediately Transactions are processed like a regular credit card and the funds are not deducted for 24-72 hours ... decided to choose topic: ? ?Marketing mix solutions to develop iii Agribank cards at Vietnam Bank for Agriculture and Rural Development – Thanh Xuan branch? ?? for my report My report is divided into three... ACTUAL STATE OF AGRIBANK CARDS 2.1 Introduction of Vietnam Bank for Agriculture and Rural Development (Agribank) - Thanh Xuan branch 2.1.1 Foundation and development of Agribank Thanh Xuan 2.1.2... OF MARKETING ACTIVITIES TO BANKCARD AND ACTUAL STATE OF AGRIBANK CARDS 2.1 Introduction of Vietnam Bank for Agriculture and Rural Development (Agribank) - Thanh Xuan branch 2.1.1 Foundation and

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