Shu - Te University College of Management Graduate School of Business Administration

Master

A Research on the Relationship Service Quailty and Customer Satisfaction at Vietcombank, Vietnam

Student:

Dang Dinh Thinh Nguyen Danh Nguyen

Advisor: Jing Wenli

April, 2013

Shu-Te University Graduate School of Business Administration

Thesis

A Research on the Relationship Service Quality and Customer Satisfaction at Vietcombank, Vietnam

Dang Dinh Thinh

April, 2013

A Research on the Relationship Service Quality and Customer Satisfaction at Vietcombank, Vietnam

Student: Dang Dinh Thinh Advisor: Jing Wenli Nguyen Danh Nguyen

A Thesis Submitted to the Graduate School of Business Administration College of Management Shu-Te University In Partial Fulfillment of the Requirements For the Degree of Master of Business Administration

June 2012

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Contents
List of Tables.......................................................................................................v List of Figures.....................................................................................................vi 1.1 Background of the Study..............................................................................1 1.2 Rationale .......................................................................................................2 1.3 Purposes of the Study....................................................................................3 1.4 Design of the study........................................................................................4 Chapter 2: Literature Review............................................................................5 2.1 Concepts of Customer Satisfaction..............................................................5 2.2 Concept of Service Quality...........................................................................6 2.3 SERVQUAL and SERVPERF...................................................................8 2.4 The relationship between service quality and satisfaction......................12 Chapter 3 Research Methodology....................................................................13 3.1 Research Model...........................................................................................13 3.2 Hypotheses...................................................................................................14 3.3 Measurement activities...............................................................................15
3.3.1 Tangibility..........................................................................................................15 3.3.2 Assurance............................................................................................................15 3.3.3 Responsiveness: .................................................................................................16 3.3.4 Reliability...........................................................................................................16 3.3.5 Empathy..............................................................................................................17 3.3.6 Customer Satisfaction.........................................................................................17

3.4 Sampling Method........................................................................................17 3.5 Data analysis methods.................................................................................18

3.5.1 Descriptive Statistics .........................................................................................18 3.5.2 Factor Analysis...................................................................................................18 3.5.3 Reliability analysis.............................................................................................19 3.5.4. Regression Analysis..........................................................................................19

Chapter 4: Data Analysis and Result...............................................................20 4.1 Descriptive analysis.....................................................................................20 4.2 Factor Analysis............................................................................................20 4.3 Reliability Analysis......................................................................................21 4.4 Regression Analysis.....................................................................................22 4.4.1 Linear Regression Analysis for Customer Satisfaction ........................22 Chapter 5 - Conclusion.....................................................................................24

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5.1 Research Result...........................................................................................24 5.2 Significance and contribution.....................................................................24 5.3 Suggestion....................................................................................................25 5.4 Limitation.....................................................................................................26 5.5 Research on future......................................................................................26 References..........................................................................................................27 Appendix 1.........................................................................................................32

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List of Tables
Table 1: Descriptive analysis............................................................................20 Table 2: Factors Analysis..................................................................................20 Table 3: Reliability Analysis.............................................................................22 Table 4: Linear Regression Analysis for Customer Satisfaction...................22 Table 5: Research Results.................................................................................24

List of Figures
Figure 1: SERVQUAL Model (Parasuraman, Zeithaml & Berry, 1988)......10 Figure 2: Lo Liang Khengs Research Model, 2010........................................12 Figure 3: Research Model.................................................................................13

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Chapter 1: Introduction

1.1 Background of the Study Being a member of the WTO and participation in free trade agreements has brought to Vietnam both of opportunities and challenges. Implementation of the commitments to WTO raises social issues such as reforms and liberalization of trading. The domestic industry will face many difficulties in the adjustment process due to competitive pressures. Like other countries, the obligation of Vietnam as a member of WTO is having a strong impact on economy and society in general. WTO accession has brought many positive signs for the economy as well as the processing industry of Vietnam. 2007 saw the most pronounced effects when the management policy of Vietnam economy was adjusted in the direction more to reduce the discrimination between economic sectors. This encouraged the industry to achieve higher growth, contributing to GDP growth of 8.48% in 2007. Vietnam's WTO accession also make difficult for nation businesses, who wish to maintain and improve their competitiveness. 2007 is the year that the competition in the world markets and in the nation is the most active. State businesses protected and the enterprises are facing with many difficulties to maintain the rate of output ratio as previously (Claudio Dordi et al, 2007) The development of the economy of the industries also means that the capital provided for businesses is growing rapidly. Therefore, the bank's revenue is increasing.

Moreover, integration with the international economy is a good opportunity for domestic banks to expand investment and cooperation with other enterprises in the world. Besides the positive side, banks also face challenges from the banks in the world. Along with the development of the banking sector, Vietcombank has been continuously developing over the years. Vietcombank is one of the leading private-owned banks in Vietnam, with significant market shares in many different areas such as loans (10%), deposits (12%), international payment (23%), payment cards (55%). 1.2 Rationale In comparison with other private banks, Vietcombank are seeing their market share of loans and funding reducing 1-2% per year on the average, while other joint stock banks such as Vietinbank and Agribank have increased their market shares in small and medium enterprises, individual business, households and consumer lending. In particular, as the activities of small and medium enterprises are becoming increasingly effective, providing credit for this market has become a race between stock banks and state banks. Vietcombank personal credit growth is not strong enough. About 90% of Vietcombank credit is businesses credit and those of small and medium enterprises are less than 30%. We can see most of the credit of VCB is from state enterprises. Among these enterprises are large businesses with the influence and backing from the state. They have the ability to negotiate the lowest interest rates which is much lower than the market average. (The report of Vietcombank, 2009) Now, pressure from Vietcombanks competitors is very high, such as Vietinbank, BIDV and other commercial banks. Especially, the entry of foreign banks intensifies the 2

competition in personal credit and payment services. Credit institutions which are not banks are also strong competitors (The report of VCB, 2009). Facing the difficulties and challenges, the strategic target of Vietcombank is to improve service quality that leads to higher customer satisfaction (The report of VCB, 2009). However, to implement this goal, studies are needed to assess how service quality affects customer satisfaction. The research results should provide top management with decision making guidelines in formulating specific strategic plan to achieve excellent service quality. On the other hand, the bank executives realize the competitive advantage brought about by service quality. They are keen to determine customer's perceptions about service quality. Because of different cultural environments, consumers in different countries may have different perceptions about services quality (Malhotra, 2005). However, most studies of service quality were conducted in developed countries (Herbig & Genestre, 1996). There are a few researches on services quality in the Asian market (Lewis and W.Park, 2003). Therefore, the target of this thesis is to explore factors of banking service quality, develop and test models of the relationship between service quality and customers satisfaction at Vietcombank, Vietnam.

1.3 Purposes of the Study The thesis was carried out to answer the following questions: What are Service Quality factors affect to Customers Satisfaction about service at Vietcombank?

What factor is the most important service quality affecting to customer satisfaction at Vietcombank?

How these factors of service quality influence to customer satisfaction at Vietcombank. ?

1.4 Design of the study This thesis consists of five chapters: Chapter 1 gives the background of social economy as well as the opportunities and challenges of Vietcombank. Then, the research motivation of this thesis was provided. Chapter 2 addresses the theoretical foundation of quality service and customer satisfaction. This thesis also refers to a number of models and factors affecting service quality to develop the research model and research hypothesis in chapter 3. The questionnaires designed in chapter 3 are used to conduct surveys. The collected data were used for the analysis in Chapter 4 and the results are summarized and recommendations made in Chapter 5.

Chapter 2: Literature Review

2.1 Concepts of Customer Satisfaction Customer satisfaction has been researched and considered as an important factor in management and marketing theory for several decades. To understand customer satisfaction, it needs a clear understanding of its meaning. If the performance of service felt less than expected, customers will be unhappy. If the performance of service is over than expected, customers will be satisfied (Lin, 2003). According to Ho and Wu (1999), customer satisfaction is a key issue for the success of enterprise. Sharing the same opinion with Friday & Cotts (1995), Gitomer (1998) stated that customer satisfaction means that customer feel satisfied with product and service based on customer experience. Customer satisfaction is the key index for assessing the success in business. Satisfied Customers are enterprise's assets. In the development environment and strongly competition today, to maintain growth and market share, the company should have understand customer's satisfaction and see it as a key factor in developing the relationships with customers (Patterson et. al., 1997) Customer satisfaction is the result of a combination of customers experiences and their demand. Customers are satisfied when their expectations are met and they tend to be more loyal. Satisfaction and customer needs can be measured by different ways (Kotler, 2003). Now, there are many definitions of customer satisfaction. Customer satisfaction means that it is the reaction and assessing of customers. (Olive, 1997). (Kotler, 2003) defined

customer satisfaction as the feeling of human pleasure or disappointment from the comparison of the performance of the product with their expectations. Bitner & Zeithaml (1996) defined customer satisfaction as the evaluation of customers about products or services whether the products or services meet their demand. 2.2 Concept of Service Quality Service quality presents the relationship between the service provider with the customer (Luu Van Nghiem, 2001) The services are not same as the entity products, they are invisible. People only perceive about service but they can not see. Thus, services often are intangible products. Customers receive these products through communication, information and comments. Features of service mean that customers can only assess overall quality of the service after buying and using Each service gives consumers a certain value. The value of services is associated with the benefits that customers perceive. Values here correspond to the expected value; it has close ties with benefits from services and customer's motivation of purchasing services. A service provides for customer the value chain. The value chain is overall benefit of services for consumers. In the value chain, key services provides basic benefits for consumers. Similarly, the value chain has additional services giving more benefits. For the same type of service, value chain provides the general benefits, which can be achieved and recognized by overall society. Besides overall value chain includes the value chain of each provider.

To understand further about service, we need to understand the primary issues related to providing service (Fogarty et al, 2000): Basic services: the services to create value satisfying the core benefits of consumers. That is the target searching of buyers Surrounding services: those services designed to bring additional value to customers. Surrounding services may be is basic services and increase core benefits. Rudimentary services, including basic services and surrounding services. , Cconsumer receives a value chain match with customers paid. Overall service: includes basic services and service around, rudimentary services. Overall services are not stable; it depends on the components of service. Overall service changes then benefits also changed. The quality of goods and services has long been concerned by many people. Service quality is difficult to determine and manage effectively. The issue of awareness, testing, and quality control in services are all major problems investigated by researchers. Service quality effects on market share, return of investment, productivity, production costs and profitability. We going to find out the answer for the question what is service quality

The concept of service quality had been introduced by a lot of researchers. According to Zeithaml (1987), quality of services as evaluation of customers about the

super-excellent in generally for a service. It is a form of behavior and the consequences from a comparison between what was expected and perceived about what they get (Parasuraman et al, 1988). Service is a measure level of service matching the expectations of customer. Creating a service quality means meeting customer expectations uniformly (Kandampully & Duddy, 1998) Service quality is a comparison of customers between their perceptions about how services are implemented with their expectations about the service (Parasuraman et al., 1988) Service of good quality, therefore, can be defined as a service that meets customer's need and their expectations about service (Mitchell Lewis, 1990; Dotchin and Oakland, 1994; and Asubonteng et al., 1996) Thus, based on the literature, the concept of service quality is conceptualized as: "the comparison between the customer's expectations about the value of a service and the actual value perceived by the customer". 2.3 SERVQUAL and SERVPERF Competition for services industry is increasing and the concept of service quality becomes more important. Service quality has been identified as part of the marketing decision, revenue and investment costs (Anderson & Zeithaml, 1984; Parasuraman, Zeithaml & Berry, 1985).

Service organizations provide two major forms of service quality: technical quality and functional quality (Gronroos, 1984). First, technical quality as the degree to industries that can make things right as the techniques standard measurement. The next aspect is the the method delivery services to customers. When customers haven't got any technical quality information, the funtional quality becomes the key factor used by customer to feel about quality of service (Donabedian 1982, 1980). Parasuraman, Zeithaml and Berry (1985) showed that service quality is difficult to define and measure because services are intangible. Many researchers have tried to define and measure the concept of service quality (Carman 1990; Cronin & Taylor 1992; Parasuraman, Zeithaml & Berry 1985; Parasuraman, Zeithaml & Berry 1988; Parasuraman, Zeithaml & Berry 1991; Teas 1993). A model to define and assess the quality of services was proposed by Parasuraman, Zeithaml, and Berry (1985). The model highlighted 10 key factors of service quality perceived by consumers. Parasuraman, Zeithaml, and Berry (1985) identified that their framework can only showed a difference the quality of goods and services is the difference between the properties of goods and services. Nelson (1974) found some of factors determined before purchasing such as reliability and tangible, and also Nelson (1974) showed factors of perceiving can be determined only after purchaseing and. Moreover, Darby and Karni (1973) defines the trust factors as safety. This factor is strongly barrier for customer to evaluate or search when they are going to purchase service. Therefore, Parasuraman, Zeithaml, and Berry (1985) concluded that consumer's responses are based on perceived factors when evaluating service quality. 9

Based on their theory, Parasuraman, Zeithaml & Berry (1985) developed SERVQUAL scale. The scale was designed to explore "good" and "bad" quality of service and may be presented in multiple quality of service trends, especially when using other technical quality of service. SERVQUAL scale is based on the differences between the expectations of consumers about service and their experience after using the service. Initially, the scale contained 10 factors of service quality, including: (1) tangible, (2) reliability, (3) responsiveness, (4) comunication, (5) credibility; (6) security; (7) competence, (8) courtesy, (9) knowing customers, (10) understanding. These factors were then reduced to five factors of service quality: tangibility, reliability, responsiveness, assurance, empathy. The scale explain almost of aspects of service quality, but this scale shows the complexity of measurement when applied in order to research service. Therefore, the researchers was made SERVQUAL scale includes five components with 20 variables as following: Tangibility Reliability Responsiveness Assurance Empathy Figure 1: SERVQUAL Model (Parasuraman, Zeithaml & Berry, 1988) Quality Perceived Service Expected Service Perceived Service

The SERVQUAL model showing the factors affecting service quality includes: Tangibles: According to Philip Kotler (2001) and Bitner & Zeithaml (2003), the appearance of physical facilities, communication, personnel, material and equipment of 10

an organization are the tangibles. Gilbert & Paul Peter (1999) added that customer look for quality in the equipment, facilities, and communication materials used to provide the service. Reliability: According to Philip Kotler (2001) and Bitner & Zeithaml (2003), reliability is the ability of service provider to perform the promised service dependably and accurately. Gilbert & Paul Peter (1999) added that customers want performance to be consistent and dependable. Responsiveness: According to Philip Kotler (2001) and Bitner & Zeithaml (2003), responsiveness is the willingness to support customers and provide service. Gilbert & Paul Peter (1999) added that customer must see service provider ready and willing to delivery service when they want. Assurance: According to Philip Kotler (2001) and Bitner & Zeithaml (2003), assurance means the knowledge and courtesy of employees and their ability to convey trust and confidence. Empathy: According to Philip Kotler (2001) and Bitner & Zeithaml (2003), empathy means the provision of caring, individualized attention to the customer. The service quality model of (Parasuraman et al, 1985) identified five key gaps caused problems in service delivery Cronin and Taylor (1992), as cited by Thongsamak (2001) showed that there are many flaws in the theory of SERVQUAL supported by some empirical evidence or theoretical, Once of the problems of the SERVQUAL is verry difficullt to evaluate

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service quality based on the scale of SERVQUAL. Therefore, Cronin and Taylor (1992) has developed "performance" scale to measure service quality called SERVPERF. The scale by Cronin & Taylor (1992), as cited by Thongsamak (2001) measured service quality only by measuring perceived quality of service. 2.4 The relationship between service quality and satisfaction In 2010, Lo Liang Kheng (2010) studied the relationship between service quality and customer satisfaction in the banking sector in Malaysia, in which they found that customer loyalty is greatly influenced by customer satisfaction and service quality. Sharing the same opinion, Ravichandran (2010) conducted a research which studied the influence of service quality on customers satisfaction in the private sector bank in India. The relationship between service quality with customers satisfaction and their loyalty was shown in the following model (Figure 2).

Figure 2: Lo Liang Khengs Research Model, 2010

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Chapter 3 Research Methodology

3.1 Research Model From the research of Liang Kheng Lov (2010) and Ravichandran (2010), factors of service quality have strongly effect on customer's satisfaction. In this thesis, the author continued using the research model of Liang Kheng Lov (2010) and Ravichandran (2010). However, because of limited time, this thesis only focused on customer's satisfaction. This thesis was also based on the research model (in Figure 3) developed by Cronin & Taylor (1992) and Parasuraman (1988).

Tangibility

H1

Reliability

H2 H3 Customer Satisfaction

Responsiveness

Assurance

H4 H5 Figure 3: Research Model

Empathy

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3.2 Hypotheses Cronin & Taylor (1992) argued that service quality is the prefix for customer satisfaction. In the banking sector, recently there have been many studies on the relationship between service quality and customer satisfaction as Lo Liang Kheng (2010), and Ravichandran (2010). Customer satisfaction is effected by service quality. With high quality of service, or satisfaction greater than expectations, customers will satisfy and feel happy. Conversely, with low quality of service, the received value less than the expected value, customers will be disappointed. Quality of service is evaluated by not only expected value of customers but also the operation of the entire system. This led to the recognition of the existence of two types of service quality: technical quality, involving the value that the customer actually receives from the service provider and enterprise quality, involving ways in order to delivery service to their customers. Customer satisfaction and service quality are two closely related concepts, but they are very different. Service quality is an objective concept based on the received value while satisfaction is a combination of subjective components based on feelings and emotions (Shemwell et al., 1998 , cited in Thongsamak, 2001). Some researchers such as Parasuraman et al (1988) and Zeithaml and Berry (1985) argued that service quality is the overall long-term evaluation of customer. Cronin and Taylor (1992) argued that service quality is the prefix for customer satisfaction. From previrous researches, this thesis developed hypotheses as below: H1: Tangibility has a positive effect on customer satisfaction

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H2: Reliability has a positive effect on customer's satisfaction H3: Responsiveness has a positive effect on customer's satisfaction H4: Empathy has a positive effect on customer's satisfaction H5: Assurance has a positive effect on customer's satisfaction 3.3 Measurement activities Based on the scale developed by Parasuraman, Zeithaml & Berry (1988) and the application adopted by Dabholkar et al. (1996), a questionnaire was developed in this thesis to evaluate the effects of individual service quality factors and customer satisfaction with corresponding questions. Each question was responded with a fivepoint scale, in which "5" = Strongly agree; "4" = Agree; "3" = Neutral; "2" = Disagree; "1" = Strongly Disagree. 3.3.1 Tangibility The questions for measuring tangibility are as follows: The staff dresses appropriately. The staffs uniforms are clean The staff provide you service with a smile The staff have attractive appearance e.g. elegant, smart

3.3.2 Assurance The questions for measuring assurance include:

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The staff has banking service knowledge The staff has the skills required to perform service. The staff speaks with you by using appropriate terms. The banking staffs are trustworthy. The staff makes you feel safe when you using the service at Vietcombank.

3.3.3 Responsiveness: The questions measuring reponsiveness include: The staff responses to your requests quickly. The staff provides you accurate information. The staff performs service for you correctly the first time. The staff tells you exactly when service will be provided

3.3.4 Reliability The questions measuring reliability include: The staff provides service as promised. The staff provides you accurate information. The staff performs service for you correctly the first time. The staff tells you exactly when service will be provided.

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3.3.5 Empathy The questionaire used to measure empathy includes three questions: The staff is able to communicate effectively with you The staff shows personal attention to you The staff knows your specific needs.

3.3.6 Customer Satisfaction The questions measuring customer satisfaction include: Do you satisfied you with Vietcombanks service 1 strong dissatisfied 2- dissatisfied; 3 normal ; 4 satisfied ; 5 very satisfiedHow close is to your ideal about the service of Vietcombank 1 strong dissatisfied 2- dissatisfied; 3 normal ; 4 satisfied ; 5 very satisfiedConsidering your expectations, to what extent has Vietcombank fallen short of or exceeded your expectations? 1 strong dissatisfied 2- dissatisfied; 3 normal ; 4 satisfied ; 5 very satisfied 3.4 Sampling Method The purpose of this thesis is to assess the influencial factors of the Vietcombank service quality. The questionnaire was thus designed specifically targeting at Vietcombank's customers. After the questionnaire has been carefully designed, 150 questionnaires were issued in order to measure expected value, and 150 questionnaires

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were issued to measure customer perceived quality. All questionnaires were directly sent to customers who were using Hanoi Vietcombank's services. Collected survey data were analyzed on SPSS 17.0 software based on four methods: descriptive analysis, reliability analysis, validity analysis and regression analysis to test the hypotheses. 3.5 Data analysis methods 3.5.1 Descriptive Statistics Collected data were analyzed by four research methods. The first analysis method is descriptive analysis regarding personal information such as gender, age, experience, etc. The data will be analyzed by percentage, the distribution of age, gender, experience, etc. to evaluate how these factors were related to the hypothesis in this thesis. 3.5.2 Factor Analysis Factor analysis is often used in analysing data. Now, there are many social researcheres using factor analysis method to evaluate the relationship between factors together, data reduction, development scale, classification and testing of hypothesis (Rummel, 1970). When conducting factor analysis, there is a problem to be considered. Other problem is to determine research model and number of factors used to analyze (Ford et al, 1986 ). First, researchers should determine the research model before analysis. There are two common methods used to analyze factors: common factors analysis and components analysis (Ford et al, 1986).

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The second problem is to determine number of factors. Kim & Mueller (1978) pointed As following Kim and Mueller, the number of factors can be determined by the eighen value. The eighen value should be greater than 1.However, Tucker et al (1969) offered a different perspective, in which the number of factors can be identified earlier, based on the purpose of the research study. It means that number of factors can be predetermined before we are going to use the factor analysis method. Thus, based on previous studies and the purpose of this study, the author conducted factor analysis by pre-determining number of factors. 3.5.3 Reliability analysis To ensure that collected data is reliable, we must analyze the reliability of data based on Cronbach's value. If Cronbach's is greater than 0.7, it means that the reliability of collected data is acceptable. If Cronbach's is less than 0.35, it means that the reliability of the variables is very low and it should be removed (Robinson, Shaver, and Wrightsman, 1973). 3.5.4. Regression Analysis After ensuring the validity and reliability of the data, the last method used to evaluate and to test the hypothesis is regression analysis method. Regression analysis is a common statistical method used to analyze the correlation between factors. Normally, researchers look at the cause - results relationship of model. The inspection will be done with the help of SPSS software based on the coefficients of R2, adjusted R2, pvalue, beta ... to determne the hypothesis is supported or not.

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Chapter 4: Data Analysis and Result

4.1 Descriptive analysis In this section, the detailed description of samples or the respondents personal data, such as their gender, age, education were analyzed. Every construct of the data will be analyzed by in percentage, frequency distribution in order to know the sample distribution (As shown in Table 1). Table 1: Descriptive analysis Variables Under 25 years 25-35 years Age 35-45 years Over 45 years Female Gender Male Lower high school High school Education College Bachelor Higher Bachelor 4.2 Factor Analysis Frequency 64 36 50 67 62 155 65 34 41 53 24 Percentage (%) 29.5 16.6 23 30.9 31 69 30 15.7 18.9 24.4 11.1

Based on the requirements of factor analysis as well as recommendations in the factor analysis by many of researchers such as Ford et al (1986 ), Kim and Mueller (1978), Based on the table below, the loading value of each variables are greater than 0.5. Moreover, the SPSS software separate each questions into each group. This means that the group of questions measuring for each factor. Thus, we can conclude that the questionnaire have good design Table 2: Factors Analysis

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Customer Sa1 Sa2 Sa3 Assurance1 Assurance2 Assurance3 Assurance4 Assurance5 Tan1 Tan2 Tan3 Tan4 Empathy1 Empathy2 Empathy3 Reliability1 Reliability2 Reliability3 Reliability4 Res1 Res2 Res3 Res4 Assurance Reliability Responsiveness Tangibility Satisfaction Empathy .771 .755 .786 .588 .713 .813 .809 .826 .674 .800 .787 .789 .751 .778 .766 .709 .857 .810 .787 .708 .824 .778 .808

4.3 Reliability Analysis Based on the recommendations of Robinson, Shaver, and Wrightsman (1973) this thesis going to do reliability analysis based on SPSS software. Analysis results show that the cronback value are greater than 0.7. Thus, we can conclude our data collected has achieved high reliability

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Table 3: Reliability Analysis Factors Reliability Customer Satisfaction Responsiveness Assurance Empathy Tangible Cronbachs 0.861 0.917 0.844 0.858 0.796 0.855

As shown in Table 3, the cronbachs of each factors is very high. The conbachs value for each factor is greater than 0.5. Therefore, factors have very good reliability. 4.4 Regression Analysis In this study, linear regression was adopted to examine the relationships between independent and dependent variables to test our research hypotheses. 4.4.1 Linear Regression Analysis for Customer Satisfaction The results of linear regression analysis for customer satisfaction are shown in Table 4 below.

Table 4: Linear Regression Analysis for Customer Satisfaction Constructs Reliability St. coefficients 0.172** t value 3.010 R2 0.489 Adj-R2 0.477 F value 40.389***

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Tangible

0.214**

6.479 2.689 4.032 4.053

Responsiveness 0.119* Assurance Empathy 0.289*** 0.173**

The final model shown in the table had a good overall fit (40.389***, p = 0.000). And at significant level 0.05, reliability, reponsiveness, assurance, empathy, tangibility (H1, H2, H3 H4, and H5) have significant positive relationships with Customer satisfaction. Therefore, we conclude that hypotheses H1, H2, H3 H4, and H5are supported. We also can see in the table that the adjusted R2 value for the constructs is 0.489, meaning that the explanation ability of the independent constructs is good for the dependent variable, customer satisfaction.

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Chapter 5 - Conclusion
5.1 Research Result In the previous chapter, the author analyzed collected data based on four methods of analysis such as descriptive analysis, factor analysis, reliability analysis and regression analysis to assess and test the hypotheses. The final results are summarized in table 5. Table 5: Research Results Hypotheses H1: H2: H3: Tangible has a positive effect on customer satisfaction Reliability has a positive effect on customer satisfaction Responsiveness has a positive effect on customer satisfaction H4: H5 Empathy has a positive effect on customer satisfaction Assurance has a positive effect on customer satisfaction Supported Supported Results Supported Supported Supported

5.2 Significance and contribution The thesis showed the relationship between service quality and customer satisfaction. In which, service quality includes some factors such as tangible, reliability, responsiveness, empathy and assurance, which have strong impact on customer satisfaction.

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From the analysis, we can see the assurance has the strongest impact on customer satisfaction. With high quality of service, or satisfaction greater than expectations, customers will satisfy and feel happy. Conversely, with low quality of service, the received value less than the expected value, customers will be disappointed. Quality of service is evaluated by not only expected value of customers but also the operation of the entire system and provides activities that form a distributed manner. This led to the recognition of the existence of two types of service quality: technical quality, involving the value that the customer actually receives from the service provider and enterprise quality features, involving ways the distribution. In conclusion, the research showed that customer satisfaction and service quality are two closely related concepts, but they are very different. Service quality is an objective concept, it based on the received value and what customer paid, while satisfaction is a combination of subjective components, based on feelings and emotions. 5.3 Suggestion Research results have demonstrated the importance of service quality which has strong effect on customer satisfaction. Therefore, to enhance customer's satisfaction, we need to focus on service quality. In particular, the top concern is customer satisfaction. Satisfaction of customer is affected by factors such as: tangible, reliability, responsiveness, empathy and assurance. From the analysis, we can see the assurance has the strongest impact on customer satisfaction. Additionally, tangible and empathy also have strong effect on customer satisfaction. It means that the knowledge, skill and communication skill of the staff have strong influence on customer satisfaction.

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5.4 Limitation The thesis was conducted based on the analysis methods in previous studies. However, because my proficiency in English is not very good, I have encountered many difficulties in understanding and analyzing data in previous studies. Besides, limited time and financial support does not allow me to expand more factors in my research model. Therefore, I can hardly conduct the research with a larger scale. One of the huge limitations of this thesis is the number of factors are small. Therefore, the results may not provide a more detailed picture. On the other hand, this study only focused on a survey people who are living at major cities. Therefore, the results in this thesis may not give accurate results. 5.5 Research on future Because of the scope of the study, some other factors affecting customer satisfaction were not considered in this thesis. Therefore, it is necessary to study more factors affecting customer's satisfaction. Future studies should also expand the scope of the investigation to help analyzing the data more accurate.

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Appendix 1 Questionnaires
This questionnaire constitutes part of a students individual academic research work in partial fulfillment of the MBA graduation requirement. While the Shute University respects and abides by the Privacy Data Ordinance, it is the students responsibility to comply with the Ordinance during every aspect of this thesis. Please contact the sender of this questionnaire for specific details. Please ignore this questionnaire if you have responded or are not interested in responding to it. Thank you. School Name: ____________________________________________________________ (Optional, only for future acknowledgement) Part I. General Information (Please tick your answer) Age Under 25 years Gender Female Education Lower high school Bachelor High school Higher Bachelor College Male 25-35 years 35-45 years Over 45 years

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Part II. Please base on your experience of using E-learning to answer the following questions. (Please circle one of the numbers in the five point scale that best describe your points of view. In which, "5" = Strongly agree; "4" = Agree; "3" = Neutral; "2" = Disagree; "1" = Strongly Disagree) A. Tangibility The staff dresses appropriately The staffs uniforms are clean The staff provide you service with a smile The staff have attractive appearance e.g. elegant, smart 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5

B. Assurance The staff has banking service knowledge The staff has the skills required to perform service. The staff speaks with you by using appropriate terms. The banking staffs are trustworthy. 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 5 5 5 5 5

The staff makes you feel safe when you using the 1 service at Vietcombank.

C. Responsiveness

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The staff responses to your requests quickly. The staff provides you accurate information.

1 1

2 2 2

3 3 3

4 4 4

5 5 5

The staff performs service for you correctly the first 1 time. The staff tells you exactly when service will be 1 provided

F. Reliability The staff provides service as promised. The staff provides you accurate information. 1 1 2 2 2 3 3 3 4 4 4 5 5 5

The staff performs service for you correctly the first 1 time. The staff tells you exactly when service will be 1 provided.

G Empathy The staff is able to communicate effectively with you The staff shows personal attention to you The staff knows your specific needs. 1 1 1 2 2 2 3 3 3 4 4 4 5 5 5

I. Customer Satisfaction 1 strong dissatisfied 2- dissatisfied; 3 normal ; 4 satisfied ; 5 very satisfied Do you satisfied you with Vietcombanks service. 1 How close is to your ideal about the service of 1 2 2 3 3 4 4 5 5

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Vietcombank Considering your expectations, to what extent has 1 Vietcombank fallen short of or exceeded your expectations? 2 3 4 5

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