Factors affecting customer satisfaction at Agribank in Vietnam

Abstract

At present, commercial banks can only continue to exist and develop under great competitive pressure if they understand the importance of customers, attract and retain customers, and build relationships with them. Long-term relationships on the basis of specific strategies for customer satisfaction. Customer-oriented business strategy is becoming the most important strategy of every bank. Besides, according to the 80/20 rule, 80% of a business's revenue or profits are generated by 20% of its loyal customers. Therefore, it is necessary to build a complete customer relationship management (CRM) system at each bank, in order to create and maintain sustainable relationships with customers, satisfy and add value. Because customers as well as profits for the bank are very necessary and urgent for the long-term development strategy of commercial banks. In the world, now that customer relationship management is increasingly popular and developed, businesses have realized the importance of CRM in their business operations. In Vietnam, CRM has attracted the attention of a number of commercial banks, including Agribank, but the application and implementation have not been really effective. Over the past time, Agribank has tried to come up with solutions to retain customers, but still received a lot of customer complaints and did not increase the number of new customers much. Therefore, perfecting the CRM system is one of the levers for the strong existence and development of each bank. CRM helps businesses effectively use resources, processes and understand the benefits of technology for increasing customer value. This allows to improve service quality, contact and sales processes as well as after-sales customer care services.