Research on customer satisfaction using vpbank neo

VPBank NEO VPBank''''s banking platform CSAT Customer Satisfaction LIST OF APPENDIX Appendix 1 Questionnaire of the customer satisfaction using VPBank NEO Trang 9 ABSTRACT The title of th

BANKING ACADEMY OF VIETNAM FACULTY OF FOREIGN LANGUAGES

Hanoi, May 2023

ACKNOWLEDGEMENTS

In this part, I would like to express my deep gratitude to those who helped

me complete this research paper which is an important milestone in my academic career

During my thesis work, I received a lot of help I wish through this to be able

to express my deep gratitude

First of all, I really appreciate my supervisor – Mr Ngo Tung Anh’s

guidance to help me complete my research paper

Next, I would like to thank the staff in the "process improvement"

department of VPBank for helping me gain valuable lessons and experiences when I did my internship at VPBank

In addition, my friends have stood shoulder to shoulder, encouraged me when I was tired, and reminded me of important deadlines And, VPBank NEO customers helped me complete my survey

Finally, I would like to thank my family, especially my mother, who has always been a solid support for me both mentally and physically

Hanoi, May 2023

Đỗ Thị Lan Hương

DECLARATION

I declare that this thesis titled “RESEARCH ON CUSTOMER SATISFACTION USING VPBANK NEO” is the outcome of my own research efforts The arguments presented in the paper are based on my comprehension and analysis of the primary materials and are not published elsewhere References to all the books, articles, and websites used in the research are adequately acknowledged

in the thesis Furthermore, I affirm that this thesis has not been submitted to any other university before and is solely intended for submission to the Banking Academy of Vietnam

Hanoi, May 2023

Đỗ Thị lan Hương

TABLE OF CONTENT

ACKNOWLEDGEMENT i

DECLARATION ii

TABLE OF CONTENT iii

LIST OF TABLE vi

LIST OF FIGURES vi

LIST OF ABBREVIATIONS vii

LIST OF APPENDIX vii

ABSTRACT 1

CHAPTER I: INTRODUCTION 2

1.1 Introduction 2

1.2 Background of the study 2

1.3 Objectives of the study 3

1.4 Significance of the Study 4

1.5 Scope and Delimitation 4

1.6 Definition of terms 4

1.7 Conclusion 5

CHAPTER II: LITERATURE REVIEW 6

2.1 Theoretical and conceptual framework 6

2.1.1 Service quality 6

2.1.2 Customer satisfaction 7

2.1.3 The relationship between service quality and customer satisfaction 7

2.1.4 Customer Satisfaction and the banking sector 8

2.1.5 Satisfaction Level 9

2.2 Related studies 9

2.2.1 CSAT model 9

2.2.2 Customer satisfaction model ServQual of Parasuraman 10

2.2.3 SERVPERF Model 12

2.3 Research paradigm 13

3.1 Data collection 15

3.1.1 Data source 15

3.1.2 Questionaire frame 15

3.1.3 Study location 16

3.1.4 Survey sample 17

3.1.5 Research process 18

3.2 Statistical analysis 19

3.2.1 Data code 19

3.2.2 Methods of data analysis 20

3.2.2.1 Cronbach’s alpha 20

3.2.2.2 Means 21

CHAPTER IV: RESULTS AND DISCUSSION 22

4.1 Research results 22

4.1.1 Demographic data 22

4.1.2 Reliability- Cronbach’s Alpha coefficient 23

4.1.3 Descriptive statistic 24

4.2 Discussion 27

4.2.1 User interface 27

4.2.2 Response time 28

4.2.3 Service fee 30

4.2.4 Reliability 31

4.2.5 Responsiveness 32

4.2.6 General satisfaction 34

4.2.7 Additional question 36

CHAPTER V: SITUATION, FINDINGS, RECOMMENDATION, AND CONCLUSION 37

5.1 Situation in Vietnam 37

5.1.1 General situation of using digital banking in Vietnam 37

5.1.2 Legal Policy on digital banking 38

5.2 Findings 39

5.3 Recommendations 40

5.3.1 For the Vietnamese government 40

5.3.2 For the State Bank of Vietnam 41

5.2.3 For VPBank NEO 41

5.4 Conclusion 42

BIBLIOGRAPHY 43

LIST OF TABLE

Table 3 1 Questionnaire structure

Table 3 2 Likert scale 5 options

Table 4 2 Descriptive Statistics of user interface

Table 4 3 Descriptive Statistics of Service Fee

Table 4 4 Descriptive Statistics of Reliability

Table 4 5 Descriptive Statistics of Response Time

Table 4 6 Descriptive Statistics of Responsiveness

Table 4 7 Descriptive Statistics of General Satisfaction

LIST OF FIGURES

Figure 2 1 CSAT model

Figure 2.2 Five gap model Parasuramen et al (1985)

Figure 2 3 The VPBank NEO customer satisfaction model

Figure 2 4 Structure of the research

Figure 4 1 Occupation of respondents

Figure 4 2 Age of respondents

Figure 4 3 Using time of respondents

Figure 4 4 Assessment of the "response time" of the respondents

Figure 4 5 Assessment the "Service fee" of the respondents

Figure 4 6 Assessment the "Reliability" of the respondents

Figure 4 7 Assessment the "Responsiveness" of the respondents

Figure 4 8 Assessment the "General satisfaction" of the respondents Figure 4 9 You face many problems when using VPBank NEO's services

LIST OF ABBREVIATIONS

Commercial Bank

LIST OF APPENDIX

Appendix 1 Questionnaire of the customer satisfaction using VPBank NEO

Advisor: Mr Ngo Tung Anh

Keywords: VPBank NEO, digital banking, customer satisfaction, VPBank

NEO quality service

The purpose of this paper is to evaluate customer satisfaction using VPBank NEO based on customer perceptions regarding service quality This is an empirical study using mainly primary data collected through a well-structured questionnaire The method of the study is Validity and reliability testing of the questionnaire using the SPSS program for Windows version 20 The questionnaire has been personally administered to a sample size of 165 VPBank NEO customers This paper makes a useful contribution, as VPBank NEO is quite a new banking platform, and there are a few studies dealing with the assessment of customer satisfaction with the service quality of VPBank NEO The research is based on 6 factors: User interface, Response time, Service fee, Reliability, Responsiveness, General satisfaction The findings provide insights that can help VPBank improve its digital banking services and enhance customer satisfaction This study contributes to the literature on digital banking and customer satisfaction in the Vietnamese context and has practical implications for banks seeking to enhance their digital offerings

CHAPTER I: INTRODUCTION 1.1 Introduction

Customer satisfaction is a crucial factor for the success of any business, including the banking industry With the advancements in technology, banks are incorporating digital channels into their operations to provide better services to their customers One such example is VPBank Neo, which offers various services to its customers, including banking, investment, and insurance

In March 2023 I started working at VPBank as an intern at operational excellence center I was fortunate to have the opportunity to be exposed to several innovative projects related to VPBAnk NEO I realize that VPBank NEO is a fairly

"young" platform that has only been launched for less than 2 years Moreover, NEO bank is a fairly new concept in Vietnam, in fact there is no complete NEO bank in our country So I decided to study customer satisfaction when using VPBank NEO to get

an overview of service quality as well as customer feedback to this platform

1.2 Background of the study

VPBank, also known as Vietnam Prosperity Joint Stock Commercial Bank, is a leading commercial bank in Vietnam with a strong track record of growth and innovation

Founded in 1993, VPBank has continuously expanded its operations and established itself as one of the most reputable and customer-focused banks in the country The bank operates a nationwide network of more than 200 branches and transaction offices, serving millions of individuals and corporate customers

In recent years, VPBank has embarked on a comprehensive digital transformation journey to enhance the customer experience, increase efficiency, and stay ahead of the competition The bank has invested heavily in digital infrastructure, innovative products and services, and talent development to build a digital-first culture and transform itself into a leading digital bank

On 26/08/2021, Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) launched VPBank NEO, a digital banking platform The platform provides customers

transfers, bill payments, and loan applications VPBank NEO aims to provide a seamless and convenient banking experience to customers through the use of advanced technology and innovative solutions

One of the key features of VPBank NEO is the use of artificial intelligence (AI) technology, including natural language processing (NLP) and chatbot technology This allows customers to interact with the bank through a chatbot, which is able to handle a wide range of banking transactions, such as balance inquiries, transaction histories, and fund transfers VPBank NEO also offers a variety of customized products and services to meet the specific needs of individual customers

Since its launch, VPBank NEO has gained a strong following among customers, particularly among younger generations who are comfortable with digital technologies The platform has received positive feedback from customers for its user-friendly interface, fast processing times, and comprehensive range of financial services

Overall, VPBank NEO represents an important milestone in VPBank's efforts

to become a leading digital bank in Vietnam and beyond It is poised to remain a key player in the banking industry and a leading example of digital transformation in Southeast Asia

1.3 Objectives of the study

The aims of the study The topic will shed light on the following matters:

Initially, the customer satisfaction of VPBank NEO will be evaluated using the six

factors based on the Servperf model (user interface, service fee, responsiveness,

reliability, response time, and general satisfaction)

Secondly, an examination of the background characteristics of VpBank's clients who

use VPBank NEO

Thirdly, to determine the degree of client satisfaction with VPBank NEO in order to

assess the quality of this service

Lastly, based on the findings, make recommendations to improve customer happiness

and VPBank NEO quality

1.4 Significance of the Study

The findings of this research will provide VPBank with valuable insights into its customers' satisfaction with the VPBank Neo app, helping it to improve the app's features, services, and overall user experience Ultimately, this research will contribute

to the development of the digital banking industry and enhance the customer experience in Vietnam

1.5 Scope and delimitation

The scope of the study is customer satisfaction with VPBank NEO services, based on statistics from a questionnaire published in March 2023

The delimitation of the research sample is individual customers using VpBank NEO in Vietnam

as banking options Some of these fintech providers also offer budgeting and savings tools

 Online banking: the process of using your bank's website to access various banking features and services from your computer Examples of such features include checking your account balance or paying your electricity bill Additionally, several banks provide access to further banking features, such as applying for loans or credit cards, through their online banking portals

 Mobile banking: involves the utilization of an application on mobile devices such as smartphones or tablets to access many of the same banking features These applications are provided by the bank where you hold an account, and typically require the same login credentials as your online banking portal

 VPBank NEO flatform: VPBank NEO is a digital banking service provided by Vietnam Prosperity Commercial Joint Stock Bank (VPBank) to customers through mobile applications and websites However, VPBank NEO also applies some features of NEO banking (NEO banking) such as using artificial intelligence (AI) and mining big data (big data) to provide a better experience for customers However, there is still a difference between digital banking and NEO banking and VPBank NEO can be seen as a digital banking service that integrates some features of NEO banking.Customer: A customer is often described as a person who purchases a product, service, or good Customers are persons or businesses who are purchasing, have purchased, or may be interested

in purchasing a product or service from another person or business

 Customer satisfaction: Customer satisfaction is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities Information about customers, including surveys and ratings, can help a company determine how to best improve or change its products and services

1.7 Conclusion

The study aims to evaluate customer satisfaction with VPBank Neo, a digital banking platform launched by Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in 2023 The study will focus on various aspects of the app, including user interface, response time, service fees, reliability, and overall customer satisfaction The research methodology involves collecting data through

an online survey using the SERVPERF model and a Likert-5 scale The findings of the study will provide insights for VPBank to improve its services and enhance its customers' experiences, contributing to the development of the digital banking industry in Vietnam

CHAPTER II: LITERATURE REVIEW 2.1 Theoretical and conceptual framework

2.1.1 Service quality

In today's market, organizations that fail to provide high-quality goods and services lose customers to their competitors Therefore, organizations must be customer-centric, provide consumers with superior value, cultivate relationships, and engage in market engineering Today's businesses track their customers' expectations, their own performance, consumer satisfaction, and even their competition

Banking has paid more attention to service quality and made greater efforts to achieve a high level of service quality in order to satisfy customers The meaning of service varies from person to person There is no universally accepted definition of service quality, but it can be conceptualized as a comprehensive consumer evaluation

of a specific service and the degree to which it meets their expectations and provides satisfaction

To develop service standards and techniques, managers must be willing to comprehend the disparity between consumer perceptions and expectations As a result

of their heightened awareness, customers are concerned about service quality Depending on their level of satisfaction, they may remain with their current bank or transfer to another institution

In order to achieve maximum customer satisfaction, banks are required by the competitive market to discover ways to improve service quality and to systematically attain, monitor, and maintain this quality

Banks attempt to increase customer satisfaction by improving perceived service quality; Parasuraman et al emphasized the significance of a strong relationship between service quality and customer satisfaction In other words, the fact that the consumer is at the center of attention is the most significant Moreover, a negative discrepancy between consumer perceptions and expectations, also known as a

"performance gap," causes dissatisfaction, whereas a positive discrepancy results in consumer satisfaction

2.1.2 Customer satisfaction

According to (Hom, 2000) satisfaction is a sensation or a short-term attitude that is susceptible to change due to a variety of factors It exists in the consciousness

of the user, as opposed to observable behaviors such as product selection, complaint,

or repurchase John and Linda (1976) investigated the relationship between expectations, performance, and satisfaction in a related study The findings indicated that when a consumer evaluates the performance of a product, he typically compares a set of expected performance outcomes The product will then most likely be deemed unsatisfactory or satisfactory

Anderson and Sullivan (1993) investigated the antecedents and outcomes of firms' customer satisfaction and discovered that quality that falls short of expectations has a greater effect on customer satisfaction and retention than quality that exceeds expectations

The international finance industry's business climate has changed drastically and rapidly over the past decade Several studies have examined the influence of the global financial crisis on consumer perceptions and behavior, and a portion of the responsibility falls on banks The financial industry has a substantial impact on the economy Due to technological advances, altering consumer preferences, and government regulations and policies, it is simple to anticipate the challenges that increased market competition will present The fulfillment of customer needs is a top priority for banks, and customer satisfaction is closely monitored

2.1.3 The relationship between service quality and customer satisfaction

Lee et al (2000), Gilbert and Veloutsou (2006), Sulieman (2011), and Buttle (1996) conclude that service quality influences consumer satisfaction The majority of researchers propose that the service provider offers a high degree of service quality in order to achieve a high level of customer satisfaction, as service quality is commonly recognized as an antecedent of customer satisfaction As service quality improves, customer satisfaction is more likely to increase Quality was only one of several dimensions upon which satisfaction was predicated; satisfaction was also a potential factor in influencing future quality perceptions (Clemes, 2008)

Service quality is a crucial indicator of customer satisfaction (Hazlina, 2011) Studies indicate a correlation between the quality of service provided and overall consumer satisfaction According to Jamal and Anastasiadou (2009), there is a positive correlation between dependability, tangibility, empathy and consumer satisfaction Sulieman (2011) discovered that dependability, tangibility, responsiveness, and assurance have a strong and positive correlation with consumer satisfaction Meanwhile, it was discovered that empathy has a significant and negative impact on consumer satisfaction In addition, Ravichandran et al (2010) found that responsiveness is the only significant aspect of service quality that positively influences customer satisfaction

2.1.4 Customer Satisfaction and the banking sector

Bennett (1992) stated that consumer focus is the key to gaining a competitive advantage in the financial industry In other words, the institution should focus on the factors that are important to its consumers and be willing to exceed their expectations

in every way Numerous studies have demonstrated that by focusing on and delivering exceptional customer satisfaction results, businesses can achieve superior profitability Therefore, enhancing customer service may necessitate training procedures or enhancements to the bank's computerized information systems Improving customer service may result in an increase in tangible accounting costs, but

it may also prevent the incurrence of intangible costs Through research on customer satisfaction, bankers can develop quantitative data in the hopes of demonstrating that the emphasis on and delivery of exceptional customer satisfaction can result in increased revenues that are greater than increased costs

Also, Mothey (1994) revealed that in order to achieve customer satisfaction, it

is imperative for banks to make use of different tools that vary from reengineering services to focusing on specific tasks In addition, Albro’s (1999) study involved a national survey of the customers patronizing 814 banks in an attempt to determine customer satisfaction He revealed that cross-selling hinges on a high level of customer satisfaction The study also revealed a very high correlation between satisfaction scores and a customer’s propensity to repurchase In short, for happy

customers to provide recommendations through word-of-mouth to others, they must be satisfied

2.1.5 Satisfaction Level

According to Parasuraman, there are 5 levels of customer satisfaction, including:

 Very Dissatisfied: A customer is not satisfied with a company's product or

service and is more likely not to use it again in the future

 Dissatisfied: The customer is not satisfied with the company's product or

service, but can use it again if there is no better option

 Neutral: Customers feel neutral about the company's products or services

 Satisfied: The customer is satisfied with the company's product or service and

is inclined to use it again in the future

 Very satisfied: Customers are more likely to recommend others to use the

company's products or services

2.2 Related studies

2.2.1 CSAT model

CSAT (Customer Satisfaction) is a model used to measure how satisfied customers are with a particular product or service It typically involves gathering data through surveys or feedback forms to evaluate the quality of a customer's experience

2.2.2 Customer satisfaction model ServQual of Parasuraman

According to Parasuraman et al (1985: 1988), service quality is the gap between customers' expectations and their perceptions when using the service

He is considered to be the first to study service quality specifications in detail in the field of marketing with the introduction of the 5-gaps model in service quality

Source: the University of Michigan (CSAT Score: The complete guide to

Customer Satisfaction index, 2020)

Figure 2 1: CSAT model

Figure 2 2: Five gap model Parasuramen et al (1985)

Source: (Parasuraman, 1985)

The first gap: occurs when customers' expectations of service quality are

different from the perceptions of service managers This difference is formed because the service company has not learned all the characteristics that make up the service quality, and there are judgments about customers' expectations that are not realistic

The second gap: occurs when the service company has difficulty in

formulating service quality criteria that are consistent with the customer's assessment

of service expectations This difference in criteria is due to the high demand for services during peak seasons, making service companies unable to meet customer demand well

The third gap: is the difference between the actual service quality and the

service quality criteria that the company offers This gap is directly related to the service capacity of employees because not all employees can always fulfill all service quality criteria that the company show

The fourth gap is the difference between the service delivered and the

information received by the customer This information can increase expectations but can reduce the perceived service quality when customers do not receive what was promised

The fifth gap: is formed from the difference between perceived quality and

expected quality when customers consume the service Parasuraman et al.(1985) argue that carrier high-satisfactory is the 5th gap

2.2.3 SERVPERF Model

The two most widely used models for measuring service quality in the banking sector are the SERVQUAL and SERVPERF models According to the SERVQUAL model (Parasuraman et al., 1988), service quality can be measured by identifying the gaps between customers’ expectations of the service to be rendered and their perceptions of the actual performance of the service

In 1992, Cronin and Taylor carved the SERVPERF model out of SERVQUAL SERVPERF measures service quality by using the perceptions of customers

The SERVPERF scale is found to be superior, not only as an efficient scale but also in reducing the number of items to be measured by 50% (Hartline and Ferrell, 1996; Babakus and Boller, 1992; Bolton and Drew, 1991) In this study, the SERVPERF scale is used to measure service quality in retail banking Many studies have been conducted by adopting the SERVPERF model

Multiple works illustrate SERVQUAL's shortcomings while recognizing SERVPERF's benefits Therefore, Salomi et al (2005) emphasize that SERVPERF is more practical because clients who are evaluated with this model lose less time because they are not required to ruminate on their expectations, as is the case with SERVQUAL (making the process rather tiresome) In addition, Alén (2006)

psychometric properties than the perceptions-minus-expectations scale (as is done in SERVQUAL)

Since VPBank NEO is a digital banking platform, some analytical aspects will

be adjusted to achieve more suitable results for research purposes:

1 User interface: refers to the visual and interactive components that allow

users to interact with the platform It covers the design, layout, and functionality of the platform's screens, buttons, menus, and other visual elements The user interface should be intuitive and easy to use, with clear navigation and consistent design across the entire platform

2 Service fee: refers to the fees charged by the bank for using the platform and

its services These fees may include transaction fees, account maintenance fees, ATM fees, overdraft fees, and others Specific fees and their amounts may vary depending

on the bank and the type of account or service being used

3 Response time: refers to the amount of time it takes for the platform to

respond to user requests or actions This includes the time it takes for pages to load, transactions to process, and other interactions with the platform A faster response time generally indicates a more responsive and efficient platform, which can improve the user experience and increase customer satisfaction Factors that can affect response time include the speed of the user's internet connection, the server capacity of the bank, and the complexity of the user's requests or transactions

4 Reliable: refers to the consistency and dependability of its performance,

security, and availability to users It fraud factors such as system uptime, data accuracy, transaction processing, and prevention measures A reliable banking platform is one that users can trust to handle their financial transactions safely and

5 Responsiveness: Responsiveness refers to the ability of a banking platform to

respond promptly and effectively to customer needs and requests This includes being sensitive to new needs and trends in the market, as well as providing personalized attention to individual customer needs By being responsive, a banking platform can improve the overall customer experience and enhance the platform's service offerings

6 General satisfaction: Based on CSAT's basic questions to assess overall

User interface Response time Service fee Reliability Responsiveness satisfactionGeneral

Input

• Primary data (questionnaire survey)

• Conducting survey through Google form

Figure 2.3: The VPBank NEO customer satisfaction model

Figure 2.4: Structure of the research

CHAPTER III: RESEARCH METHODOLOGY 3.1 Data collection

3.1.1 Data source

Choosing primary data in a study about customer satisfaction using VPBank NEO would be beneficial for several reasons:

 Customization: VPBank NEO is a relatively new digital banking platform that

is tailored to meet the needs of Vietnamese customers Therefore, it is important to collect primary data directly from VPBank NEO customers to understand their experiences and opinions about the platform

 Specificity: Primary data allows researchers to collect data that is specific to the research question at hand By designing surveys or interview protocols that are customized to the VPBank NEO platform, researchers can collect data that is directly relevant to the study

 Accuracy: Primary data is generally more accurate and reliable than secondary data, as it is collected directly from the source By collecting primary data, researchers can ensure that the data is up-to-date and reflects the current state of customer satisfaction with VPBank NEO

 Context: Primary data allows researchers to collect data in the specific context

of VPBank NEO This can help researchers to better understand the factors that contribute to customer satisfaction with the platform, such as the user interface, features, customer service, and security measures

Overall, choosing primary data in a study about customer satisfaction using VPBank NEO would allow researchers to collect specific, accurate, and relevant data that reflects the experiences and opinions of VPBank NEO customers This data can then be used to develop insights and recommendations to improve the platform and enhance customer satisfaction

3.1.2 Questionaire frame

In this study, the self-completed survey was conducted via Google Forms for 1 month

The questionnaire consists of 27 questions divided into 3 parts as shown below:

Table 3 1: Questionnaire structure

Each question was measured by a Likert scale 5 options as follows:

Table 3 2: Likert scale 5 options

Strongly disagree=1 Disagree=2 Neutral=3 Agree=4 Strongly agree=5

3.1.3 Study location

The investigation was conducted in Hanoi in addition to social networking circles of Vpbank NEO customers The majority of the 165 individuals surveyed are consumers who conduct business at VPBank's headquarters at 89 Lang Ha, Dong Da district, Hanoi

The Vietnam Prosperity Joint Stock Commercial Bank has a network of branches and transaction offices across the country Currently, Vietnam Prosperity Joint Stock Commercial Bank has over 222 branches and transaction offices in 45 provinces and localities throughout Vietnam VPBank NEO has nearly 5.2 million users using VPBank NEO with an average number of logins reaching 1.8 million per day

3.1.4 Survey sample

Population

According to hanoimoi.com.vn: "By the end of 2022, VPBank has nearly 5.2 million customers using VPBank NEO" So the population size of the study is 5.2 million people

Sample

The survey sample was selected at random from the total number of VPBank NEO users The survey questionnaire "Customer satisfaction when using VPBank NEO" was created using the web-based survey tool Google Docs In order to survey the opinions of VPBank NEO customers, a questionnaire was distributed to social networking groups containing customers Those who visit the 89 Lang Ha branch are also randomly invited to participate in the survey

Sampling Technique

This research study will utilize convenience sampling as a method for data collection Convenience sampling involves selecting participants who are readily available and willing to participate in the study This technique is commonly used to gather data from population members who are easily accessible The study employs convenience sampling as a method of participant selection, based on the accessibility

of banking customers who can be readily approached by the researcher

The research implemented Slovin's formula sampling technique to determine the appropriate sample size Slovin's formula is a commonly used method for determining the appropriate sample size required to achieve a specific level of confidence interval during the process of sampling a given population

𝟏 + 𝐍𝐞𝟐

N Size of the population

The research applied a margin of error of 0.08 (8%) It indicates that a margin

of error of 8% is allowed Within the realm of research, an acceptable range for the

margin of error is typically between 0.01 and 0.1 A sample size of 156 individuals was determined by inputting the population size and a margin of error of 0.08

𝟏𝟓𝟔 = 𝟓, 𝟐𝟎𝟎, 𝟎𝟎𝟎

𝟏 + 𝟓, 𝟐𝟎𝟎, 𝟎𝟎𝟎 × 𝟎 𝟎𝟖𝟐The results of the questionnaire after removing the unqualified answers (all the answers are the same, no objective assessment, the answers do not match the normal logic), there are remaining 165 satisfactory samples In this study, 165 of these samples will be analyzed

3.1.5 Research process

The study employed a quantitative research methodology The research methodology involves conducting surveys wherein a significant number of individuals are asked identical questions to obtain diverse responses The data is gathered from participants and subjected to statistical analysis in order to make generalizations about the entire population The survey methodology typically involves two primary modes

of data collection: self-administered surveys and interviewer-administered surveys Web-based surveys are commonly utilized by researchers in the current age of advanced technology for conducting research The utilization of web-based surveys via Google Docs was employed as a means of data collection in the research Utilizing this method for survey administration can result in increased efficiency, cost-effectiveness, and improved data quality by promoting higher response rates and survey completeness The research study was structured into two distinct periods The initial phase involves conducting pilot studies and carrying out tests Reliability is a crucial issue in surveys, which is why they are typically subjected to pre-testing on a limited sample before being widely implemented The second phase involves the formal distribution of the questionnaire to significant sample size in order to gather statistical data

The survey process is divided into two phases in order to ensure its quality The process of piloting and testing culminates in the official launch

 Piloting and testing:

including the instructor for this thesis Based on the group's responses, the questionnaire will be modified to guarantee clear queries and eliminate ambiguity Items with similar meanings or that caused respondents to feel perplexed were eliminated from the survey Ultimately, they had a solid grasp of the questionnaire A second purpose of pre-check is to ensure that the respondent can complete the survey

in less than five minutes and still provide an adequate response If the survey is too extensive and contains an excessive number of questions, respondents may become fatigued and respond hastily and incorrectly, resulting in valuable data

 Launching officially

After the adjustment process, the survey is officially released Since the majority of respondents were Vietnamese customers, the Vietnamese-language survey was chosen as the public access version to ensure that respondents understood the meaning of the question and made a correct assessment

The survey was sent to social networking groups including customers using VPBank NEO, banking community sites, and direct customers at 89 Lang Ha branch

This investigation's database is encoded as follows:

Table 3 3: Demographic code

Value Age Occupation Using Time Number of banks Rank of bank

1 <22 undergraduate <6 months 1-2 bank 1st

Value Age Occupation Using Time Number of banks Rank of bank

The collected data will be presented in the form of a chart, from which it can be analyzed to determine customer satisfaction and dissatisfaction with VPBank NEO

3.2.2.2 Means

The measure of means indicates the degree of deviation of the variable's mean from the minimum and maximum thresholds The present investigation will assess the appropriateness of the aforementioned value range for the study's nature

The objective of this study is to divide the 5-level Likert measure of the satisfaction t into 5 equal parts and allocate each part according to its corresponding measure value

The calculation of distance value was performed using the formula: (Maximum – Minimum) / 5 = (5-1)/5 = 0.8

According to Parasuraman, there are 5 levels of customer satisfaction, including:

 Very Dissatisfied/Strongly disagree: Customers are not satisfied with the company's product or service and tend not to use it again in the future

 Dissatisfied/Disagree: Customers are not satisfied with the company's product

or service but may reuse it if there are no better options

 Neutral: Customers feel neutral about the company's product or service

 Satisfied/ Agree: Customers are satisfied with the company's product or service and tend to use it again in the future

 Very Satisfied/ Strongly agree: Customers are very satisfied with the company's product or service and tend to recommend it to others to use

Table 3 5: Scale of mean

CHAPTER IV: RESULTS AND DISCUSSION 4.1 Research result

4.1.1 Demographic data

The findings of the survey indicate that the vast majority of the respondents were relatively young, with individuals under the age of 35 comprising 88% of the survey

Additionally, the results reveal that over 90% of the participants were within the working-age demographic The aforementioned observation suggests that VPBank

Neo is a growing platform that caters to the innovative demands of the populace

Due to its recent launch in July 2021, the duration of Vpbank NEO's customer usage

is relatively brief According to a survey, 71% of respondents reported using VPBank Neo for a period of less than six months Nevertheless, the aforementioned duration suffices to provide an impartial evaluation

of the services rendered by VPbank Neo

Source: Data from the survey

Figure 4 4 Using time of respondents

retirer

Source: Data from the survey

Source: Data from the survey

Figure 4.3: Occupation of respondents Figure 4 1: Age of respondents

18% of consumers who only use one or two financial institutions rank VPBank NEO as the finest among them

Among customers who use 3-5 banks, 11% consider VPBank NEO to be the most favorable option

When applying more than five banks, none of the customers rated VPBank NEO as the top choice

VPBank Neo must enhance and innovate its services to better cater to customer demands to establish itself as a prominent digital bank in Vietnam

4.1.2 Reliability- Cronbach’s Alpha coefficient

Table 4.1: Cronbach’s alpha

Source: Results of IBM SPSS Statistics

In line with Nunnally's (1994) research, the correlation coefficients between the measurement variables and the total variable can be determined using the formula Corrected Item-Total Correlation ≥0.3 Additionally, Cronbach's Alpha can be calculated by deleting the variable if the variable ≤Cronbach's Alpha According to Hoang Trong et al.'s research, a value range of 0.8 to 1 is considered favorable, while a range of 0.6 and above is deemed acceptable Upon conducting the experiment for each variable, the findings indicate that the observed variables exhibit coefficients exceeding 0.8 at a satisfactory level The service fee variable exhibits a slight decrease

to 0.756, which falls within the acceptable range In addition, all variables that were observed exhibit a Corrected Item-Total Correlation of 0.3 and possess a Cronbach's Alpha value Upon removal of Cronbach's Alpha, none of the observed variables in the