Solution to improve sales performance of thrid-party sales agency channel in HSBC Bank VietNam

Abstract

As one of market leader in Credit Card selling in Vietnam financial market, HSBC Banks issues more than 75,000 cards into market as of December 2018. Giving the fact that, Vietnam financial market is potential and promise market for banking & financial industry with golden young population and middle-income. With the ambitious accumulate the largest market share, HSBC operated TPSA channel as supported sales channels (besides HSBC in-house sales force) to capture new to banks customer in major city like Hochiminh city. Although, recently TPSA channel gain sales performance developed year on year, it’s not achieved sales expectation (around 10% contributed to RWBM total sales volumes), which was set by HSBC’ group when operated TPSA channel in Vietnam market. The purpose of this thesis is evaluating the root causes leading under contribution of sales performance expected in TPSA channel to total sales volume of HSBC Banks in recent year. Then find the best solution to implement in the next year to push-up sales performance of TPSA channel achieving the performance expectation of HSBC Group. This thesis consists of 4 main chapters: - Chapter 1: the introduction about HSBC Bank in Vietnam and overview of TPSA agency – Mocap Vietnam Joint Stock Company. - Chapter 2: the description about the general of symptoms and identify the central problem leading to this symptom. Recently, the symptom was after three years operated and experienced TPSA channel in Vietnam market, HSBC project can meet the percentages of contribution (10%) to RBWM sales volumes. - Chapter 3: the validation of all causes leading to the central problem and evaluated which was the main causes leading to the central problems. - Chapter 4: propose two potential alternative solutions for choosing the best solution to drawn out action plan for implementation. After evaluating basing on the combination of primary and secondary data, in-depth interview and theory support, the key finding of theis shown the problem of HSBC project is poor sales capacity in TPSA channel. Then, a list of these main causes collected via in-depth interview and literature review drawn out. The shortages of sales agents in HSBC – TPSA project is the main causes leading to central problem (poor sales capacity). In current situation of HSBC project, the solution in supporting fee for each incremental headcount increase seems to good solution and applicable to help TPSA agency turn out shortage sales headcount in short-term. Furthermore, this solution might help TPSA agency take the risk of investing in new sales forces and respond to the challenges of Vietnam market for sustainable growth in long-term business.