Unattractive product packages design in foreign exchange sales at ASIA Commercial Bank (ACB)

Abstract

In banking or other financial sectors, the attraction of products to customers is one of the most important issues affecting the survival of that business. In the context of the current open economy, if a bank has products that cannot compete with rivals from inside and outside Vietnam, there will be no customers to trust their products and no market for them to develop anymore. Therefore, the purpose of this thesis is to find the main issues leading to the failure to meet the targets of Foreign exchange (Fx) sales at Asian Commercial Bank (ACB) and thereby to solve this problem. ACB is one of the biggest banks with good reputation in the banking industry today. With the long-term orientation of becoming one of the four largest banks in Vietnam, failure to meet the set targets may contain causes that can affect their goals. Therefore, at the beginning of 2020, their customer strategy is to find and quickly overcome this potential problem. On the one hand, it will increase the quality of customer service, helping customers to have high effective financial plans to increase production and business, indirectly promote the development of the economy. On the other hand, it will help to enhance ACB's position in the eyes of customers and achieve their core values. The main problem is identified based on bank’s data and process analysis, empirical analysis from interviews with stakeholders and association with literature to avoid omission of important possible problem. From the above analysis, unattractive product packages design is identified as the main problem caused the failure of Fx sales' targets at ACB.