TABLE OF CONTENTS
LIST OF FIGURES…………………………………………………………………………………………………. 4
LIST OF TABLES…………………………………………………………………………………………………… 4
EXCUTIVE SUMARY…………………………………………………………………………………………….. 5
ACKNOWLEGEMENT………………………………………………………………………………………….. 7
CHAPTER 1: INTRODUCTION……………………………………………………………………………. 8
- HSBC Group overview……………………………………………………………………………………. 8
- Overview of third-party company – MOCAP Vietnam Joint Stock Company: . 11
CHAPTER 2: PROBLEM ANALYSIS………………………………………………………………….. 13
- Symptoms of company:…………………………………………………………………………………. 13
- Problem analysis…………………………………………………………………………………………… 19
- Potential problems 1: Ineffective Project Organization Structures & operational issues 19
- Problem analysis…………………………………………………………………………………………… 19
CHAPTER 3: CAUSE VALIDATION………………………………………………………………….. 32
- Potential causes…………………………………………………………………………………………….. 32
- The shortage of headcount (sales forces)……………………………………………….. 33
………………………………………………………………………………………………………………. 34
- Main Cause Validation…………………………………………………………………………………. 34
- High staff turnover rate in TPSA Channel………………………………………………. 34
- Shortage in Sales agents of TPSA channel………………………………………………. 36
- Lack of salesforce training for TPSA agent…………………………………………….. 37
CHAPTER 4: ALTERNATIVE SOLUTION & ACTION PLAN………………………….. 40
- Alternative Solution:…………………………………………………………………………………….. 40
- Alternative Solution 1: Supporting fees on incremental headcount increase
………………………………………………………………………………………………………………. 40
- Alternative Solution 2: Developing training program for TPSA agents:….. 42
- Solution Selected:…………………………………………………………………………………………. 43
- Action Plan:………………………………………………………………………………………………….. 44
CONCLUSION……………………………………………………………………………………………………… 49
CHAPTER 5: SUPPORTED INFORMATION…………………………………………………….. 50
- Summary of methodology conducted:………………………………………………………… 50
- Transcription:……………………………………………………………………………………………….. 50
REFERENCE………………………………………………………………………………………………………… 60
LIST OF FIGURES
Figure 1: HSBC Vietnam Organization structure
Figure 2: Percentage of contribution of RBWM Sales Channel
Figure 3: Percentage of contribution of RBWM Sales Channel in the last 3 years Figure 4: Percentage of contribution of TPSA channel in 7 ASIA markets Figure 5: HSBC – TPSA project organization chart
Figure 6: TPSA channel – Credit Card Application Handling
Figure 7: TPSA sales agents resources in 2018 Figure 8: Initial causes and potential problem Figure 9: Initial – Causes and effect diagram
Figure 10: Productivity break down by sales agent vintages
Figure 11: TPSA sales agents resources in 2018
Figure 12: Final – Cause and effect diagram
Figure 13: Alternative solution 1 – Human resources planning
LIST OF TABLES
Table 1: HSBC Bank – RBWM Sales Performance in 2018
Table 2: HSBC Bank – RBWM Sales Performance Contribution in the last 3 years
Table 3: Approval rate of HSBC Credit Card by Channels Table 4: Sales Performance plan of HSBC RBWM in 2019 Table 5: Human resource recruitment cost
Table 6: Alternative solution 2– Action plan
Table 7: Training Course – Training Agenda
EXCUTIVE SUMARY
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
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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.
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ACKNOWLEGEMENT
I would like to show my gratefulness and special thanks to my supervisor – Dr. Le Thi Thanh Xuan for all her continuous support, advices and instructions during the process of writing this thesis. Without her advises, this master thesis cannot be completed. Needless to say, her guidance and instructions helped me in all the time of writing thesis. Then, I also would like to show my gratitude to my manager, my colleagues at HSBC Bank who gave me chance to conduct research and also thank you to their time spending on interviews with me to come up the result of thesis.
Lastly, I also send my sincere thankfulness to my parents and friends for their support and encouragement during the time which I took the master course.
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CHAPTER 1: INTRODUCTION
1.1 HSBC Group overview:
HSBC is one of international finance organization and banking biggest over the world. HSBC serves for than 38 millions of customer via four multi-national business services such as: retail banking and wealth management, commercial banking, global banking and market, global private banking. HSBC network covers over 66 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.
The name of HSBC is an acronym for The Hong Kong and Shanghai Banking Corporation Limited, the founding member of HSBC, which was constitutive in 1865, with the aim of financing the developing trade among India, China and Europe. HSBC puts headquarter in London, United Kingdom. Nowadays, HSBC has been considered one of the top organizations with branch network spread out all over the world which provides the service in finance and banking with high quality and security guarantee. HSBC positions its brand through the message “The world’s local bank”. HSBC is headquartered in London, United Kingdom.
There are 12 main dates in history timeline of HSBC Group: March – April 1865: HSBC established in Hong Kong and Shanghai. It was
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