Financial consumer protection in financial institutions: The case of banking sector in vietnam

Nội dung text: Financial consumer protection in financial institutions: The case of banking sector in vietnam

1. FINANCIAL CONSUMER PROTECTION IN FINANCIAL INSTITUTIONS: THE CASE OF BANKING SECTOR IN VIETNAM Phung Thi Thu Huong, Msc., Trinh Thi Phan Lan, PhD. - University of Economics and Business – Vietnam National University Abstract: Consumer protection and financial literacy can contribute to better efficiency, transparency, competition, and access in retail financial markets by eliminating information asymmetries and power imbalances between financial service providers and customers. The main purpose of the study is to examine commercial banks' financial consumer protection by analyzing the principles and regulation of customer protection in Vietnam. The paper is using the findings of a 103 surveys on consumer protection regulations with different measurements like Fair and equitable dealing, disclosure and transparency, financial education and awareness, behavior and work ethic, protection against fraud, protection of privacy of information and complaints handling, existence of adequate competence. As a result, the research concludes by recommending that the financial institutions' supervisory adopt a code of conduct for consumer protection, while banks should be required to include the concept of customer protection into their operational procedures. Keywords: financial customer protection, banks, financial literacy, regulation, Vietnam. 1. Introduction Consumer protection and financial literacy can contribute to better efficiency, transparency, competition, and access in retail financial markets by eliminating information asymmetries and power imbalances between financial service providers and customers. Particularly since the start of the financial crisis in 2008, the issue of financial consumer protection has gained importance in policy debates (Mayer et al., 2014). There is a pressing need to protect consumers' interests in the current age prior to the growth of the network of financial companies, especially in the complicated emerging markets, international operations. Among developing countries, Vietnam is an example with sustainable economic growth that led Vietnam from a poor country to a middle-income country with an average annual growth rate of 6% (Worldbank, 2021). However, the concept of customer protection is not widely adopted in many nations, particularly in Vietnam, where various governmental and non-governmental organizations perform functions such as supervisory organ and voluntary institutions. Due to numerous unique features, the Law No. 59/2010/QH12 in Protection of Consumer Right Law (2010) with amended and supplemented in Law No. 35/2018/QH14 in Protection of Consumer Right (2018) makes essentially no particular reference to issues relating to consumer protection in the banking and financial sectors. The major source of consumer protection in Vietnam is found in the Law on Protection of Consumer Rights, which includes consumer protection based on legal precedence, 26
2. however there is no specific financial consumer protection regulation, especially in the banking system. While credit institutions, securities firms, and insurance business Laws have rules to protect the rights of clients, they are still missing many detailed information and fail to supply instructions with problems. As a result, a substantial segment of the population, especially those who are financially vulnerable and rural people, are unable to obtain financial services. Moreover, until now, Vietnam still does not have institutions in place to administer consumer financial protection. The country lacks a sufficient regulatory framework for financial consumer protection, and consumer financial literacy is rather inadequate. When there is no comprehensive structure in place, customers' access to proper financial services is impeded, making it difficult to resolve concerns and making them unlikely to become victims of any fraudulent financial services. In this study, we organize the findings in the following manner: The following section features literature reviews from many sources, including marketing, law, and economics, to review consumer protection in the financial services industry, especially in banking sectors. Section 3 presents the research method of the study. Section 4 introduces the data and discusses the result of surveys. The conclusion is presented in Section 5 as follows. 2. Literature review The 2007 subprime loan crisis was a good example of how the market failed to serve the financial interests of its customers, with predatory lenders engaging in unfair, self-serving behavior in order to achieve commercial benefit for themselves rather than in the best interests of their customers (Mayer et al., 2014). As well as the necessity to safeguard customers, regulators are concerned because it is regarded as moral and ethical to do so (Consumer Protection on Fair Trading Law, 1992). As the markets for financial products and services get more sophisticated, the importance of protecting consumers of financial services in the banking system increases (Micklitz et al. 2010). Many countries all over the world recognized the general guideline (principles) of customer protection, which was produced by G20 nations, in order to judge the well-functioning of financial institutions (OECD, 2011). These principles are: fair and equitable dealing, transparency, financial awareness, work ethics, protection against fraud, protection privacy of information, complaints handling, competition, and third party. There are numerous studies researched on FCP in recent times (Ahmed & Ibrahim, 2018; Bekele, 2015; Gaganis et al., 2020; Johan & Ariawan, 2021; Mikheeva & Dolkova, 2020; Mohamad & Hassan, 2019; Pasiourasa, 2018; V & M, 2019). Ahmed & Ibrahim (2018) explored the regulatory framework for consumer protection in Malaysia with legal infrastructure and typology of laws. The result showed that the different laws, rules, and supporting organizations are all needed in order to comprehensively protect consumers' financial interests in the country. Besides, Johan & Ariawan (2021) have focused on consumer protection of non-bank finance companies with the conditions from the inception of the loan to the repayment of the loan based on the existing law and regulations. In this research, Johan & Ariawan also amended to improve and update the role of regulation in protecting the consumer in the financial industry. The studies of Bekele (2015); Gaganis et al., (2020); Mikheeva & Dolkova, (2020); Mohamad & Hassan, (2019); Pasiourasa, (2018); V & M, 27
3. (2019) also mentioned the necessary of FCP in banking systems on different aspects like cost of financial intermediation, bank profit efficiency, regime, etc. These studies suggested an emergence insight on the initiatives taken particularly in the banking industry to protect the financial consumers. Despite a considerable body of literature about legal and regulatory challenges with FCP existing in established economies, there is a lack of research focused on how FCP is comparable to emerging and developing countries, particularly in Vietnam. Mainly much research about the banking system in Vietnam is related to risk management on behalf of bank point of views (Bình & Chi, 2021; T. V. Dũng & Chí, 2021; Sơn, 2019; Thọ, 2018; Thọ & Thủy, 2020) These papers mainly absorbed on analyze the risks in Vietnam banking system and suggested solution to improve the effectiveness and efficiency of banks rather than investigating in aspects of customers. For further examination, H. T. T. Hiền et al., (2020) and N. T. Hiền (2017) have investigated in FCP with the experience from Canada, USA, Germany as well as the situation of financial inclusion development. These researches mainly focused on basic economy that proposed to create a Department to incharge FCP and increased financial literacy for further request. Furthermore, Cao & Hà, (2020); Dũng (2017); Hà (2020) and Tính (2016) indicated that the regulations in Vietnam did not protect the interest of customers in banking sectors, such as protecting the borrower's rights in the credit contract or when using bank cards or other services. They also found that it would be more effective and efficient if the Government had amended and improved FCP Law in detail, particularly law for customers when participating in transactions and services of the banking system in Vietnam. Consequently, it it essential to explore more about the role of FCP in Vietnam, especially in banking sector. 3. Research method Source of Data The study are utilized both in primary and secondary data. The sources of primary data are collected from customers of different banks in Vietnam. In order to collect the desired information the opened question has been used as the primary source of information. Question Development The survey questionnaire includes two sections: In section one, we collected demographic data from respondents, such as gender, age, and major information. The other section is to measure constructs’ items related to customer protection. To ensure validity of the measurement, all questions were obtained from previous studies. The time to conduct the survey lasted 2 weeks, from July 14th to July 30th , 2021. The questionnaire utilized the five point Likert scales because it was easy and simple to understand for the respondents to rate each question. The respondents who reply agree and strongly agree implying that the practice of customer protection is acceptable in the bank, whereas the respondents who replied disagree and strongly disagree means the bank is not practicing customer protection. 28
4. For the purpose of analysis and interpretations, the questions have been categorized into eight sub-topics as below: Figure 1: Variable on Financial Customer Protection Financial Fair and equitable Disclosure and Education and dealing Transparency Awareness Protection of Behavior and Protection against Privacy of work Ethic fraud information Existence of Complaints adequate Handling competent Sources: By Authors Ethical Consideration The informants had been informed that any confidential information acquired from respondents would be kept in secret unless they allow it, and not to be used for purposes other than the objective of the study. The respondents identity would not be disclosed, and proper acknowledgement have been made to their contribution to the study. 4. Result and Discussion 4.1. Demographic characteristics of the respondents According to 103 surveys, the majority of the respondents is female (69, 6%) and the rest is male (30,1 %). The most of the respondents’ age group falls in the range of 31-40 years (46.6%), followed by the age group of 18-30 years (27,2%), and the lowest frequency age group registered were the age above 50 years (3.9%). Table 1: Demographic Information of the respondents Demographic Frequency Percentage Gender Male 31 30.1% Female 71 69.6% Age 18-30 28 27.2% 31-40 48 46,6% 29
5. 41-50 23 22.3% Above 50 4 3.9% Education background Undergraduate 3 2.9% Bachelor 63 61.8% Postgraduate 37 36.3% Days visiting the bank for once a week 5 4.9% services Some times in a week 13 12.6% once a month 14 13.6% Some times in a year 71 68.9% Sources: Survey result (2021) As shown in Table 2, the educational backgrounds of the respondents were categorized into 3 groups. Out of total participants, 61.8 % had bachelor degree, 36.3% had master degree or above. The survey results show that the respondents do not frequently visit the bank. The number of people who visit the bank every week accounted for only 4.9%; mostly they go to the bank a few times a year (68.9%). This is also quite understandable, because the development of technology makes e- banking services develop very quickly and customers can also transact with the bank at home. Figure 2: Bank services used by respondents Other 34.10% Transfer 90.10% Loan 27.50% Deposit 68.10% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% Sources: Survey result (2021) According to statistics from the figure 2, money transfer service accounts for the largest proportion (90.1%), followed by deposit (68.1%), loan (27.5%) and other (34.1%) 30
6. 4.2. Results Fair and equitable dealing Table 2: Fair and equitable dealing Strongly Dis- Strongly Statement Agree Neutral Total agree agree Disagree Customers of the bank receive impartial and Frequency 22 53 19 5 4 103 honest treatment from the bank. Percentage 21.4% 51.5% 18.4% 4.9% 3.9% 100% The amount of prices that the Frequency 10 40 34 13 6 103 bank fixes for different services are fair. Percentage 9.7% 38.8% 33% 12.6% 5.8% 100% Sources: Survey result (2021) As described in Table 2, two questions related to fair and equitable dealing were presented to respondents. To be more specific, the percentage of respondents who replied agreed and strongly agreed that Customers of the bank receive impartial, honest treatment at all stages of relationship they do have with the bank are respectively 21.5% and 51.5%. About 8.8% of respondents disagree and strongly disagree respectively by the type of service they get from the bank. In the second statement of fairness of the prices that the bank fixes for its different services, the percentage of strongly agree and agree dropped to 9.7% and 38.8% respectively if compared to the first statement. About 33% of respondents reacted neutral. The remaining of the respondents disagreed and strongly disagreed with the fairness of price that the bank charges for the services were 12.6% and 5.8%. This implies that in both statements, the majority of the answers (which means 51.5% and 38.8%) confirmed by strongly agree and agree respectively that there is fairness and equitable service dealing practice in the bank. Moreover, 3.95 and 5.8% of the total answers showed the disagreement with the statement. Disclosure and Transparency Information transparency is important to the banking system. From a management perspective, international banking practices (Basel II) and national central banks always set requirements on 31
7. information transparency for banks to protect consumers and avoid the risk of failure. system. From a micro perspective, increasing information transparency is very important because it helps banks easily access financial resources in the market, reduce capital mobilization costs, thereby expanding market share, increasing competitiveness (Tùng, 2020). The result of Transparency and disclosure of banks in Vietnam are as below: Table 3: Disclosure and Transparency Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree The bank provides advice and copy for Frequency 19 39 33 9 3 103 the benefits, risks, terms and conditions to Percentage 8.4% 37.9% 32% 6.7% 2.9% 100% customers. Charges of different services of the Frequency 20 54 18 8 3 103 bank are kept in a transparent way. Percentage 19.4% 52.4% 17.5% 7.8% 2.9% 100% The bank has practice of notifying in Frequency 15 37 36 8 7 103 advance for change made on interest rate and service charge Percentage 14.6% 35% 7.8% 6.8% 100% to the customers. 35.9% The advertising and promotional Frequency 12 42 34 11 4 103 materials that the bank is applying does not mislead to Percentage 11.7% 40.8% 33% 10.7% 3.9% 100% the customers. Sources: Survey result (2021) Table 3 consists of 4 statements which show the level of disclosure and transparency found in the bank. In all 4 statements, the respondents who chose the “neutral” option were always more than 30%, except the information about the fees. Thus, overall, the transparency of information of Vietnamese banks has been improved, but still about half of customers do not trust the transparency of information provided by banks. This result is also similar to some previous studies of Bushman & Williams (2012) and Hương & Tùng 32
8. (2018) pointed out that Vietnam has the second lowest quality of information transparency in the sample, just ahead of Kenya. However, more than 30% of respondents had no idea that this statement noticed that they might not have access to information or had a looker's attitude. In order for banks to become more transparent, customers must pay attention to and require transparency before receiving services. Financial education and awareness Table 4: Financial education and awareness Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree The bank helps customers to develop their Frequency 9 26 41 20 7 103 knowledge, skills and awareness to take informed choices Percentage 8.7% 25.2% 39.8% 19.4% 6.8% 100% and effective decisions. Most customers have good Frequency 12 26 38 21 6 103 understanding of the essence of customer Percentage 11.7% 25.2% 36.9% 20.4% 5.8% 100% protection. Sources: Survey result (2021) Table 4 shows the practice of the bank providing financial education and awareness of customer protection for customers. about 25.2% and 8.7% from the first statement showed that bank help customers in creating of awareness for customers in the area of banking industry, and 25.2% and 11.7% respondents from the second statement that most customers have the concept of customer protection replied strongly agree and agree respectively. The other 39.8% and 36.9% of the total respondents indicated neutrality in the first and second statement. The remaining respondents 6.8% and 19.4% from the first statement and 5.8% and 20.4% from the second statement noted disagree and strongly disagree respectively. Mr. André Laboul, OECD Senior Counselor, noted that improving financial education and consumer protection are important priorities in APEC (Bank Times, 2017). In the meeting, he also emphasised that it was not only about knowledge but also about skills, attitudes and behaviors because the best way for each person to increase financial awareness is to work towards all of the 33
9. above factors. From the results of the survey, it is clear that the financial education and awareness of bank customers are still at a low level and banks have to have the responsibility to improve financial education for their customers in order to protect not only customers but also the banks. Behavior and work ethics of employees Table 5: Behavior and work ethics of employees Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree The bank provides its services with Frequency 16 43 33 8 3 103 well trained, qualified, professional and ethical Percentage 15.5% 41.7% 32.0% 7.8% 2.9% 100% employees. Sources: Survey result (2021) As indicated in Table 5, from the total respondents 15.5% and 41.7 % assured by strongly agree and agree respectively that the bank has a practice of rendering its service with well trained, qualified, and ethical employees. The other respondent 32% noted neutral to the statement. The remaining 7.8% and 2.9% respondents disagreed and strongly disagreed with the statement respectively. Practice of the bank in protection of customers’ deposit (asset) from fraud Table 6: Practice of the bank in protection of customers’ deposit (asset) from fraud Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree Controlling system employed by the Frequency 10 56 30 3 4 103 bank to protect deposit of customers Percentage from different type 9.7% 54.4% 29.1% 2.9% 3.9% 100% of fraud or misuse. Sources: Survey result (2021) Table 6 indicated the practice of the bank protecting customers’ deposits or assets from different types of fraud or misuse. Accordingly, more than half (9.7% and 54.4%) of the total respondents strongly agree and agree respectively with the statement. The other respondent 13% noted neutral or indifference to the statement. 34
10. The other 29.1% of the respondents noted indifference for the statement, and the remaining 2.9% and 3.9% of the total respondent indicated that they disagreed and strongly disagreed with the statement. Protection of customers’ privacy information Table 7: Protection of customers’ privacy information Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree The bank has tough practice of Frequency 20 45 19 13 6 103 keeping secrete customers’ personal and financial Percentage 19.4% 43.7% 18.4% 12.6% 5.8% 100% information. Sources: Survey result (2021) From the above table 7, the major share of the respondents in question one is assured by strongly agree and agree respectively that the bank has a practice of keeping secret customers’ personal and financial information from any kind of misuse. Accordingly, 19.4% and 43.7% of the total respondents expressed their reflections by strongly agreeing and agreeing respectively with the statement. The other 18.4% respondents indicated neutral, and the remaining 12.6% and 5.8% of the respondents disagreed and strongly disagreed respectively to the statement. Regarding this issue, the State Bank of Vietnam (SBV) has recently issued many legal documents on ensuring the safety of information technology activities in the industry. Along with that, commercial banks invest in many advanced security solutions such as: new generation firewalls, data loss prevention solutions, biometric authentication, payment using QR code in electronic transactions However, according to statistics from the Ministry of Information and Communications, in the first 10 months of 2020, the number of cyber-attacks causing incidents was 4,161 incidents, on average one day the authorities warned and handled them (Anh, 2020). Over the past time, the Ministry of Public Security has discovered hundreds of domestic and foreign cybercriminal groups that have carried out hacking activities - attacking bank accounts or cards to appropriate hundreds of millions of dollars. On the other hand, customers also need to protect themselves. Customers need to be more careful in providing personal information, be careful when transacting on the network, not reveal 35
11. confidential information to crooks, strangers will limit fraud. No any security system can not prevent fraud if customers are careless or accidentally reveal information about cards, login accounts, or even providing OTP to others. Practice of customers’ complaints handling mechanisms Table 8: Practice of customers’ complaints handling mechanisms Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree The bank has efficient and Frequency 7 42 40 9 5 103 accessible ways handling customers’ Percentage 6.8% 40.8% 38.8% 8.7% 4.9% 100% complain. There is strong and effective legal Frequency 9 43 37 9 5 103 and supervisory organ that protect customers from sanction against Percentage 8.7% 41.7% 35.9% 8.7% 4.9% 100% financial frauds, abuses and errors. Sources: Survey result (2021) As depicted from the above table 8, majority of the respondents 6.8% and 40.8% from the first statement and 8.7% and 41.7% from the second statement confirmed that the bank has efficient and accessible ways of handling customers’ complain, and also has a strong and effective legal and supervisory organ in the country that protect customers from sanction against financial frauds. The other 38.8% and 35.9% respondents noted indifference for the first and second statement. Whereas, the remaining respondents (both are 4.9%) disagree and (both are 8.7%) strongly disagree for both the statements respectively. 36
12. Competition Table 9: Competition Strongly Strongly Statement Agree Neutral Disagree Total agree Disagree The bank is currently found Frequency 9 52 33 3 6 103 accessible in its service to its customers Percentage 8.7% 50.5% 32.0% 2.9% 5.8% 100% The current competition Frequency 18 51 24 6 4 103 found in the banking sector help customer to get fair Percentage 17.5% 49.5% 23.3% 5.8% 3.9% 100% services Sources: Survey result (2021) Data gathered from Table 9 shows matters related with competition in the banking industry that benefits customers. In the first statement, 51% and 36% of the total respondents strongly agree and agree respectively that the bank is currently easily accessible to its customers. The remaining 2.9% and 5.8 % of the respondents noted disagree and strongly disagree respectively that the statement banking service is easily accessible for customers. In the second statement which showed the current competition found in the banking sector helps customers to get better service, 17.5% and 49.5% out of respondents strongly agree and agree with the statement respectively. The other 3% noted indifferent , and the remaining 5.8% and 3.9% replied disagree and strongly disagree with the statement. Therefore, as noted above from both statements around 60% from the both statements assured that the current banking service found in the market is easy and accessible, furthermore, they confirm that customers are getting fair benefit from the banking sector due to the existence of competition found in the sector. 5. Recommendation and Conclusion On the basis of the findings of the majority of respondents, it can be suggested that, there was a need on improving and development legal framework and financial knowledge environment from different aspect: Government, Financial Institutions and Customers. 37
13. For Government • Building a legal framework for financial consumer protection The financial sector is a unique sector that can influence the economy and macroeconomic policies. Therefore, the need for a legal framework for FCP in this field is really necessary. When developing the FCP Law, some important issues to keep in mind are as follows: Firstly, there should be a regulation on complaint settlement mechanism for FCP. Secondly, there should be regulations on the responsibility of financial service providers in the matter of keeping customer information confidential before third parties. Thirdly, financial institutions need to make commitments on fair and equal treatment, publicity and transparency of information with all financial consumers. • Establishing a specialized agency for financial consumer protection While protecting the interests of financial consumers in Vietnam today is inextricably linked to four different government entities, respectively the State Bank, the Ministry of Industry and Trade, the Ministry of Information and Communications, and the Consumer Protection Association. However, these organizations still do not have a department that is dedicated to protecting financial consumers, and the system still does not have a particular approach to manage the work of protecting financial consumers. A further problem is that the coordination process between the authorities listed above is unclear, and because of this, it is hard to handle conflicts of interest when it comes to financial products and services. Due to the high level of specificity of the clients who bank with a bank, the risks to customers are significant. Protecting the interests of consumers in the operation of credit institutions by developing separate regulations is vital. Moreover, it is necessary to establish specialized agencies and implement a coordination mechanism among these agencies that necessitates the implementation of financial literacy and training programs to increase customers' financial capacity and financial behaviors in the future. For Financial Institutions • Disclosure and transparency of information with customers Financial service providers need to provide financial consumers with important key information regarding the benefits, risks, and terms of a product. In particular, it is necessary to provide material information about the product, and before signing the contract, during the period when the customer uses the financial service of the provider organization, whenever there is a change, development new born, financial institutions must provide necessary and timely information to customers. All promotional materials for financial products must be accurate, truthful, understandable, and not misleading. It is essential to have professional, qualified, and trustworthy employees in banking systems. Providing information helps customers assess the benefits and risks associated with signing a contract, ensuring that customers have measures to accept risks if signing a contract. • Develop an effective mechanism for receiving, managing and resolving complaints 38
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