Group 7 - Final Report

MINISTRY OF EDUCATION AND TRAINING
HCMC UNIVERSITY OF ECONOMICS AND FINANCE
FINAL REPORT
MB BANK APPLICATION
Course Title : Mobile Commerce

Course ID : EBU1119E
Class ID :A01E
Lecture : Ms. Dang Thi Thu Hang
Group :7
Members : Le Thi Lan Anh_205121347
Tran Cong Hieu_205120238
Nguyen Duy Hung_205120267
Pham Tran Gia Hung_195120049
Nguyen Ngoc Phuong Trinh_195120156
Ho Chi Minh City, 10/2022

MINISTRY OF EDUCATION AND TRAINING
HCMC UNIVERSITY OF ECONOMICS AND FINANCE
FINAL REPORT
MB BANK APPLICATION
Course Title : Mobile Commerce

Course ID : EBU1119E
Class ID :A01E
Lecture : Ms. Dang Thi Thu Hang
Group :7
Members : Le Thi Lan Anh_205121347
Tran Cong Hieu_205120238
Nguyen Duy Hung_205120267
Pham Tran Gia Hung_195120049
Nguyen Ngoc Phuong Trinh_195120156
Ho Chi Minh City, 10/2022

ACKNOWLEDGE
Our group who conducted this research gratefully gives acknowledgment their
support and motivation during the time of doing this research as a requirement of
completing our course. First of all, we would like to express our endless thanks and
gratefulness to our lecturer – MBA. Dang Thi Thu Hang. Her kind support and
continuous advice went through the process of completing of our report. Her
encouragement and comments significantly enriched and improved our work. Without
her motivation and instructions, the report would have been impossible to be done
effectively. As a part of the project: MB bank- banking application, our report has been
done by the contribution of all members of the group.
We also acknowledge my thankfulness to the Faculty of Information Technology
for our creating this subject. We would like to state our thanks to the University of
Economics and Finance which supported infrastructure for studying, researching, and
providing us with opportunities to complete the course completely. Our special thanks
to our parents for their endless love, and care and have given us the most assistance and
motivation for us the whole of our life. Lastly, our deep thanks come to all our friends
during the time we study in UEF. Their kind help, care, and motivation gave us strength
and lifted us up from all the trouble for the rest of our life.
My team sincerely thank you!
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ABSTRACT
The increased cooperation and participation in international labor not only
increases the exchange of goods in the country but also makes the exchange of goods
and services between developed countries. The economic and political relationships
have given rise to the monetary relations of countries with each other.
MB Bank App, with the responsibility of being a financial intermediary, are an
important capital conduit for the entire economy. In a fiercely competitive environment,
completing and expanding business activities is the direction and motto for banks to
survive and develop. Real consumer lending is no longer a new concept in Vietnam, but
it has not received adequate attention from the people, while in the world consumer
lending has been very developed and has become a major source of income for banks.
row.
In this paper, we study the following issues:
1. Overview of MB bank and MB bank application including market, finance,
organizational structure....
2. Analyze and evaluate activities including user experience, revenue model,
business model, SWOT, marketing mix 4P's, CRM, interface, security....
3.conclusion and offer comprehensive application development solutions
Due to the limited practical knowledge and qualifications, errors cannot be
avoided in this project, so my team would like to receive your guidance and enthusiastic
comments to point out the mistakes that our group has made, so that when we have the
opportunity to do another essay, we can learn from the experience and complete the
report as well as possible.
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TABLE OF CONTENTS
A. INTRODUCTION ................................................................................................. 11
1. Mobile commerce ................................................................................................. 11
2. Overview of MB Bank ......................................................................................... 12
2.1. History Development of MB Bank................................................................ 12
2.2. Development timelines .................................................................................. 13
2.3. Logo Identification- Meaning of MB Bank's LOGO .................................... 14
2.3.1. Logo Image ............................................................................................. 14
2.3.2. Logo Color .............................................................................................. 14
2.4. Vision & Mission .......................................................................................... 15
2.5. Finance Of MB Bank..................................................................................... 15
2.5.1. Company Own Structure ........................................................................ 15
2.5.2. Ownership structure of MB Bank........................................................... 15
2.5.3. Financial structure of MB Bank ............................................................. 16
2.6. Member companies of MB ............................................................................ 16
2.7. MBB's total assets compared to the whole industry ...................................... 17
2.8. Board of Directors Member of the Board of Directors of MB Bank ............ 18
3. Overview of MB Bank App ................................................................................. 19
3.1. Download the App and Register for the MB Bank App ............................... 19
3.2. The main features of MB Bank application: ................................................. 20
3.3. User experience ............................................................................................. 22
4. Competitors .......................................................................................................... 22
5. Market share ......................................................................................................... 25
6. Segments ............................................................................................................... 26
7. Value chain of MB Bank ...................................................................................... 27
7.1. Content........................................................................................................... 27
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7.2. Infrastructure and Services ............................................................................ 27
7.3. Services .......................................................................................................... 29
B. ANALYZE .............................................................................................................. 30
1. Business model of MB Bank ................................................................................ 30
2. Revenue model of MB Bank app ........................................................................ 30
2.1. Web catalog Revenue model ......................................................................... 30
2.2. Fee for transaction revenue model. ............................................................... 32
2.3. Subscription to advertising supported model ................................................ 34
3. Marketing Mix 4P’s .............................................................................................. 35
3.1. Product ........................................................................................................... 35
3.2. Price ............................................................................................................... 35
3.3. Place............................................................................................................... 37
3.4. Promotion ...................................................................................................... 37
4. Customer Experience ............................................................................................ 39
4.1. Role of user Experience................................................................................. 39
4.2. Data information ............................................................................................ 39
4.3. Analyze the Data ........................................................................................... 41
4.3.1. Convenience ........................................................................................... 41
4.3.2. Feedback about system ........................................................................... 42
4.3.3. User's ability to return ............................................................................ 43
4.3.4. Feedback and comment .......................................................................... 45
4.4. Evaluation ...................................................................................................... 48
5. Customer relationship management- CRM .......................................................... 49
5.1. Definition ....................................................................................................... 49
5.2. CRM model of MB bank ............................................................................... 49
5.2.1. Sales ........................................................................................................ 49

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5.2.2. Marketing................................................................................................ 50
5.2.3. Service .................................................................................................... 51
5.2.4. Collaborative .......................................................................................... 52
6. Interface ................................................................................................................ 53
7. Payment system .................................................................................................... 54
7.1. Internet banking ............................................................................................. 54
7.2. QR payment system ....................................................................................... 55
7.3. E-wallet .......................................................................................................... 56
8. SWOT ................................................................................................................... 57
8.1. Strengths ........................................................................................................ 58
8.2. Weakness ....................................................................................................... 59
8.3. Opportunities ................................................................................................. 60
8.4. Threats ........................................................................................................... 61
9. Security ................................................................................................................. 62
9.1. Transaction confirmation with OTP smart Banking code ............................. 62
9.2. Confirm customer identity by QR code ........................................................ 62
9.3. Using eKYC to identify consumers online. ................................................... 63
9.4. Card management with facial ID and fingerprint .......................................... 63
9.5. SSL/TLS standard internet connection security ............................................ 63
9.6. Automatically lock the application ................................................................ 64
C. CONCLUSION ...................................................................................................... 65
REFERENCES ........................................................................................................... 67
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TABLE OF FIGURES
Figure 1- VinID application of Vingroup (VinID) ....................................................... 11
Figure 2- Logo Image (MB bank,2022). ...................................................................... 14
Figure 3- Company Own Structure (cafef.vn, 2022).................................................... 15
Figure 4- MBB's total assets compared to the whole industry (cafef.vn, 2022) .......... 17
Figure 5- MBB's total assets are in the middle range compared to the whole industry
(vietnamCredit, 2022) ................................................................................................... 17
Figure 6- BOD (MB bank,2022). ................................................................................. 18
Figure 7- MB bank Application (MB Bank, 2022) ...................................................... 19
Figure 8- download MB bank app (MB bank) ............................................................ 19
Figure 9- Steps to create MB Bank account (MB bank, 2021) .................................... 20
Figure 10- View account balance check card list (MB Bank app) ............................... 21
Figure 11- News “MBBank app makes Apple Store ‘Top Apps of 2021’” (vnexpress,
2021) ............................................................................................................................. 22
Figure 12- the number of downloads on google Play (Google Play, 2022) ................. 23
Figure 13- Top 10 banks with the largest total assets in 2021 (Vietnambiz.vn, 2021) 25
Figure 14- Market share of bank cards in Vietnam 2021 (cafef.vn, 2021) .................. 26
Figure 15- Infrastructure (TheBank, 2021) .................................................................. 28
Figure 16- Office & ATM (MB Bank) ......................................................................... 28
Figure 17- Business model of MB Bank (Hootsuite, 2021) ......................................... 30
Figure 18- Web Catalog Revenue Model (mbbank.com) ............................................ 31
Figure 19- Services of Internet Banking (mbbank.com) .............................................. 32
Figure 20- Fee-for-transaction revenue models (MB bank, 2022) ............................... 33
Figure 21- Subscription to advertising supported model (MB bank) ........................... 34
Figure 22- Promotion (Younetmedia, 2020) ................................................................. 38
Figure 23- Promotion (UEF, mb bank, 2021) .............................................................. 38
Figure 24- Step to collect customers experiment (Group 7) ........................................ 40
Figure 25- Responding about the convenience of app (Source: Group 7) ................... 41
Figure 26- Responding about the promotion of app (Source: Group 7) ...................... 42
Figure 27- Respond about User's ability to return (Source: Group 7) ......................... 43
Figure 28- Rating on CH play of MB bank (CH Play, 2022) ...................................... 45
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Figure 29- Rating on app store of MB bank (App store, 2022) ................................... 45
Figure 30- Positive feedback about MB bank app (CH Play, 2022) ............................ 45
Figure 31- Negative feedback about MB bank app (CH Play, 2022) .......................... 46
Figure 32- Cannot transaction error (facebook fanpage , 2022) .................................. 46
Figure 33- Cannot login error (facebook fanpage , 2022) ............................................ 47
Figure 34- Maintenance error (facebook fanpage , 2022) ............................................ 47
Figure 35- Late in response of host (facebook fanpage , 2022) ................................... 47
Figure 36 Relationship of CRM with result (a*, 2020) ................................................ 49
Figure 37 Notification of payment ............................................................................... 50
Figure 38- MBbank and MB Bank app (MB ads, 2019 ) ............................................ 50
Figure 39- MB ads with latest news- Petro outsold event (Internet, 10/2022) ............ 50
Figure 40- Free account number registration coincides with phone numbers service (MB
ads, 2019)...................................................................................................................... 52
Figure 41- MB bank page on facebook(Facebook cap, 2022) ..................................... 53
Figure 42- Application of MB Bank app at fist 2018 (9Mobi.vn, 2018) ..................... 54
Figure 43- Application of MB Bank app now (Nguoilamtaichinh.com, 2022) ........... 54
Figure 44- QR payment in mobile app(Kinhtedothi News, 2021) ............................... 56
Figure 45- E-wallet payment(MBinternetpayment, 2019) ........................................... 57
Figure 46- announcements problem (MB Bank app, 2022) ......................................... 60
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TABLE OF TABLES
Table 1- Development timelines (MB bank, 2021) ...................................................... 13
Table 2- Member companies of MB (MB bank,2022). ................................................ 16
Table 3- Compare with another bank’s app (TheBank, 2021) ..................................... 23
Table 4- Table of Services (MB Bank, 2022) .............................................................. 29
Table 5- Transfer fee (Timo.vn, 2021) ......................................................................... 36
Table 6- Account management fee (Timo.vn, 2021) ................................................... 36
Table 7- Transfer Internet/Mobile Banking fee (Timo.vn, 2022) ............................... 37
Table 8- User survey questionnaire review (Group 7) ................................................. 40
Table 9- User experience analysis (Group 7) ............................................................... 44
Table 10- Table of evaluation of customer experience (Group 7) ............................... 48
Table 11- SWOT of MB bank app (Group 7) .............................................................. 57
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A. INTRODUCTION
1. Mobile commerce
Mobile Commerce (M-Commerce or mcommerce) is a business model that allows
companies to distribute products/services and transact directly with consumers via
wireless devices.
More specifically, e-commerce transactions including purchase - sale, payment,
advertising and shipping are almost all carried out on mobile phones and tablets with
an Internet connection.
M-Commerce is an important part of e-commerce. Its development has brought
many benefits to both companies and customers.
For Customers: Mobile commerce provides convenience, helps customers transact
quickly, better meet personal needs, use it anytime, anywhere, customize ...
For Businesses: It is customer satisfaction that leads to an actual increase in
business sales, providing extensive marketing capabilities, large-scale, many users
support services…
At present, mobile phones are considered by many people as "an inseparable
object". The strong development of mobile commerce applications promises many
business opportunities.
Some good examples of smart apps that have integrated m-commerce into their
business strategy to enable the process of electronic transactions.
Figure 1- VinID application of Vingroup (VinID)
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The VinID app allows users to book airline tickets, entertainment center tickets,
soccer match tickets and pay customers directly from the app..(VinID, 2021)
M-commerce business model of providing products/services to users via the
Internet and in commercial or non-commercial sectors.(matbao.net, 2021)
- Device: Wireless technology such as mobile phones, tablets.
- Format: phone app, mobile website, facebook call button, forum, website, ..
- Security: Depends on website and smartphone security.
- Customer positioning: can be localized.
- Payment methods: credit card, mobile banking. Size: compact, no frills, easy
to carry anywhere, use it anytime, anywhere, anywhere.
- Range: Universal for ease of use, portability and offline access.
- Cost: Pay a lot to build mobile apps and use mobile data.
2. Overview of MB Bank
MB Bank defines to Military Commercial Joint Stock Bank, or Military Bank
or MB Bank for short. This is a joint stock commercial bank of Vietnam, an enterprise
of the Vietnam People's Army under the Ministry of Defense.
MB Bank is considered to be one of the strongest banks because its starting point
is a military bank. Over nearly 25 years of construction and growth, MB has grown and
grown to become a versatile financial group with MB's parent bank in Vietnam &
abroad (Laos, Cambodia) and its member companies. Moreover, it is the financial
potential that has made this company a customer interested from the early days in
the market.
In Q2,2022, the bank's charter capital was VND 37,783 trillion, the bank's total
assets were more than VND 658 trillion (cafef.vn, 2022).
2.1. History Development of MB Bank
MB is a financially sound, strong management, transparent information,
convenient and pioneering service provider to realize its mission, an organization, a
solid partner, trust. During the process of formation and development, under the
leadership and direction of the Central Military Commission - Ministry of Defense, the
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State Bank and enthusiastic support and assistance of concerned agencies; units inside
and outside the army (MB bank,2022).
Military Commercial Joint Stock Bank (MB) promoted the good nature and
glorious tradition of soldiers on the economic front; solidarity, initiative, creativity, self-
reliance, self-reliance, overcoming difficulties, improving the quality of operations,
bringing the best banking products and services to individuals, economic organizations
and enterprises across the key provinces and cities of the country, contributing to
boosting the economic development of Vietnam in general and improving the business
efficiency of the banking sector in particular (MB bank, 2022).
2.2. Development timelines
Table 1- Development timelines (MB bank, 2021)
November The bank officially went into operation with an initial charter capital
4, 1994 of 20 billion VND with 25 employees.
In 2000 Thang Long Securities Company Limited was established (now
MBS Military Bank Securities Joint Stock Company) and Military
Commercial Bank Asset Management Company (MBAMC).
In 2003 , MB carried out a comprehensive reform of the system and human
resources.
In 2004 MB was the first bank to issue shares through public auction with a
total par value of VND 20 billion.
In 2005 MB signed a tripartite agreement with Vietcombank and Viettel
Military Telecommunications Group on payment of Viettel's
telecommunications charges and reached a cooperation agreement
with Citibank.
In 2006 Ha Noi Securities Investment Fund Management Company (HFM)
was established (now MB Capital Military Bank Investment Fund
Management Joint Stock Company). Successfully implemented the
CoreT24 information technology modernization project of Temenos
Group (Switzerland)
In 2008 MB restructured its organization. Viettel Military
Telecommunications Group officially became a strategic
shareholder.
In 2009 MB launched the 247 Customer Service Center.
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In 2010 Opened the first branch in foreign country (Laos).
In 2011 Successfully listing shares on the Ho Chi Minh Stock Exchange
(HSX) from November 1, 2011. Opened the second overseas branch
(Cambodia). Successfully upgraded CoreT24 system from R5 to
R10
In 2019 MB launched a new logo and brand identity.
In 2020 MB was honored with the "Typical Bank of Vietnam".
2.3. Logo Identification- Meaning of MB Bank's LOGO

2.3.1. Logo Image
Figure 2- Logo Image (MB bank,2022).

- The image part: the logo is assembled from 10 clusters of red cubes tilted
together to form a star, showing the movement and constant innovation of the
brand with the desire to serve customers in the best way.
- The text: MB Bank uses 2 letters M and B which are the abbreviations of the
brand name combined with the uppercase font on the logo to bring simplicity but
still full meaning of the name of the bank, also showing solidity for the brand.
2.3.2. Logo Color
- Red: showing enthusiasm and dedication in each transaction activity of MB
Bank.
- Blue and white: MB Bank uses these two colors for the text in the logo, blue
represents hope and development, moving forward firmly into the future, putting
customers' interests first, white Show transparency and clarity in all activities of
the brand.
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2.4. Vision & Mission
VISION MISSION
To be the most convenient bank For the development of the country, for
the sake of customers
CORE VALUES
Unity - Discipline - Dedication
Performance-driven - Reliability – Efficiency
2.5. Finance Of MB Bank
2.5.1. Company Own Structure
Figure 3- Company Own Structure (cafef.vn, 2022).

2.5.2. Ownership structure of MB Bank
• Military Industry and Telecommunications Group (Viettel): 14.01%
• State Capital Investment Corporation (SCIC): 9.34%
• Vietnam Helicopter Corporation - Company Limited: 7.39%
• One Member Limited Liability Company – Saigon Newport Corporation: 7.14%
• Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank): 4.42%
• Viettel Trading and Import-Export One Member State Company Limited: 3.05%
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2.5.3. Financial structure of MB Bank
• Total income: 36,934 billion VND (in 2021)
• Profit: 13,221 billion VND (in 2021)
• Total assets: 007,140 billion VND (December 31, 2021)
• Charter capital: 37,783 billion VND (December 31, 2021)
• Market capitalization: 125,818 VND billion (February 2022)
2.6. Member companies of MB
Table 2- Member companies of MB (MB bank,2022).
English name: MB Securities Joint Stock Company

Short name: MBS
Link website: www.mbs.com.vn
English name: MB Fund Management Stock Company

Short name: MB Capital
Link website: www.mbcapital.com.vn
English name:MB Assets Management Company Limited.

Short name: MBAMC
Link website: www.mbamc.com.vn
English name: MB Shinsei Finance Limited Liability
Company
Short name: MS Finance
Link website: www.mcredit.com.vn
English name: Military Insurance Corporation

Short name: MIC
Link website: www.mic.vn
English name: MB Ageas Life Insurance Company Limited

Short name: MBAL
Link website: https://mbageas.life/
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2.7. MBB's total assets compared to the whole industry
Figure 4- MBB's total assets compared to the whole industry (cafef.vn, 2022)
MBB's total assets are in the middle range compared to the whole industry:
Figure 5- MBB's total assets are in the middle range compared to the whole industry
(vietnamCredit, 2022)
In Q2,2022, the bank's charter capital was VND 37,783 trillion, the bank's total
assets were more than VND 658 trillion.
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2.8. Board of Directors Member of the Board of Directors of MB Bank
Figure 6- BOD (MB bank,2022).

MB Bank's Board of Directors consists of 11 members, including 1 Chairman, 3
Vice Presidents, including 2 Independent members.
• Colonel general Le Huu Duc • Le Viet Hai – Member
- Chairman of MB Bank • Kieu Dang Hung - Member
• Brigadier Luu Trung Thai • Ngo Minh Tuan - Member
- Vice President and General Director • Nguyen Thi Ngoc- Member
• Vu Thi Hai Phuong - Vice President • Nguyen Thi Thuy - Member
• Do Minh Phuong - Vice President • Tran Trung Tin - Independent member
• Vu Thai Huyen - Independent member
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3. Overview of MB Bank App
MB Bank App is a banking application of Military Bank (MB) on mobile phones,
allowing customers to perform most financial transactions such as receiving money,
transferring money, paying bills, saving online, borrow money online, top up your
phone, make daily financial investment with simple operation, can be done anytime,
anywhere (MB Bank)
MB Bank App on mobile phones, allowing customers to perform most financial
transactions
• Receiving money
• Transferring money
• Paying bills
• Saving online
• Borrow money online
• Top up your phone
• Daily financial investment
3.1. Download the App and Register for the MB Bank App
Step 1: Download the MB Bank App on your smartphone.
Figure 7- MB bank Application (MB Bank, 2022)
You can directly download the app “MB BANK” at the App Store or CH Play
Figure 8- download MB bank app (MB bank)
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Step 2: Sign up for an account
After downloading the MB BANK app to your phone or tablet. You click on the
"Download the application" button at the link when scanning the QR code. This is the
interface when entering the app to continue to register for the service. and follow the
steps as shown in the picture.
Figure 9- Steps to create MB Bank account (MB bank, 2021)

3.2. The main features of MB Bank application:
❖ Lifetime free transfer
With MB Bank, whether it's a weekday or a holiday, a weekday or a weekend,
your transfer will be completed immediately. Moreover, you also get free lifetime
money transfer including transactions with MB bank, 24/7 interbank, domestic ATM
card or via phone number.
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❖ Quick account management
Figure 10- View account balance check card list (MB Bank app)
All basic features are available on MB Bank application such as viewing
account/card list and checking balance/limit, searching and viewing transaction history
with detailed information, managing loans quickly, looking up the nearest ATM/branch,
Support to open/finalize savings accounts online with high-interest rates without going
to the bank, no need to keep the books like the traditional way.
❖ High security, safe
The system uses Digital OTP to make it more secure and convenient for
customers. Never have to wait for OTP messages. Convenient for transactions both in
Vietnam or abroad. MB Bank also supports login with fingerprint and Face ID to access
the app quickly without having to remember the password.
❖ Earn points to redeem gifts
You will have many opportunities to accumulate points when you regularly make
credit card transactions, deposit savings, deposit money and pay bills on MB Bank
application. After accumulating reward points, you can convert them into many
attractive gifts and incentives in areas such as travel, food, services, shopping, Golden
Lotus miles or refund to your card.
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❖ Pay utility bills
Just 1 payment, the application will remember and automatically renew the next
time for bills such as electricity, water, internet, television, ... In addition, you can also
recharge your phone, buy tickets plane tickets, movie tickets, ... or pay tax periodically
right on MB Bank. (MB bank, 2021)
3.3. User experience
On February 14, 2020, Military Commercial Joint Stock Bank (MB) officially
announced the new version of MB Bank App, which optimizes customer experience,
provides many smart utilities, and ensures transaction safety.
Figure 11- News “MBBank app makes Apple Store ‘Top Apps of 2021’” (vnexpress,
2021)
App MB Bank is the only banking application to appear in the "Top Apps of 2021"
(Top Apps of 2021) on iOS operating system in Vietnam.
4. Competitors
The banking industry is intensely competitive, and companies frequently offer
incentives to new and existing customers. These incentives can take many different
forms, from special deals to new policies.
Techcombank and ACB are currently major competitors in the customer segment
addressed by MB Bank.
Techcombank and ACB have almost the same total assets. in particular ACB
(approx. 543 billion VND), techcombank (approx. 623 billion VND) and MB Bank
(approx. 658 billion VND) (cafef.vn, 2022)
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Both Techcombank and ACB are developing smart apps in the fight for internet
banking on mobile apps, continuously developing customer support services,
optimizing interfaces and rapidly adding utilities.
In the Google store, the number of people who have downloaded MB Bank
(approx. 10 million+), Techcombank Mobile and ACB ONE (approx. 1 million+)
(Google Play, 2022).
Figure 12- the number of downloads on google Play (Google Play, 2022)
Table 3- Compare with another bank’s app (TheBank, 2021)
Content MB TECHCOMBANK ACB
Create Open an online account Not support Create

account directly on MB Bank and directly on
online actual rubbing applications, app
Sign online contracts.
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Content MB TECHCOMBANK ACB
There is no need to go to the

Bank to sign the night of
translation.
Transacti Free 24/7 Free 24/7 Free 24/7

on
Saving Online loan: super-fast loans Savings online pay Savings

and from savings books, super- interest at the end of the online pay
lending fast loans from credit cards, period. interest at
unsecured loans online No loan directly on the the end of
Online savings: Savings app the period.
accumulation or savings at the No loan
end of the period directly on
the app
Payment Easy to pay electricity and Easy to pay electricity Easy to pay
online water bills, tickets and water bills, tickets electricity
and water
bills, tickets
Account Query balance/ transaction Query balance/ Query

Manage statement transaction statement balance/
ment transaction
statement
Security OTP SMS and IOTP OTP and TOKEN mail OTP
Other Vin ID MB Visa Free OTT ton Fast

features Buying stock Mobile
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5. Market share
Figure 13- Top 10 banks with the largest total assets in 2021 (Vietnambiz.vn, 2021)
According to statistics from 27 banks that have announced their financial
statements for the fourth quarter of 2021 (Agribank is the preliminary result), the total
assets of banks as of December 31, 2021 have reached nearly 12.5 million VND. billion,
an increase of 15% compared to the end of last year. in which MB Bank ranks 5th in
the 10 banks with the largest total assets.
In which, the uptrend dominated with 26 banks with an increase in total assets and
only one bank with a decrease. The assets of these 10 banks alone have reached nearly
9.67 million billion VND, accounting for more than 77% of the total assets of the 27
banks (Vietnambiz.vn, 2021).
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Figure 14- Market share of bank cards in Vietnam 2021 (cafef.vn, 2021)
A recent report of the Card Branch - Vietnam Bankers Association said that the
total number of issued cards in circulation until June 30, 2021 reached 110 million cards
of all kinds, up 28% compared to the end of 2018; in which domestic cards reached 90.4
million cards, accounting for 82%.
The 4 leading banks in terms of the number of cards in circulation are VietinBank
with 16.9 million cards, accounting for 15%; BIDV with 15.3 million cards, accounting
for 14%; Vietcombank with 15.1 million cards, accounting for 14%; MB with 7.6
million cards, accounting for 7% (cafef.vn, 2021).
6. Segments
Geographic: Through continuous coverage on all provinces in the country, Laos,
Cambodia. MB Bank acts as a part of providing financial, utility and payment services
to customers
Demographic: With the belief that financial services and convenient payment,
user-friendly interface will contribute to changing lives and increasing income for
customers, always launching special service packages for each object customer.
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Psychographic: As a reputable long-standing bank, the application is user-
friendly, secure, and customer information is high, you can start all of this conveniently
and easily with the MB Bank app.
Behavioral: is one of the banks implementing internet-banking successfully with
more than hundreds of service utilities, including Money Transfer, Bill Payment, Buy
Air Tickets, Buy Train Tickets, Movie Tickets, Collect Money and Deliver translation
on mobile devices (MB bank, 2022).
7. Value chain of MB Bank
7.1. Content
MB developed with the vision of "The most convenient bank" along with the
motto set out at the beginning of the year "Digital Acceleration; Retail Breakthrough;
Safety - Efficiency".
MB Group also continues to orientate to build and develop corporations in
Vietnam, abroad and companies with associated relationships, meeting the
requirements of digital transformation. MB Goals is business growth and improve
competitiveness
Promotions for card making, brand advertising, raising capital with high interest
rates, advertising programs on mass media, etc., which are frequently applied widely,
have created a premise for MB to attract thousands of customers
MB has implemented the integration of all banking transactions and completely
free financial management on the MB Bank App (for individual customers), BIZ MB
Bank (for corporate customers) and the banking transaction model. automatic bank MB
Smart Bank. This bank also allows customers to own multiple account numbers like "a
multi-compartment wallet" or free four-quarter accounts, accounts with the same phone
numbers, accounts with the same birthday... on the MB Bank App.
7.2. Infrastructure and Services
Currently, Military Bank (MB Bank) has a nationwide network with over 100
branches and over 190 transaction points spread across 53 cities and provinces. The
bank also has a representative office in the Russian Federation, branches in Laos and
Cambodia.
27
• MB has 480 ATMs, 2500 POS machines located in provinces and cities
nationwide.
• MB's infrastructure has been designed to deliver a more modern and efficient IT
platform, supported by standardized processes. Accompanying MB on the journey of
digital innovation.
Figure 15- Infrastructure (TheBank, 2021)
Figure 16- Office & ATM (MB Bank)
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7.3. Services
MB Bank has a lending interest rate based on the needs of customers. The interest
rate will be applied based on the agreement between the customer and the bank. MB is
one of the few banks that can do this, MB is also the bank with the best capital quality
and solvency in the market.
Military Bank (MB) launches the "2 in 1" MB Hi Collection card, which is
extremely unique in terms of both form and utility and features. Suitable for many ages.
This is a card line that integrates a credit card and an ATM card in the same chip. This
is one of the products that bring a perfect user experience, aiming to become the "most
convenient bank" of MB.
Table 4- Table of Services (MB Bank, 2022)
Services Description
EMB It is Internet banking, which allows you to perform the above

transactions through an Internet-connected device, by
accessing the MB internet banking website address, logging
in and transacting.
MB Plus You will trade through the application installed on the phone.
The phone needs to support application installation and have
an Internet connection to use the service.
Bank Plus Application for Viettel subscribers with an account at MB. If

you do not register at another bank, your account will default
to MB when you register for this service.
SMS Banking Help you query account information, interest rates, exchange
rates, ATM points and receive proactive messages when there
is a change in the balance of money in the account (increase
or decrease).
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B. ANALYZE
1. Business model of MB Bank
Currently, Vietnam is a country with a young population, high rates of mobile phone
and Internet usage. At the same time, the State Bank has a strategy to promote and
support commercial banks to digitally transform the banking sector. That's why the
Banking app was born and became an indispensable form of banking. The App also
helps attract many interested and used customers, many new services are integrated to
better meet customer needs and optimize costs for the bank.
Figure 17- Business model of MB Bank (Hootsuite, 2021)

2. Revenue model of MB Bank app
App banks all make money from 3 main models: Web catalog Revenue model,
Subscription to advertising supported model and Fee for transaction revenue model.
2.1. Web catalog Revenue model
When it comes to banking, we all immediately think of the Internet Banking feature.
This is a Web Catalog Revenue Model which is essentially an electronic version of the
traditional category-based retail sales model. MB Bank supports customers to perform
transactions (money transfer, payment, ...) quickly through mobile devices or computers
with Internet connection. Some useful features of this service such as: Query account
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information, Check account balance, Transfer money with the same system and other
systems, Pay bills, ....
Figure 18- Web Catalog Revenue Model (mbbank.com)

MB also comes with service packages to suit the needs of each person. When using
the eMB Basic service package, customers are only allowed to use non-financial
features. Such as: Personal information management (Check activity log, change
password, change personal information, ...), account activity management (Check
balance information, transaction history in date, bank account management, etc.). When
using the eMB Advance package (personal MB Internet Banking), customers can use
both financial service features and non-financial features (in the eMB Basic package).
Finally, Advance + Package, this is a service package aimed at corporate customers
(MB Internet Banking business), some features of this service package: Supply chain
support, international money transfer Online, Online banking loan, ...
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Figure 19- Services of Internet Banking (mbbank.com)
2.2. Fee for transaction revenue model.

Fee-for-transaction revenue models generally generate revenue through the
earning of commissions. The larger the transactions, the more they earn. Using this
model on the internet offers some flexibility that businesses can take advantage of such
as lower overhead costs and the ability to earn some extra revenue. The success of the
application comes from transactions between accounts, banks, promotions, purchase of
scratch cards....By providing these services online, companies are able to remove the
human agent as the intermediary and introduce a website as the new intermediary. With
MB Bank, whether it's weekdays or holidays, weekdays or weekends, the Your money
transfer will be completed immediately. Moreover, you also get free money transfer for
life including transactions with MB bank, interbank 24/7, domestic ATM card or by
phone number but other banks will charge fees for transactions to customers Business
and international transactions.
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Figure 20- Fee-for-transaction revenue models (MB bank, 2022)
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2.3. Subscription to advertising supported model
In the application will be a place for their customers to place ads. A large number
of customers that are partners will have to pay a fee to be able to use a space inside their
application, space in the application for third party advertisers, they can place charges
for a specific time period or, depending on views or clicks on an ad, "exclusive" sales
programs, usually for products with high operating costs, such as movie tickets, food
and drink, etc.
Figure 21- Subscription to advertising supported model (MB bank)

The most prominent feature is Fee for transaction revenue model. It makes payment
and money transfer procedures easier for customers. Instead of going to the bank, you
can now use these services anywhere. Just a phone connected to the internet removes
all barriers and it is also the app's most revenue-generating model.
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3. Marketing Mix 4P’s
3.1. Product
With MBbank, they provide the following services: Open an account online,
Borrow online, Saving online, Saving online, Account information….
Figure 6- Product (MBBank.com, 2022)

Almost all other banks provide services such as: TPbank, Techcombank, .... so in
terms of competitive products, there is almost no clarity.
3.2. Price
Below is the fee schedule of MBbank compared to some other banks
• Transfer fee
Money transfer fee includes same-bank transfer fee and inter-bank transfer fee.
This fee varies from bank to bank. With MB, customers will be able to transfer money
to most banks for free via the app. However, the bank still has to ensure the provisions
of the banking law and suit the customer's conditions.
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Table 5- Transfer fee (Timo.vn, 2021)
BANK Bank transfer fee Interbank money transfer fee
Timo Free Free
VPBank Free 7.000 VND
– Same Province/City: 0.018%

(minimum: 15,000 VND –
– Same Province/City: Free
maximum: 900,000 VND)
Sacombank – Other Province/City: 8,000
– Other Province/city: 0.041%
VND
(minimum: 25,000 VND –
maximum: 900,000 VND)
– Free via MBBank app

– Free via MBBank app
– 11,000 VND/transaction with an
– 3000 VND/transaction
amount less than or equal to 500
under or equal to 20 million
MBBank million VND
VND
– 0.27% of the transaction amount,
– 5000 VND/transaction over
up to 1 million, with an amount
20 million VND
greater than 500 million.
Note: The information is for reference only because some banks may update the fee schedule
• Account management fee

This is a fee that you need to pay when using the bank's card service. This fee will be
collected by the bank on a monthly basis.
Table 6- Account management fee (Timo.vn, 2021)
bank Domestic card annual fee
Timo free
VPBank free
Sacombank 66.000 VND/year
Vietcombank free
TPBank 0 – 50.000 VND/year
MBBank 60.000 – 100.000 VND/year

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• Service maintenance fee
With MB digital bank, after successfully activating the account on the mobile
application, you can use the Internet/Mobile Banking service without registration and
monthly maintenance fee.
Table 7- Transfer Internet/Mobile Banking fee (Timo.vn, 2022)
Internet/Mobile Banking service

BANK maintenance fee
Timo Free
VPBank 10.000 VND/month
Sacombank 40.000 VND/year
Vietcombank 10.000 VND/month
TPBank Free
MBBank Free
Through the above fee schedule, we can see that MB bank can compete with other
banks in terms of cost compared to some services.
3.3. Place
Most applications are supported on ios and android devices. Therefore, customers
can use MB app if they have MBbank account.
MB mobilized technology resources, urgently implemented projects SMS
Banking, Home Banking, Phone Banking, Internet Banking, Mobile Banking. Internet
Banking and Mobile Banking system will be a modern and effective distribution
channel because safety is ensured through the application of encryption measures to
protect transaction data and enhance security by identifying factors real 2 factors.
3.4. Promotion
As shown in the table above, banks not only promote promotion, communication
and launch of new features, communication activities are also diversified by banks, not
only in PR activities. MSB, TPBank & Vietcombank are 3 brands promoting digital
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banking in 2020, MBbank is weaker in competition in the digital market than other
banks.
Figure 22- Promotion (Younetmedia, 2020)

For advertising, outdoor advertising is also a form used by MB to increase brand
awareness in the market. MB's ads are placed in places with high traffic such as
junctions, intersections, highways... people can see banners hanging on the street, on
large walls or on screens. display image. Eye-catching images as well as attractive
promotions will help MBbank increase brand recognition.
MBbank also cooperates with universities like UEF to promote and bring a large
number of users in the near future.
Figure 23- Promotion (UEF, mb bank, 2021)

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Compared to other banks, MBbank will have the advantage of Price. Transaction
fees are free and service or account fees are cheaper. Although it is not completely the
strongest, it is also an advantage for MB to compete and capture a part of the digital
banking market.
4. Customer Experience
4.1. Role of user Experience
Technology develops a lot, an industry also has more competitors. Users have
many choices. The intellectual level of users is also increasing. Since then, the
requirements for service experiences, product quality, web surfing speed... are
increasing.
More and more users participate in social networks using mobile web and smart
devices. Customers have the ability to connect with each other more and more strongly.
As long as your service is not good, the website's latency is high... leading to a bad user
experience will reduce the business effect strongly.
Therefore, customers who have a good experience at a business will often use
the product and this not only increases net revenue but also creates a competitive
advantage for the unit. This shows how important the customer experience, customers
tend to return to use your services if they can feel the convenient and satisfy, a leader
in customer experience with increased revenue growth
➔ Customer experience have important role to grow profits.

4.2. Data information
In order to collect analytical data, we have conducted a survey on the subjects

who are using MB bank in Vietnam today for the banking market with the main purpose
of synthesizing and giving an objective assessment of the data user experience. For
convenient, the language was used is Vietnamese. The form was referred in the form
using survey of Vietcombank 2019 banks.
39
Design Finding Collect
Purpose Search Analyse

Approach Survey data
Figure 24- Step to collect customers experiment (Group 7)

In order to have a reasonable and logical list of questions aimed at the right
target audience, in addition to making a list of questions, the group also researched and
consulted a number of other sources and selected questions which are the most relevant
to the topic of the group (Bang khao sat y kien khach hang ngan hang ve dich vu the
ngan hang ngoai thuong Viet Nam, 2019)
❖ Concept of Survey’s Questions
There are about four different types of questionnaire designing for a survey. They
are applied according to the purpose of the survey.
1. Contingency questions/Cascade format
2. Matrix questions
3. Closed-ended questions
4. Open-ended questions.
Data collection
Below is the survey questionnaire about MB banking mobile app that the team
conducted and compiled:
Table 8- User survey questionnaire review (Group 7)
Factor Supporting Question Information
Demographic Rang of user age 18 – 40 years old
What genre? Both men and women
What is the current employment
Work/Study
status?
40
How much is the monthly
2 -10 million
income?
Features Fast and easy transfer,
How is it useful?
Update information
Easy-to-use, guided
What is convenience?
interaction
How is the security? Trust, Safe
What are the promotions like?
Many, diversity
Experience What is the satisfaction level? Average

How likely is the user to return? Low
Development Which feature do you like to use
Saving online
the most?
What are the weak points that System quality, response
need to be overcome? of customer care
The interview was built by Google form, with more than 100 answer from people
who are customer of MB bank
4.3. Analyze the Data
4.3.1. Convenience
Figure 25- Responding about the convenience of app (Source: Group 7)
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Awareness: MB app has successfully attracted customers by designing an eye-
catching, unique and attractive user interface. The use of colorful icon has attracted the
majority of customers of all ages.
Interact: They think that using MB app is easy and convenient because of simple
and easy-to-use operations and does not cost much time.
Performance: the amount of people agree with usage performance of MB app
is lower than other. Because includes a lot of services, sometime functions don’t run
smoothly, they sometime lag and delay in a short time.
Safety and security: Most people have good feedback about MB's security,
about 90% agree. That show app have good system enough to protect customer’ data
without hack threats.
4.3.2. Feedback about system
Figure 26- Responding about the promotion of app (Source: Group 7)
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More than half of customer are using MB bank app is teenager, that show MB bank’s
service concentrate about student and personal user than companies. The young people
show that they have knowledge about technology more than middle age.
MB app is doing well in building promotions to implement a strategy to attract user

experience.
With the factor in figure the most user chooses agree that MB bank app has good
application, support for all services and the personality was built nice. In the other side,
the stable of app is the factor that was complained so much by customers.
4.3.3. User's ability to return
Figure 27- Respond about User's ability to return (Source: Group 7)

The chart show just 25% people think absolutely introduce MB bank app for their
friend or family, and 60% other say may be. They think MB bank app is a good app in
banking market, the color of brand is great, but the loyalty of customer has not build
enough. Some factors get negative feedback (15%), they said MB bank usually occur
login error and make they angry.
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Table 9- User experience analysis (Group 7)
Features Feedback
Awareness Build an attractive user interface. High visibility.
Useful Diversity of services Very helpful.

Capture information easily and quickly
Convenience Online payment service without going to the Easy to use, convenient
payment point, fast payment without OTP.
Special services: money transfer request,
payment/recharge reminder.
Statistics of spending management.
24/7 customer support service.
Usage Smooth, no lag. High performance.

performance Fast page turning speed. Speed is fast but
Doesn't take much time to use the function. sometimes a bit slow due
to many functions.
Safety/ Safety: Guaranteed by the bank, multi-layer High security.

Security security network.
Security: SMS OTP + Biometrics.
Promotion Discount + Cashback. Many attractive

News channel, social activities. promotions.
User's ability Will come back for over

to return 60%.
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4.3.4. Feedback and comment
The contentment about MB bank just in medium rate, so they still have good view
about bank with average point is 4/5
❖ Rating on CH Play
Figure 28- Rating on CH play of MB bank (CH Play, 2022)

❖ Rating on App store
Figure 29- Rating on app store of MB bank (App store, 2022)
❖ Positive comment
Figure 30- Positive feedback about MB bank app (CH Play, 2022)
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❖ Negative comment
Figure 31- Negative feedback about MB bank app (CH Play, 2022)
MB bank create a page on Facebook to advertise about their service and
promotion. This page also is a place customer comment about problems they meet when
using app quickly and easily. However, the customers who have good experiment don’t
often give their compliment on page, comments were wrote as complains about the error
of system that need to be solve. The following are problems happen the most:
❖ Complain on Social Network (facebook)
Figure 32- Cannot transaction error (facebook fanpage , 2022)
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Figure 33- Cannot login error (facebook fanpage , 2022)
Figure 34- Maintenance error (facebook fanpage , 2022)
Figure 35- Late in response of host (facebook fanpage , 2022)
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4.4. Evaluation
The operation of MB bank app is relatively good. However, in the recent time, app
usually unstable and appear a lot of system error, that have made customers have bad
experience with app.
Table 10- Table of evaluation of customer experience (Group 7)
Good experience Bad experience
✓ Higher security than using website • You have to have mobile phone and
✓ Application is attractive and show fully internet enough strong to use
promotion and notification • Complicate for some people who
✓ Completely free of charge for all don’t know tech (as old people)
conversion transactions via App MB • Delay in transaction cause lost
Bank, customers can save money if they money in long time
transact many times. • Still happen a lot of error about
✓ There are many free transfer update, login, register,…
transactions in money transfer similar to • Support, customer care staff don’t
MB banking system, 24/7 fast money good
transfer, direct transfer to ATM card, • Some services have expensive fee
money transfer to phone number,
payment unit.
✓ Customers can completely save money
through App MB with preferential
interest rates, sometimes even higher
than when transacting at the counter.
✓ No monthly maintenance fee for MB
Bank App.
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5. Customer relationship management- CRM
5.1. Definition
The relationships management with electronic customers is the result of one of
the fundamental changes in the business beliefs and paradigms and that change of
organizations approach is from mass and general relationships with different customer
groups to one-to-one and virtual relationships with them through IT and
communications, which is a kind of trading strategy to increase the volume of customer
financial transactions with the bank. The e-CRM is a customer based marketing strategy
that deals with the most valuable assets of an organization, which is its customers. It
addresses all customer-related financial and business processes. It creates value both for
the organization and the customer. Information technology should be used to present
this value and implement this strategy.
Figure 36 Relationship of CRM with result (a*, 2020)

5.2. CRM model of MB bank
5.2.1. Sales
The activity of providing items to clients. These include sales operations like
paying recurring bills, emails, quotes, making appointments, contracts, transactions,
collecting money and so on. MB bank app will remember the information from the
initial transaction, and in the following payment periods, messages recommending
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service use will be prioritized for display on the site in order to coordinate clients into
the usage area to utilize MB bank app service.
Figure 37 Notification of payment

5.2.2. Marketing
Figure 38- MBbank and MB Bank app Figure 39- MB ads with latest news-
(MB ads, 2019 ) Petro outsold event (Internet, 10/2022)
Creating CRM marketing strategy in order to get customers to approach and
purchase the company's products. MB collapse with big banking company as MB bank
app, they create promotion to encourage more customer choose MB card to transaction.
Among these are two standouts: "Link accounts - Instantly increase VND 100,000"
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Since MB bank app offers services, the majority of their marketing initiatives take
place online and offline. MB bank app regularly advertises content on social media
platforms, other offline places where clients are most likely to turn up. In order to
generate a distinctive feeling and pique clients' enthusiasm and fear of surprise, MB
bank app consistently provides the right marketing campaigns at each period.
5.2.3. Service
With the criteria to become the most convenient bank, MB is currently
implementing many new policies and services on the MB Bank app to bring many new
experiences and benefits for customers. Plenty of new function and service which are
modern had been update on MB Bank app :
❖ Free account number registration coincides with phone numbers:
Since mid-March, 2021, Military Commercial Joint Stock Bank (MB) has
implemented the program that allows customers to choose the account number
coinciding with the phone number. All MB customers can choose this type of 10 -digit
account completely free right on the MB Bank app without having to go to the
registration counter.
Choosing this new account number that MB for customers is considered "the end"
for those who forget, and also reduces the risk of confusion when making transactions.
To open this account, you just need to download the MB Bank app, register and follow
the instructions on the app. For customers who already have MB Bank app, you only
need to log in MB Bank App, utilities, select beautiful VND accounts and follow the
instructions to get your unique account number.
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Figure 40- Free account number registration coincides with phone numbers service
(MB ads, 2019)
❖ International money transfer online:
MB has recently launched an international money transfer feature on MB Bank.
This is also the first and only bank to deploy this service on the bank app. Accordingly,
instead of having to go to the current direct transaction counters, customers can initialize
the transaction by themselves, upload the file, create money transfer orders, buy and
sell 100% foreign currency on the app. You will not need to worry because you have to
go to the bank on time for transactions, but you can transfer money to relatives and
friends 24/7 in anywhere conveniently.
5.2.4. Collaborative
Facilitates more interaction between businesses and their consumers via channels
such as (direct contact, phone, email, mail, web, ...). Assist in the coordination of
customer channels and employees. Integrating human interactions, procedures, and data
allows organizations to better serve their consumers.
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Figure 41- MB bank page on facebook(Facebook cap, 2022)
6. Interface
When starting to put the application into practice, MB Bank app's UI displays a
mishmash of features with no set guidelines, making it difficult for new users to find
what they're looking for. Furthermore, frequently used functionalities are situated at the
top of the screen, requiring two hands to perform, decreasing competitiveness by not
optimizing the user experience.
MB Bank app has steadily finished its application interface after performing user
experience surveys, grouping the application into four different needs groups and
delivering appealing offers to coordinate consumers in the service region. MB Bank app
reduces regularly used features to the toolbar, allowing users to work with one hand
(increasing reachability). The following functions are regularly utilized during the
month for the convenience of users: prepaid, postpaid, data, card code... are placed on
top, but the color and shape are not consistent, which will cause other icons to become
confused, thus it will only be visible when guests row click on the expanded function.
MB Bank app's use of color has also been refined; earlier, the colors of the icons
were arbitrary; today, the colors are organized into functional groupings based on the
nature of the icon, user also can choose the color they like by “Personalization option”
in Setting.
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Figure 42- Application of MB Bank app at fist 2018 (9Mobi.vn, 2018)
Figure 43- Application of MB Bank app now (Nguoilamtaichinh.com, 2022)

7. Payment system
The “payments system” refers to arrangements which allow consumers,
businesses and other organizations to transfer funds usually held in an account at a
financial institution to one another.
7.1. Internet banking
Online transfer to MB Bank via Internet Banking is a popular way. For users who
have an account at MB Bank, you can refer to MB Internet Banking service to get free
transfer within the bank. In case the user owns an internet banking account of other
banks, it is still possible to transfer to MB Bank but may apply the fee, depending on
the bank registration.
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❖ MB’s payment gateway
Payment gateway serves as a pre-built interface between the payment processor,
the merchant, and the acquiring bank to provide customers with an engaging and smooth
payment experience. This is considered the most flexible payment solution.
MB payment gateway supports both single and combined platforms:
▪ On the mobile app: The services of the partners are shown as a leverage
a vast user base while providing a flawless checkout experience.
▪ On personal devices: The fastest way for customers to make payments on
the Website/App/Mobile Web by any devices that they own.
▪ On big-screen devices: This payment approach is designed for businesses
that use smartTV and big-screen device apps.
▪ IoT devices with MB pre-built UI: This payment approach is appropriate
for dual-screen POS devices, Kiosks, and self-checkout POS.
▪ ATM: MB provides adaptations for all ATM in Vietnam.
7.2. QR payment system
In the trendy to focus on the versatility and modernity in customer experience,
Military Commercial Joint Stock Bank has cooperated with VNPAY (Vietnam Payment
Solution Joint Stock Company) mobile.
Accordingly, MB Bank application users can pay the invoice quickly and easily
with only three steps on mobile phones: Sign in to the application, select QR Pay feature
to scan VNPAY-QR code, enter the number Payment and transaction confirmation is
payment.
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Figure 44- QR payment in mobile app(Kinhtedothi News, 2021)
Static QR pasted at the counter used for all payment transactions.
▪ Payment link comes with static QR.
▪ Static QR code on store website/app wants to use standalone, not navigate
through web.
7.3. E-wallet
Electronic wallets are versatile trading channels when supporting bill payments
such as electricity, water, tuition, phone deposit, money transfer, ... easily to many
different banks. They provide the ability to transfer money to MB Bank account for
free, simple. At the same time, users can easily manipulate through the E-wallet app or
on the familiar what had linked with bank’s app.
When transferring MB Bank online, customers only need to perform through 2 simple
steps in the E -wallet application:
Step 1: Log in to your E-wallet app
Step 2: Find and put button “Transfer”.
Step 3: Choose “Transfer to bank”.
Step 4: Users choose to transfer money to bank cards or bank accounts MB
Bank. Enter the account number, the amount you want to transfer.
Step 5: Choose “Confirm transaction” to complete.
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Figure 45- E-wallet payment(MBinternetpayment, 2019)
8. SWOT
A SWOT analysis is a strategic planning tool that managers can use to assess their
company's current status. It's a great strategy for analyzing your present business
environment's Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T).
Table 11- SWOT of MB bank app (Group 7)
❖ Strong brand value

❖ App often Error
❖ Better personalization
❖ App regular maintenance
S ❖ Unique approach W
❖ Not compatible with some
❖ Superior social strategy
android devices
❖ Government policies
❖ Competitors easily copy the
❖ Digital banking
system's special features
O ❖ Online payment T
❖ Extremely highly
❖ Interface app, services
competitive rate
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8.1. Strengths
❖ Strong brand value
According to a recent announcement by Brand Finance, MB bank belongs to 11
Vietnamese banks in the Top 500 banks with the most expensive brand value on the
planet.
Another difference of MB compared to other banks is the ownership ratio of major
shareholders. MB's largest shareholder is Viettel Group with a 14.1% stake
MBBank has amazing results, its net interest income in 2021 is 311 times larger
than 2003. Profit before tax is also 228 times higher than before.
❖ Better personalization
On the app, there is a “Bee Rich” section that provides customers with:
Set up and complete each small plan to help customers create more self-
motivation.
Raise digital pigs whenever you have free money to maximize your assets.
Closely follow the financial plan by conveniently and accurately managing
revenues and expenditures inside and outside MB
❖ Unique approach
MB is the first bank that allows customers to easily open accounts with beautiful
numbers, accounts with the same phone number, accounts with the same birthday, ... as
they like:
For Asians, numbers always have symbolic meanings. The numbers 2, 6, 8, 9 are
said to bring luck, fortune, and sustainability to its owner. Vietnamese people often
spend a lot buying beautiful phone sim cards, beautiful number plates. Grasping that
trend, MB bank allows customers to choose a good number for their accounts. This
makes customers especially interested and excited. MB also communicates this
program through the posts of famous artists on social networks who have beautiful
digital account numbers from MB Bank such as Chi Pu, Trinh Thang Binh, Ho Quang
Hieu, ...
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Launched in November 2021, "Losing money, MB compensates" is an account
and card protection program pioneered by MB in the market and received a lot of
attention from customers
The program was officially deployed in the context of the increasing number of
fraudulent methods to appropriate money in accounts and cards and increasingly
sophisticated forms of implementation
Customers today are very susceptible to information theft, bank hacking, loss of
money in their bank accounts when they accidentally visit strange links and provide
OTP to hackers. Therefore, when MB Bank announced that it would compensate
customers if they lost money during transactions, this made many customers trust and
use MB bank app more for their payments.
8.2. Weakness
❖ App often Error
Many customers complain that the MB Bank app performs transactions slowly,
specifically, it takes customers a long time or even a few days to make a successful
transaction instead of immediately like other banks' apps. This seriously affects the
quality of user experience. Under the posts on MB Bank's official fan page on Facebook,
there are many angry reactions from users and many comments complaining about
transaction errors when using the application, slow response customer care,… A lot of
customers will switch to the other bank. This control for the quality of app MB is
unstable and customers easily give up the app.
❖ App regular maintenance
Maintenance happens quite often. Recently, MB bank also announced
maintenance on the special occasion of September 2, customers are required to make
transactions before August 31. This annoys a lot of customers. Because this is a big
holiday of the year in Vietnam, the demand for payment becomes higher, but MB Bank
chose this as a maintenance time, which greatly affected the transaction activities of
many MB Bank's customers. Maintenance takes place quite often, showing that MB
Bank App's system has poor stability, which makes many customers disappointed and
want to leave the service.
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❖ Not compatible with some android devices
Only devices using Android 5.0 and above can install the MB Bank application.
Figure 46- announcements problem (MB Bank app, 2022)

8.3. Opportunities
❖ Government policies
The interest and scheme of the Vietnamese government on non-cash payments in
the period of 2021-2025.
The Government issued Decision 1813/QD-TTg on the project of developing non-
cash payment in Vietnam for the period of 2021-2025. One of the contents of the Project
on Development of Non-Cash Payments is that the Prime Minister assigns the State
Bank to coordinate with relevant ministries and branches to study and propose
mechanisms and policies on cryptocurrencies. number of countries. This is an
opportunity for digital banks to develop even more in the future.
❖ Digital banking
Digital banking is developing more strongly in domestic as well as international
market: Further, digital banking is relevant in the context of the covid-19 pandemic,
which has seen a drastic decline in cash usage due to the risk of contamination.
According to the State Bank of Vietnam (SBV), as of December 2020:
- The number of transactions made via internet channels reached 297.4 million
- The number of payments made via mobile phone channels reached 696.3 million,
totaling nearly D7.8 trillion ($339.13 million).
60
- The number of payments via points of the sale exceeded 232 million, totaling
D395.86 trillion ($17.21 million); and
- The number of payments via automated teller machines (ATMs) reached 660
million.
- This shows that Vietnamese banks are entering the digital transformation period
with the rapid development of digital services.
❖ Online payment
Online payment is a leading trend with many different forms such as buying
goods, saving money, and using insurance, ...:
Many banks cooperate with different e-commerce companies to create vouchers
and incentives to encourage customers to pay with their banks. The payment via bank
is fast, convenient, and safe, which makes customers more and more excited.
❖ Interface app, services
Various services, especially attracting many customers: MB Banks now provide a
lot of useful functions for customers through their applications such as saving,
investing, managing spending, payment, lending, … With simple operations on the app,
the clients are easy to enter many other transactions.
8.4. Threats
❖ Competitors easily copy the system's special features
Right after MB opened the program to provide beautiful digital account numbers,
a series of large Vietnamese banks such as Nam A Bank, Techcombank, Sacombank,
VP bank, and SHB also followed suit.
When there is an error, customers can easily switch to using the service of a
competitor: Opening a bank account today is extremely easy. Customers can completely
register their bank account online quickly and conveniently so when they are not
satisfied with the quality of their current bank, they can easily give up and choose
another bank.
❖ Extremely highly competitive rate
Vietnam currently has 31 different large and small domestic and foreign banks.
Banks are increasingly providing more superior products to customers, improving
services such as eliminating interbank transfer fees, eliminating monthly account
61
maintenance fees, etc. to attract customers. A series of e-wallets such as MoMo,
ZaloPay, VNPay, ... also threaten many banks in terms of competitive rates. This shows
that the digital payment market is very competitive, MB Bank not only competes with
banks but also with existing e-wallets in the market.
9. Security
Currently, MB Bank app is meeting the strictest standards in the international
banking and finance industry, and Mb App's activities are supervised by the State Bank
of Vietnam. MB Bank app is applying the following outstanding security technologies.
9.1. Transaction confirmation with OTP smart Banking code
Two-factor authentication: with [1] User-defined information (PIN, password,
fingerprint, FaceID ...) and [2] Digital OTP (One-time verification password) is sent via
SMS to customers' registered phone numbers. OTP can be sent via SMS or through
other forms (smart OTP application, Hard Token ...)
Digital OTP is the most advanced security method currently integrated right on
the MBBank App, so that users can actively get one-time authentication code (OTP)
and automatically enter it into the system when performing online transactions. . Digital
OTP authentication method is designed with the highest security standards today
according to the new regulations of the State Bank to help users authenticate
transactions safely and conveniently with many features.
9.2. Confirm customer identity by QR code
Most smartphone users favor innovative payment techniques, particularly those
that are incorporated into mobile platforms and make it simple and practical to link
payments without the need for cash or a bank card. As a result, many users of MBBank's
Banking App have expressed interest in the payment by QR Code function, which is a
practical and secure mobile payment option.
The MBBank App uses a variety of QRcode types:
• Dynamic QR code: contains full payment information, including sales
agent code, invoice amount, goods/product code (Example: bill paid at
supermarket, shop, ...).
62
• Static QRCode with recurring charge: is a QR code containing sales agent
information, customer code but no payment amount (For example: electricity,
water bills, ...).
9.3. Using eKYC to identify consumers online.
eKYC MBBank is an online customer identification method that allows clients to
create a payment account on the MBBank app without having to visit the bank to
complete identification processes such as the KYC process. MBBank's eKYC solution
also assisted the bank in winning the "Sao Khue 2021" award.
MB Bank's eKYC solution includes comprehensive facial and voice recognition
technologies to improve identification accuracy. All data about clients may be simply
discovered and retrieved using Machine Learning technology. Specifically, the eKYC
system adopted by MBBank includes face recognition and voice authentication based
on information on identifying documents (IDs/Citizenship IDs) submitted and recorded
by clients. biometric data relating to the customer's payment account
Furthermore, because the eKYC identification procedure on the MBBank app is
based on Dynamic Key and Digital OTP, consumers may be entirely confident. As a
result, all client information is kept strictly secret.
9.4. Card management with facial ID and fingerprint
Allows users to authenticate login by scanning their fingerprints/Face ID (only on
mobile devices with built-in fingerprint sensor/Face ID sensor).
Mb Bank's fingerprint authentication technology allows customers to scan their
fingerprint/Face authentication while checking in by placing their finger on the Home
button/via camera. The sensor system will collect a fingerprint/face image, analyze it,
and compare it to previously recorded fingerprint/face data to determine who is logging
in. This method assures that the person logging in is the account owner.
9.5. SSL/TLS standard internet connection security
GlobalSign has approved the SSL/TLS standard internet connection security,
which helps to preserve data integrity when transacting in a network environment.
TLS (Transport Layer Security) and SSL (Secure Sockets Layer) are
cryptographic technologies used to safeguard data when browsing the Internet. This is
a global technological security standard that establishes an encrypted connection
63
between a server and a workstation. Through the message authentication code, this
mechanism secures and verifies the integrity of the data.
The SSL/TLS standard data transmission encryption technology used by MB Bank
has been certified by GlobalSign, the world's largest international security firm.
9.6. Automatically lock the application
Automatically lock the application when the user does not operate within 5
minutes or immediately when closing the application.
Mb bank app has the function to save login passwords. Users do not need to re-
enter the password every time they open the application, users can set automatic lock
as soon as the application screen is closed. Automatically lock ensure customer
information is confidential, crooks can't infiltrate the account.
64
C. CONCLUSION
MB Bank has outstanding development potential, provides a convenient source of
many outstanding products and services, has many users, and preferential campaigns or
events are often held.
Bank customers include individual customers and customers, so the bank's
products and services must meet the needs of each customer and must forecast the trend
of changing the needs of customers to create Products suitable products and services.
From the SWOT analysis, we can evaluate the strengths of the App as a
development advantage and compete with competitors, as well as analyze potential
opportunities, and promote the search for new potential markets. moreover, it is
necessary to control and overcome existing risks and weaknesses that remain.
With a diverse customer segment, it shows that MB Bank is making achievements
in the next stages of development.
Along with that, evaluate the level of experience and satisfaction with this
application, as well as overcome the limitations according to the requirements of
customers.
The operation of MB bank app is relatively good. However, in the recent time, app
usually unstable and appear a lot of system error, that have made customers have bad
experience with app.
❖ Solutions
- MB Bank needs to improve the information technology quality of the
application, limiting errors and maintenance that affect the quality of using the
application by customers.
- Taking advantage of the development of digital banking, regularly launching
new features and programs, providing suitable and unique products, necessary to attract
many different customers.
- Develop features that catch up with trends, have their own unique characteristics,
and eliminate outdated and ineffective products.
- Focusing on communication, promoting products, utilities and promotions to
young customers - the most potential customer group today
65
- Cooperate with many e-commerce companies and stores to create promotions to
attract payment to those who often pay via card or online.
Develop new tech in the future – VCCS card:
Military Commercial Joint Stock Bank (MB) said that the bank has officially
issued a line of domestic debit cards that apply the basic standards of domestic
chip cards VCCS.
Domestic Chip Card according to VCCS standard is an electronic chip card
according to the standards issued by international card organizations capable of
storing and encrypting information with high security. The VCCS-compliant
domestic Chip card is fitted with a small chip, located on the front of the card right
above the card number. Accordingly, the conversion from magnetic card to
domestic chip card according to VCCS standard will make the transactions of
Active Plus and Quan Nhan cards issued by MB bank extremely secure and reduce
the risk of fraud and fraud.
In line with MB's ambition, the new brand platform was anchored in the
promise that customers would get access to:
Banking that is as intelligent and convenient as possible, providing innovative
and trustworthy banking solutions that are always in-sync with customers' on-the-
go lifestyle.
A digital enterprise that helps connect customers instantly to the right people
and resources, turning opportunities into reality.
Trusted guidance to plan better and achieve goals faster.
Notably, with the newly issued VCCS domestic Chip card, MB bank can
develop and apply high technologies such as Contactless – contactless payment
technology for payment service of domestic cards in next time.
66
REFERENCES
1. “MB Ngân Hàng Quân ĐỘI | MB BANK - MB-bank.” [Online]. Available:
https://www.MB Bank.com.vn/.
2. “Ngân Hàng MB Bank - Thông Tin Ngân Hàng Cổ Phần Quân đội,” ĐỨC ANH
LAND, 02-May-2022. [Online]. Available: https://ducanhland.com/ngan-hang-MB
Bank/.
3. “Review Và đánh Giá app MB Bank Của Ngân Hàng Quân Đội (MB Bank),” Tiền
Của Tôi - Học cách quản trị tài chính cá nhân và đầu tư tài sản., 23-Jul-2021.
[Online]. Available: https://tiencuatoi.vn/review-va-danh-gia-app-MB.
4. “MB Bank app makes Apple Store 'Top Apps of 2021' - vnexpress international,”
VnExpress International – Latest news, business, travel and analysis from Vietnam,
15-Dec-2022.
5. Questionnaire Designing for a Survey - S Roopa, 2MS Rani
6. Qualitative Health Research 2019, Vol. 29(1) 149–156 © The Author(s) 2018
Article reuse guidelines:
7. Effects of e-cram on the service attributes and quality of customer-bank relationship
- Mohammad Amin Abdi a*, Mohammad Reza Hamidi Zadeh a,
8. Li, H., Yu, Q., Ji, S., & Wang, Y. (2022). A questionnaire survey on the relationship
between early art education and emotion regulation of chinese college
students. International Journal of Neuropsychopharmacology, 25(Suppl 1), A82–
A83. https://doi.org/10.1093/ijnp/pyac032.112
9. Guo, Z., Liu, P., Yang, H., Bao, Y., zhou, Y., Sun, M., & Qu, H. (2022). Effects of
head down tilt training on carotid blood flow, psychological stress and anxiety
sensitivity in the elderly. International Journal of
Neuropsychopharmacology, 25(Suppl 1), A83–A84.
https://doi.org/10.1093/ijnp/pyac032.113
10. Bang khao sat thai do khach hang ve dich vu the ngan hang ngoai thuong Viet Nam
– Vietcombank, 2019
11. Biểu phí dịch vụ các ngân hàng phổ biến hiện nay. (n.d.). Timo. Retrieved October
26, 2022, from https://timo.vn/blogs/tai-khoan-thanh-toan/bieu-phi-dich-vu-the-
atm-noi-dia-cac-ngan-hang/#Tong-hop-bieu-phi-dich-vu-cac-ngan-hang
12. Cơ hội trải nghiệm “Thẻ tín dụng quốc tế MB Modern Youth” cho sinh viên UEF.
(2021, October 21). UEF. Retrieved October 26, 2022, from
https://www.uef.edu.vn/ctsv/dich-vu-ho-tro/co-hoi-trai-nghiem-the-tin-dung-
quoc-te-mb-modern-youth-cho-sinh-vien-uef-13207
13. Kết quả nghiên cứu về thị trường E- Banking Việt Nam tháng 1/2021. (n.d.).
Mibrand. Retrieved October 26, 2022, from http://mibrand.vn/we-share/ket-qua-
nghien-cuu-ve-thi-truong-e-banking-viet-nam-thang-12021
14. Syndicated Report: Toàn cảnh thị trường Ngân hàng số Việt Nam năm 2020. (2020,
December 17). YouNet Media. Retrieved October 26, 2022, from
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viet-nam-nam-2020/
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15. Top các Ngân hàng quảng cáo hiệu quả nhất năm 2019 | bởi Nguyễn Anh Phương.
(2020, July 23). Brands Vietnam. Retrieved October 26, 2022, from
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quang-cao-hieu-qua-nhat-nam-2019
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MINISTRY OF EDUCATION AND TRAINING

HCMC UNIVERSITY OF ECONOMICS AND FINANCE

Course Title : Mobile Commerce

Ho Chi Minh City, 10/2022

Course Title : Mobile Commerce

Ho Chi Minh City, 10/2022

2. Overview of MB Bank ......................................................................................... 12

2.1. History Development of MB Bank................................................................ 12

2.2. Development timelines .................................................................................. 13

2.3. Logo Identification- Meaning of MB Bank's LOGO .................................... 14

2.3.1. Logo Image ............................................................................................. 14

2.3.2. Logo Color .............................................................................................. 14

2.4. Vision & Mission .......................................................................................... 15

2.5. Finance Of MB Bank..................................................................................... 15

2.5.1. Company Own Structure ........................................................................ 15

2.5.2. Ownership structure of MB Bank........................................................... 15

2.5.3. Financial structure of MB Bank ............................................................. 16

2.6. Member companies of MB ............................................................................ 16

2.7. MBB's total assets compared to the whole industry ...................................... 17

2.8. Board of Directors Member of the Board of Directors of MB Bank ............ 18

3. Overview of MB Bank App ................................................................................. 19

3.2. The main features of MB Bank application: ................................................. 20

3.3. User experience ............................................................................................. 22

5. Market share ......................................................................................................... 25

7. Value chain of MB Bank ...................................................................................... 27

7.3. Services .......................................................................................................... 29

2. Revenue model of MB Bank app ........................................................................ 30

2.1. Web catalog Revenue model ......................................................................... 30

2.2. Fee for transaction revenue model. ............................................................... 32

2.3. Subscription to advertising supported model ................................................ 34

3. Marketing Mix 4P’s .............................................................................................. 35

3.1. Product ........................................................................................................... 35

3.2. Price ............................................................................................................... 35

3.4. Promotion ...................................................................................................... 37

4. Customer Experience ............................................................................................ 39

4.1. Role of user Experience................................................................................. 39

4.2. Data information ............................................................................................ 39

4.3. Analyze the Data ........................................................................................... 41

4.3.1. Convenience ........................................................................................... 41

4.3.2. Feedback about system ........................................................................... 42

4.3.3. User's ability to return ............................................................................ 43

4.3.4. Feedback and comment .......................................................................... 45

4.4. Evaluation ...................................................................................................... 48

5. Customer relationship management- CRM .......................................................... 49

5.1. Definition ....................................................................................................... 49

5.2. CRM model of MB bank ............................................................................... 49

5.2.1. Sales ........................................................................................................ 49

5.2.3. Service .................................................................................................... 51

5.2.4. Collaborative .......................................................................................... 52

7. Payment system .................................................................................................... 54

7.1. Internet banking ............................................................................................. 54

7.2. QR payment system ....................................................................................... 55

7.3. E-wallet .......................................................................................................... 56

8.1. Strengths ........................................................................................................ 58

8.2. Weakness ....................................................................................................... 59

8.3. Opportunities ................................................................................................. 60

8.4. Threats ........................................................................................................... 61

9.1. Transaction confirmation with OTP smart Banking code ............................. 62

9.2. Confirm customer identity by QR code ........................................................ 62

9.3. Using eKYC to identify consumers online. ................................................... 63

9.4. Card management with facial ID and fingerprint .......................................... 63

9.5. SSL/TLS standard internet connection security ............................................ 63