Banks refuse to work overtime

A lot of commercial bank branches have been trying to work overtime on a trial basis to serve client demand. From this experience, they have realized that it is not easy to extend working hours.

Many clients complain that they do not have time to go to banks to make transactions, especially at the month or year’s end and just before holidays. They must stand in line for a long time, while they still have a lot of other work.

Some bank branches have decided to remain open later. In March 2006, Exchange 2 of the Bank for Investment and Development of Vietnam (BIDV) set up the transaction office at Tax Trade Centre. At that time, the office was the only bank branch in HCM City open seven days a week from 8:30 am to 9:30 pm.

Since October 3, 2005, the HCM City Branch of SeABank also introduced a longer work day, from 7:30am to 7pm, Monday to Friday. Asia Commercial Bank (ACB) began working later in January 2006.

Other commercial banks have followed suit, including Dong A Bank, Sacombank, An Binh Bank and VP Bank.

According to Bui Nguyen Hai, Deputy Director of ABBank, they want to remain open longer to serve their customers better. “Serving clients’ demand is our optimum goal,” he explained.

Nevertheless, not every bank thinks that it is necessary. Two years ago, Vu Viet Ngoan, former General Director of Vietcombank, remarked that it is not easy to work overtime, even though many transaction offices of Vietcombank are overloaded during regular business hours. Ngoan noted that the real demand for transactions outside of working hours must be considered.

In fact, only some branches and transaction offices of commercial banks have extended hours. The plan to open early and close late has not been implemented in the whole system because the demand is not big and efficiency is not high.

SeABank, one of the first commercial banks with extra hours, terminated the plan in 2007. An officer commented that the demand was not very large.

“We have realized that there were not many transactions made outside working hours,” the SeABank representative observed. “People still had the habit of making transactions during regular office hours and using other hours to relax.”

Bui Nguyen Hai added that, in the initial period, the branch only received a limited number of clients, just five or six. Now, the number of clients outside working hours has increased significantly, an estimated 30 clients a day.

Regarding the expense, Hai admitted that the bank had to recruit more staff and spend more for the branch to work overtime. He went on to say that the optimum goal of the bank is client satisfaction.

Dao Trong Khanh, General Director of Tien Phong Bank, suggested that instead of extending their hours, banks should think of other solutions to provide effective service. Khanh believes that e-banking and ATM service serves clients better.

“Of course, e-banking cannot replace the traditional way of making transactions, but this is developing. We will focus on e-banking services and the ATM system instead of working overtime,” Khanh confirmed.

TBKTVN

Tags: vietnam bank, Vietnam business time, Vietnam finance, Vietnam financial