Payment Services Automated Teller Machines: Benefits And Implementation

Problem Associated with Collin’s ATM Bank

What Is The Payment Services Automated Teller Machines?

The Collin’ ATM Bank requires and ATM service for facilitating customers in their daily banking activities. The ATM system to be developed should have a card reader that will read the ATM cards provided by the bank to the customers. The system furthermore should incorporate a keypad, a display, a cash dispenser and a printer for printing the transactional details if a customer wishes to print the details. The problem capabilities and the benefits of the system to be developed are discussed in the following section.

The major problem associated with the Collin’s ATM Bank is that it requires an ATM system for facilitating the daily banking activities of the customers of the bank. ATM is a necessary system as it provides the customers with the benefit of money withdrawal and access to different banking services any time. An ATM system is to be developed for Collin’s bank.

The ATM system will be capable of authorizing the identity of the user by collecting the data from the card inserted in the card reader of the system. Only after successful card recognition and pin verification the customer is allowed to withdraw money from his account. Upon successful verification of the identity of the customer, the system will as ask the customer to select their account preferences such as savings, credit or super saver in order to carry on with the further account transactions (Sridharan, Pramod & Sunitha, 2014). The system after verifying the authenticity of the customer will check whether the customer has sufficient funds in his accounts to proceed with the transaction in case the customer wish to withdraw money from his account. Apart from money withdrawal, the system is capable of providing the customer with the options of money transfer and printing the transaction history.

The system is expected to provide a number of benefits to the customers of the Collin’s bank, which will in turn provide certain business benefits to the ban as well. The benefits of the system are as follows-

1. The Customers can access the banking services 24*7, which will help the bank in engaging more customers to its service (Phan & Nham, 2015).
2. Implementation of this system will help the customer in eliminating the need of visiting banks quite often. This is turn help the bank in management of their services more effectively as the ATMs are faster in processing the requests in comparison with the bank.
3. The system is expected to increase the customer engagement with the bank thus increasing the business value of the organization.
4. The development of an ATM system is expected to increase the customers’ traffic aand increasing the possibility of customer retention.

The resources required for developing the Collin’s Bank’s ATM system are as follows (Bahill & Madni, 2017)-

1. Software: In order to provide the different functions of the ATM to the customers, the software of the machine need to interact with various other software. Therefore, there are certain software interface requirements that are needed to be fulfilled for implementing the system. This includes a transaction management software that is to be used for managing a transaction, a card management software for verifying the pin and login details and a database to keep the records of the user account on Oracle (Laudon & Laudon, 2016). Apart from this the system should incorporate a dial up POS as a communication interface requirement.
2. Hardware: The hardware requirement of the system includes the various hardware components in which a machine is required to interact with. The hardware components include ATM power supply, ATM card reader which should be incorporated with a magnetic stripe reader, receipt and statement printer, a monitor with a screen resolution of at least 800 X 600 (Wang et al., 2012).
3. People: In order to implement the ATM system for the Collin’s ATM system, there will be a need of human resources as well. This includes the different stakeholders associated with the project and the project team members. The project team member will plan the implementation of the ATM system within the given schedule and budget of the project (Ogbuji, Onuoha & Izogo, 2012).
4. Financial: The Bank needs to allocate a fixed amount of budget for the project of implementation of an ATM system for the bank. The budget should include the resource requirements of the project, cost of the labors and maintenance cost of the machine (Arora & Saini, 2014).
5. User requirements: The user requirements of the system include a user friendly and interactive interface that will provide the option of interacting with the services listed in the ATM system. It should be a menu driven interface providing a login screen for validating the identity of the user (Petrlic & Sorge, 2013). A successful login will guide the user to the further services including banking, money transfer and money withdrawal.

The stakeholder map for the identified stakeholder of the project is as follows (Missonier,  & Loufrani-Fedida, 2014)-

Stakeholder	Class	Power	Influence	Interest
Collin’s Bank	Keep Informed	High	High	High
Resource Manager	Monitor	Low	Low	Medium
Project manager	Manage Closely	Medium	Medium	High
Customers	Keep Satisfied	High	High	Medium
System Analyst	Monitor	Medium	Medium	Medium

The above table represents the major stakeholders associated with the project and also depicts the influence and the interest of the stakeholder in the project. The Column “class” represents which stakeholder is to be kept satisfied, monitored, kept informed and managed closely while implementation of the project. The stakeholders associated with the project should have a proper knowledge about the project progress and for that a proper communication plan is needed to be developed along with the determination of a fixed communication channel, which in this case can be email and phone.

 The project is very much feasible for the Collin’s bank to undertake the project as ATM system is an integral need for the customers as well as the bank for improving its business value. However, a detailed feasibility analysis of the project is performed in order to formulate a well planned project implementation. The technical feasibility is performed for the project in order to understand the availability of the hardware and software identified for the project. A cost benefit analysis of the project is also performed in order to check whether the project is economically feasible or not (Boardman et al., 2017). The operational feasibility of the ATM system is also checked prior to the development of the project plan.  This indicates that the project is ready to be implemented as soon as possible (Trapp et al., 2015).

One of the major risks associated with the project is that if proper security is not maintained, the customers’ data can be hacked. Furthermore, secure use of password or the pin is needed to be communicated to the customer in order to eliminate the risk of data loss.

The implementation of the ATM services is sure to accelerate the profit of Collin’s bank as it will increase the customers’ engagement with the bank. Increase is customer satisfaction is definitely beneficial to the business.

With the implementation of the project the users will be get the opportunity of accessing the banking services according to their convenience. The ATM service will be very beneficial for the customers of the bank, which in turn will increase the customers’ satisfaction.  

The project is expected to be a success. With the implementation of the project, the customers will be able to access the banking services and withdraw money 24*7. The system will generate a printed receipt of the transaction as well.

References

Arora, N., & Saini, J. K. R. (2014). Approximating methodology: Managing cash in automated teller machines using fuzzy ARTMAP network. International Journal of Enhanced Research in Science Technology & Engineering, 3(2), 318-326.

Bahill, A. T., & Madni, A. M. (2017). Discovering system requirements. In Tradeoff Decisions in System Design (pp. 373-457). Springer, Cham.

Boardman, A. E., Greenberg, D. H., Vining, A. R., & Weimer, D. L. (2017). Cost-benefit analysis: concepts and practice. Cambridge University Press.

Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.

Missonier, S., & Loufrani-Fedida, S. (2014). Stakeholder analysis and engagement in projects: From stakeholder relational perspective to stakeholder relational ontology. International Journal of Project Management, 32(7), 1108-1122.

Ogbuji, C. N., Onuoha, C. B., & Izogo, E. E. (2012). Analysis of the negative effects of the automated teller machine (ATM) as a channel for delivering banking services in Nigeria. International Journal of Business and Management, 7(7), 180.

Petrlic, R., & Sorge, C. (2013). Establishing user trust in automated teller machine integrity. IET Information Security, 8(2), 132-139.

Phan, C., & Nham, P. (2015). Impact of service quality on customer satisfaction of automated teller machine service: case study of a private commercial joint stock bank in VStakeholder Mapietnam. Business: Theory and Practice, 16, 280.

Sridharan, S., Pramod, T. C., & Sunitha, N. R. (2014, November). Architecting an integrated framework for utility payment services using automated teller machines. In Science Engineering and Management Research (ICSEMR), 2014 International Conference on (pp. 1-6). IEEE.

Trapp, M., Laub, K., Wern, B., SDU, L. H., Depuydt, T., UV, D. B., & Di Berardino, S. (2015). COST-BENEFIT-ANALYSIS.

Wang, Y., Zhang, Y., Sheu, P. C. Y., Li, X., & Guo, H. (2012). The formal design model of an automatic teller machine (ATM). In Breakthroughs in Software Science and Computational Intelligence (pp. 263-287). IGI Global.