The Problem and Benefits of The New System

Discuss about the Effects Of Automated Teller Machine On Performance.

Collin’s ATM bank is a bank service which requires an ATM for the purpose of facilitating the customers with the daily banking activities that they do. The new system that is to be developed would be consisting of a card reader which would be capable of reading the cards issued by the bank for the customers. Besides some additional features are also to be added to the new system which includes a keyboard, a display, a cash dispenser and a printer which would be associated with printing of the transactional details whenever a customer wishes (Narteh, 2013). This section of the report would be discussing about the problem capabilities and the benefits that the new system can bring.

Collin’s ATM bank faces a major problem that is the unavailability of proper ATM system. Due to this reason the organization requires an ATM facility that would be associated with helping the customers perform their daily banking activities (Sridharan, Pramod & Sunitha, 2014). ATM acts an necessary service for any type of bank as it is associated with providing the customers with a benefit of withdrawing money from anywhere along with getting access to various banking services any time without visiting the bank which helps them save a lot of time.

The ATM service that is to be developed would help in identification and authorization of the user by reading the information from the card by making use of the card reader which would be present in the sew system. Once the verification process is completed then only the customer would be allowed to enter the security verification code so as to withdraw the money (Van Anholt et al., 2016). Few sub stages that would be included in the system after verification is done and this are asking the customer about their account preference (like the Savings, credit or super saver) for the purpose of continuing with further transactions from the account. Another thing that would be checked by the new system while withdrawing money user is the amount of money that is present at that moment in the account of the user (Jegede, 2014). This is done so as to check if the user is capable of withdrawing the amount the money that the user inputs. Besides money withdrawing there would be other features like the transferring of money and printing of the transaction history as well.

Features of The New System

The new system with be associated with providing of various benefits for the customers as well as the Collin’s bank. Various types of business benefits would be provide to the bank as well. Some of the benefits are listed below:

1. Customers would be able to avail the ATM service 24*7 and this would initially help in engaging more customers towards the services of the bank.
2. The availability of this service would eliminate the frequent visits to the bank due to various reasons. This would help the bank a lot by managing their services in a more effective manner due to fact that ATMs are much faster and efficient as compared to the banks (Ogbuji, Onuoha & Izogo, 2012).
3. The increased rate of engagement of the customers with the bank by making use of the new system will help in increasing the business value of the organization.
4. There also exists the possibility of increase in the customer traffic along the possibility for retention of customers.

Certain things are required by Collin’s bank so as to develop the new system and the requirements can be categorized into different forms and they are listed below:

1. Software: The bank thinks of providing various services to its customers and for that they need they need a software in the machine which would be capable of interacting with other software’s as well. So it can easily be stated that requirements regarding certain software interfaces needs to be fulfilled in order to implement the new system. Some major software to be included is the transaction managing software which would be used for the purpose of managing the various transactions , a card reading and management software so as verify the login credentials like the pin or the login details (Asabere, Baah & Odediyah, 2012). Along with this there is also a need of a database which would be responsible for storage of records of the accounts of the account in Oracle. Along with this a dial up POS needs to be incorporated into the system which would act as requirement for the communication interface.
2. Hardware: Various types of hardware’s are required for the implementation of the new ATM system. The ATM machine requires lot of hardware so as to interact and respond properly. Some of the hardware that is required for the new system includes power supply kit, card reader along with a magnetic strip reader for reading the cards of the customer, printer for the receipts and statements (Narteh, 2015). There should also exist a display or monitor with a resolution of at least 800X600.
3. Involvement of People and stakeholders: Along with technical requirements the new system also need human resources. Human resources means the different stakeholders who would be associated with the project. Along with this human resources also includes team members who would be associated with various types of work like the management and many more (Arora & Saini, 2014). The team members would also be associated with the implementation of the new system within the provided schedule and the budget of the project.
4. Financial: The implementation of the new system requires proper allocation of fixed budgets for different steps involved in implementation of the new system (Mahmood & Shaikh, 2013). The things that are to be included are the budget for the resources required for the project, cost required for the labors and maintenance of the new ATM machines that are to be installed.
5. Requirements of the User: This requirement mainly involves the need of a system which is very much user friendly and is having an interactive interface which would be providing the option of interacting with various services that are enlisted in the service of the ATM system (Mwaikali, 2014). The interface should be menu driven which is to be provided in the login screen so as to validate the identity of the user using the ATM machine. Whenever the user’s logs in successfully, them they are provided with guidelines for using different services like the banking, printing of statement, money transfer, withdrawal and many more.

Stakeholders involved in the business of Collin’s bank can be categiorised into three types and they are primary stakeholders, Tertiary stakeholders and lastly secondary stakeholders. The primary stakeholders include the clients or the customers who performs the transactions from the machines (Odusina, 2014). Contrarily, the banks is considered to be the secondary stakeholder due to the fact that bank is the platform where the transaction goes. And lastly the tertiary stakeholders are those who are involved in the manufacturing of the ATM machines as they are associated with the various types of problems that arises due to various types of problems in the ATM machines.

The feasibility of the project is very much high as there is an increased need of understanding by the bank that the total ATM system is an integral for the customers and for the bank as well in order to improvise the business value (Okundamiya, Akpaida & Omatahunde, 2014).  Implementation of a properly planned project is possible only when a detailed feasibility analysis of the entire project is done. For proper understanding of the availability of the hardware and software required for completing the project can be done by technical feasibility (Okafor & Ezeani, 2012). By making use of the cost benefit analysis it is possible to perform an analysis of the project which would help in the determination of the fact that if the system is feasible or not. Prior to the deployment of the project plan the operational feasibility is checked.

Some of the major risks associated with the implementation of the ATM service is the risks related to the security (Suhr et al., 2012). There remains the possibility that the data of the customer getting hacked. Another risk associated with the new system is card and currency Fraud.

The profit of Collin’s bank is surely to get accelerated with the implementation of the new ATM system as this will be resulting in more customer engagement. Along with customer engagement the satisfaction of the customers also increases which is very much beneficial for the bank as it will attract new customers as well.

Business Benefits

The implementation of the new ATM system would surely be beneficial for the users. The users would be capable of accessing the bank services at their own convenience. This new system would greatly satisfy the users. All the services of the bank would be available to the users even without visiting the bank. This would help the users a lot in saving their time as well.

References:

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Asabere, N. Y., Baah, R. O., & Odediyah, A. A. (2012). Measuring Standards and Service Quality of Automated Teller Machines (ATMs) in the Banking Industry of Ghana 1.

Jegede, C. A. (2014). Effects of automated teller machine on the performance of Nigerian banks. American Journal of Applied Mathematics and Statistics, 2(1), 40-46.

Mahmood, T., & Shaikh, G. M. (2013). Adaptive automated teller machines. Expert Systems with Applications, 40(4), 1152-1169.

Mwaikali, E. J. (2014). Assessment of Challenges Facing Customers in Automated Teller Machines in the Banking Industry in Tanzania: A Case of Some Selected Banks in Tanzania. International Journal of Research in Business and Technology, 4(3), 480-488.

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Narteh, B. (2015). Perceived service quality and satisfaction of self-service technology: The case of automated teller machines. International Journal of Quality & Reliability Management, 32(4), 361-380.

Odusina, A. O. (2014). Automated Teller Machine usage and Customers Satisfaction in Nigeria. Global Journal of Management And Business Research.

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.

Okafor, E. E., & Ezeani, F. N. (2012). Empirical study of the use of automated teller machine (ATM) among bank customers in Ibadan metropolis, south western Nigeria. European Journal of Business and management, 4(7), 18-33.

Okundamiya, M. S., Akpaida, V. O., & Omatahunde, B. E. (2014). Optimization of a hybrid energy system for reliable operation of automated teller machines. Journal of Emerging Trends in Engineering and Applied Sciences, 5(8), 153-158.

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.

Suhr, J. K., Eum, S., Jung, H. G., Li, G., Kim, G., & Kim, J. (2012). Recognizability assessment of facial images for automated teller machine applications. Pattern Recognition, 45(5), 1899-1914.

Van Anholt, R. G., Coelho, L. C., Laporte, G., & Vis, I. F. (2016). An inventory-routing problem with pickups and deliveries arising in the replenishment of automated teller machines. Transportation Science, 50(3), 1077-1091.