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Overview of the Project

What Is The International Business Management Journal?

A project has been undertaken in order to develop an ATM system for Collin’s Bank with an aim to facilitate the daily activities of the customers. The ATM system should incorporate a card reader, a keypad, display, cash dispenser and a printer. The ATM service is to be designed in such a way that it serves one customer at a time. A vision document is to be developed for the project that will give a detailed idea about the systems requirement of the project, stakeholders associated with the project management and the project risks. Ensuring proper security is the major need of the ATM services as the customers’ data cannot be compromised. The ATM system will provide solutions to all the banking services including money transfer, cash withdrawal and printing the transaction receipt. The problem, capabilities and business benefits of the new system are elaborated in the following section (Laudon & Laudon, 2016).

The Collin’s Bank currently does not possess any ATM systems and therefore it is essential to develop an ATM system that will enable the customers for carrying out the much needed banking services without the requirement of the visiting the bank branch. The ATM system to be developed will provide the customers with the direct access of the different banking services after validation of his identity.

The ATM system to be developed will facilitate the different banking activities of a customer. The system will provide a much needed security to the customers’ data (Arora & Saini, 2014). On arrival to the ATM, the customer needs to insert their ATM card on the card reader and if the card is no recognized within 5 seconds, a timeout error will be displayed. After successful recognition of the card, the system will verify the identity of the customer and for that the customers need to enter their 4 to 6 digit pin. The pin will be verified by the respective bank for granting the authorization to the account of the customer. The system will allow the customer in withdrawing money from their account if the customer has sufficient fund. The system allows the customer in depositing money any time in their account and the system enables the customer in checking their account balance from the system without any hassle. The system allows the customer in printing their transaction history as well.

The benefits of the new system are as follows-

  1. The system will allow the customer in accessing their bank account 24*7. This includes all the banking services including money withdrawal and money transfer.
  2. The customer can generate the mini statement of the transaction to view or even print it.
  3. The system will facilitate report generation on a weekly, monthly, quarterly basis to track the inflow and outflow of the cash.
  4. The system will provide the customers an option of choosing the banking services according to their convenience.
  1. Software Requirements: The development of the ATM services needs certain software to manage the interaction of the customer with the system. This includes transaction management software, card management software and a database for storing the records. The records that are to be stored in the database should be encrypted with advanced encryption standard so that it cannot be accessed by a third party (Bahill & Madni, 2017). In order to develop an interactive interface, the need of a POS communication interface is essential.
  2. Hardware requirements: The hardware components that are needed to implement the ATM system include the card reader, power supply, magnetic stripe reader, statement printer and monitor (Sridharan, Pramod & Sunitha, 2014).
  3. People: This project needs a sufficient amount of labor in order to implement successfully. This type of resources includes the stakeholders associated with the project, the business analyst of the project, the project manager, and the project team members (Trapp et al., 2015).
  4. Financial Requirements: The financial requirements of project include the labor cost, the cost of the resources, the project implementation cost and the cost of maintenance (Boardman et al., 2017).

The project is a major project considering the necessity of implementation of ATM system in Collin’s Bank. A stakeholder map is developed for the identified stakeholders associated with the project. The stakeholders identified for implementation of the system of Collin’s Bank marketing as follows (Missonier & Loufrani-Fedida, 2014)-

Stakeholders Identified

Class

Power

Influence

Interest

Customers

Keep Satisfied

High

High

Medium

Project Manager

Mange Closely

Medium

Low

High

Collin’s ATM Bank

Keep Informed

High

High

High

Resource Manager

Monitor

Medium

Low

High

The above table represents the major stakeholders associated with a project and it gives a clear idea of the stakeholders who are needed to be kept satisfied, informed and monitor the project. The power of the stakeholders on a project determines the influence that particular stakeholder has on a project. In order to manage the project properly in the implementation stage, a communication plan has been developed for the project that helps all the stakeholders in fetching the details of project progress (Ayuso et al., 2014). Use of a proper communication channel is however needed for maintaining a smooth communication among the project stakeholders.

Implementation of any project is associated with certain risks. The risks associated with the implementation of the ATM services in Collin’s bank are as follows (Ogbuji, Onuoha & Izogo, 2012).)-

  1. The ATM system is expected to provide all the necessary banking services to the customers. Considering all the requirements associated with the system, the need of different hardware and software is evaluated. However, it is essential to understand whether the required software and hardware are readily available or not. If the required resources are not available, the project might face a risk a technical risk. In order to eliminate that risk, technical feasibility of the project and identified requirements are performed. The report suggests that the project is technically feasible.
  2. Another major risk associated with the project is that if the project fails to process the request of the customer. It can result in inconvenience and data loss. Therefore, operational feasibility of the project is performed in order to ensure that the successful implementation of the project is possible (Wang et al., 2012).
  3. There are certain legal risks associated with project as the system will be storing the personal data of the user for validating the same in the system as well. Performing the legal feasibility study of the project is therefore recommended (Petrlic & Sorge, 2013).).
  1. The system is expected to increase the business profit as the development of the ATM services indicates an increase in customer engagement with the bank. Increase in the customers’ satisfaction indicated greater engagement of the customers with the bank which in turn will increase the business profit (Phan & Nham, 2015).
  2. The users will also be benefitted by the implementation of the new ATM system. This will eliminate the need of a customer in visiting the bank. A customer can access the bank services according to their convenience which in turn will increase the customer satisfaction.
  3. The project is expected to provide a successful outcome as the project is needed for both the bank and the customers.

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.

Ayuso, S., Rodríguez, M. A., García-Castro, R., & Ariño, M. A. (2014). Maximizing stakeholders’ interests: An empirical analysis of the stakeholder approach to corporate governance. Business & society, 53(3), 414-439.

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 Vietnam. 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.

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My Assignment Help. Developing An ATM System For Collin’s Bank: Requirements, Risks, And Stakeholders Essay. [Internet]. My Assignment Help. 2019 [cited 26 February 2024]. Available from: https://myassignmenthelp.com/free-samples/international-business-management-journal.

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