(Luận văn thạc sĩ) risk management of card system operation in card centermilitary commercial joint stock bank

VIETNAM NATIONAL UNIVERSITY, HANOI VNU INTERNATIONAL SCHOOL Nguyen Duy Quang RISK MANAGEMENT OF CARD SYSTEM OPERATION IN CARD CENTER- MILITARY COMMERCIAL JOINT STOCK BANK -MBBANK n Major: Financial Managament Code: 8340202.01QTD MASTER IN FINANCIAL MANAGAMENT HANOI, 2021 ABSTRACT In the context of deeper and deeper integration into the global economy, in order to successfully achieve the goal of maintaining business operations in the direction of stability, sustainability and competitiveness in the market, most banks must pay attention to the risk management activities of the bank Bank cards bring many benefits such as reducing the habit of using cash, shortening payment transaction time, minimizing management costs and other inconveniences brought by the cash economy Along with the benefits that a bank card brings, it is impossible not to mention the potential risks associated with this type of service The more the card service develops, the more modern the technology applied to the card, the higher the security and convenience of the card, is also the continuous development of card criminals, especially criminals international card, has created fake cards with new tricks that are extremely sophisticated and difficult to recognize Card risks can cause huge losses to the bank, affecting business n performance Therefore, it is required that banks pay due attention to their card risk management activities This study focuses on a specific case study of MB's card business and risk management The research results show that the card risk management activities of MB bank have achieved good results in the period of 2018 - 2020 such as the low ratio of overdue debt/total credit card outstanding balance, the number of card issuance, However, card risk management activities still have some limitations Therefore, after carefully reviewing card risk management activities of MBBANK, the author proposes some solutions to improve the effectiveness of this activity with stakeholders ACKNOWLEDGEMENT I would like to thank the Board of Directors, the training department of the International Faculty, Hanoi National University for creating all conditions for me in the process of studying and completing this thesis I would like to express my gratitude to the teachers and ladies who have dedicatedly taught MFM1 master class I would like to express my deep gratitude to my teacher, Dr Tran Tat Thanh who wholeheartedly helped and guided me during the process of writing this thesis I would like to thank all my friends, colleagues and family who have always supported, encouraged and created the best conditions for me to complete this thesis n Thank you! Author TABLE OF CONTENTS ABSTRACT TABLE OF CONTENTS INTRODUCTION Research motivation Statement of the problem Research objective and tasks Subjects and scope of the study Research questions Research method 10 6.1 Methodology 10 6.2 Methods of data collection and processing 10 Structure of the study 11 n CHAPTER I: THEORETICAL BASIS ON CARD OPERATION AND CARD OPERATION RISK MANAGEMENT ACTIVITIES 12 1.1 Overview of card operation activities of commercial banks 12 1.1.1 The formation and development of the payment card 12 1.1.2 Concept, structural features and classification of bank cards 13 1.1.3 The role of card services in the economy 18 1.1.4 Participants in the process of card issuance and payment 19 1.1.5 Contents of card operation activities 22 1.1.6 Card management system 24 1.2 Risk in card operation 25 1.2.1 Risks in card operation 25 1.2.2 Risk management in card operation 27 1.3 Risk measurement in card operation 29 1.3.1 Risk of fraud 29 1.3.3 Card credit risk 30 1.3.3 Risk of card management system 30 CHAPTER II: REALITY OF RISK MANAGEMENT IN CARD OPERATION ACTIVITIES AT MILITARY COMMERCIAL JOINT 32 STOCK BANK 32 2.1 Overview of MB Bank and structure of MB card system operation 32 2.1.1 Overview of Military Commercial Joint Stock Bank 32 2.1.2 Organizational structure of card divisions at MB Bank 39 2.1.3 Results of MB's card operation in the period 2017 - 2020 43 2.2 Risk situation and risk management for card operation at MB 50 2.2.1 Card risk situation at MB 50 2.2.2 Situation of risk management in card operation at MB 53 2.2.3 Assessing the current status of card risk management at MB 56 CHAPTER III: SOLUTIONS TO COMPLETE RISK MANAGEMENT IN CARD OPERATION AT MB BANK 60 60 3.1.1 Forecasting the risks of the card market in the coming time 60 3.1.2 Orientation and development goals of MB card services 62 3.2 Solutions to improve risk management in card operation at MB 64 n 3.1 Orientation and development goals of card services at MB Bank 3.2.1 Solutions within the bank 64 3.2.2 Customer-related solution group 67 3.3 Recommendations to relevant authority 68 3.3.1 Proposal to the State 68 3.3.2 Recommendations to the State Bank of Vietnam 68 3.3.3 Recommendations to Vietnam Bank Card Association 71 CONCLUSION 72 REFERENCES 74 LIST OF TABLE AND FIGURES Table 1: Major shareholders of MBbank at 31/12/2020 33 Table 2: Income statement of MBbank in period 2017 - 2020 35 Table 3: Balance sheet of MBbank in period 2017 - 2020 37 Table 4: Growth rate in card issuance of MB in period 2017 - 2020 44 Table 5: MB’s number of card issuance as of 31/12/2020 45 Table 6: Payment activities of MB’s Card .48 Table 7: Operation status of ATM system at MB in period 2018 - 2020 49 Table 8: Fraudulent card situation issued by MB Bank 50 Table 9: Risk ratio of several banks in Viet Nam 51 Table 10: Ratio of card overdue loan of MB in period 2018 - 2020 52 Figure 1: Growth in bank payment instruments Figure 2: Physical features of a credit card 15 n Figure 3: Structure of a bank card 16 Figure 4: Types of MB bank cards 17 Figure 5: Organizational structure of MBBank 34 Figure 6: Member companies of MBBANK .35 Figure 7: Percentage of MB’ Card .46 INTRODUCTION Research motivation Banking is one of the important parts of the economy, especially in the context of international economic integration and the development of science and technology 4.0 Together with other sectors of the economy, the bank is responsible for participating in stabilizing the money market, controlling and repelling inflation, helping to develop production, creating jobs for workers, helping people employment development help investors, develop capital market, foreign exchange market, participate in payment and support payment Bank card is a modern means of payment widely used in daily transactions Its ubiquitous presence in advanced economies has proven it to be the mainstream cashless means of transaction Credit card officially appeared in Vietnam in 2002 and is still quite young compared to the history of card payment and development in the world We not have much experience in card business development, n especially in dealing with risks in the field of card business and card services The issue of limiting risks in card payments becomes even more important as we participate more and more strongly in the world economy with more open reforms Currently, card business is recognized by joint stock commercial banks as a very important advantage in the race for technological advancement, contributing to bringing a new position and new look to commercial banks share Along with the development of card services, in the past few years, card fraud in Vietnam has tended to increase at an alarming rate Card criminals have begun to organize, collude with outsiders to carry out fraudulent acts to earn profits with increasingly sophisticated tricks, difficult to control This has pushed Vietnamese banks in general and military joint stock commercial banks in particular to face more risks in the entire card business process Forgery in card issuance and payment not only causes financial loss but also directly affects the reputation and efficiency of the bank's card business Therefore, the research to find synchronous, effective and feasible solutions to prevent and limit risks in card business has become a hot issue in both theory and practice In parallel with the development of the credit card service business along with the development of the economy, the issue of risk management in the card service business becomes more urgent than ever for business credit cards in commercial banks of Vietnam In recent times, there have been a number of articles, studies, research topics on the card market in Vietnam, of which are typically by the authors Nguyen Vu Cuong (2019) "Card activities and some solutions to promote card payment at Joint Stock Commercial Bank for Foreign Trade of Vietnam", Master thesis in economics; Huynh Thi Minh Duyen (2018) “Developing card payment services at Agribank”, Master thesis in economics; … Previously researched topics mainly researched on the payment card market, on international business operations of Vietnamese commercial banks or on n solutions to develop card payment forms… As the names of these banks suggest The above-mentioned dissertations and dissertations have shown that these studies have not fully analyzed and generalized about the risks arising in the process of using the card as well as the management of these risks to increase the risk of loss further strengthen the efficiency of card business activities at commercial banks Joining the card business since 2004, MB Bank always focuses on product development, research and application of new technologies, improve service quality and card usage convenience for customers Mb's card issuance, payment and usage has always achieved high growth rates However, MB also faces risks in the process of card business, the attack of international card crime organizations when they move to the Vietnamese market, bad debt status, card overdue debt credit causing losses to the bank, affecting the business performance and reputation of the Bank Therefore, MB Bank should pay due attention to risk management activities in its card business To meet the above urgent requirement, the author has chosen the topic: "RISK MANAGEMENT OF CARD SYSTEM OPERATION IN CARD CENTER- MILITARY COMMERCIAL JOINT STOCK BANK " Statement of the problem In Vietnam, cash transactions still account for the majority of transactions; However, card transactions and the number of newly opened cards are constantly increasing According to the Payment Department - SBV (2021); the total number of domestic cards in circulation as of mid-2021 is 98 million cards while the total number of international cards in circulation is 20 million cards That is, on average, each Vietnamese person owns at least one transaction card at a bank This ratio is still relatively low when Vietnam has many commercial banks operating; Therefore, the potential for growth in the number of cards and the value of card transactions is still enormous Figure 1: Growth in bank payment instruments n (Source: SBV) The rapid development of infrastructure and technology has promoted ebanking services to become more complete The main problem in card system operation is card system risk management and developing useful innovation policies to improve the efficiency of the bank card system The card system brings great benefits to both banks and consumers; However, this activity also contains risks and financial institutions need to balance risks and benefits Therefore, this study was developed and evaluated the effectiveness of the MB Card Center in the process of managing, monitoring, evaluating and controlling the risks related to the card system Research objective and tasks Research objective The results of this study aim to evaluate and develop the card system risk management process of MB Card Center Then, based on the analysis results, some recommendations will be made to help Military Bank and MB Card Center improve the effectiveness of card system risk management; thereby can attract and improve the efficiency of use and reputation for customers in the future Tasks First, Systematize the theoretical basis of risk and risk management for card operations at commercial banks; n Second, Clarifying the current status of card operations at Military Commercial Joint Stock Bank in the period 2017-2020, finding out the achieved results, limitations and causes of those limitations; Third, Proposing some solutions to improve risk management for card activities at Military Commercial Joint Stock Bank Subjects and scope of the study 4.1 Research subjects Card risk management activities at Military Commercial Joint Stock Bank 4.2 Research scope Content: Research on card risk management activities Scope of space: Military Joint Stock Commercial Bank Time range: period 2017-2020 Research questions The main issues studied in this study are presented in an overview through research questions Research questions are formulated and developed according to a 3.1.2 Orientation and development goals of MB card services Card services at MB Bank are an integral part of the bank's retail operations MB Bank offers a variety of cards that provide greater user convenience and superior customer service The following are the main risks that should be managed in card services at MB Bank: Card use by fraudulent third parties, transaction fees charged to card users through cashiers or sale outlets, or through "purse loading" charges, card replacement costs by users, either after being stolen or being lost, transaction problems resulting from machine failure, system failures or any other similar reasons, fraudulent card use by MB Bank employees The fact that MB Bank has no control over external factors which may lead to fraud in card services, such as bad weather conditions causing problems with machines or in electronic communications; also, it has no control over misdeeds of employees of other banks when they are acting on behalf of MB Bank within the n framework of cooperation with each other in clearing operations The orientation of MB card services: - To reduce the risk of fraud and money laundering conducted with cards - Making its operations transparent and accessible to the users, as well as making it easy for those who require card issuance - Developing customer satisfaction by issuing cards according to user demands - Providing a safe environment for those who work at the bank's cash locations so as to ensure their own protection against robbery - Keeping the card usage situation under constant review in order to ensure its usability and security - Monitoring market trends in order to be able to take appropriate measures against them The goal is to have a complete risk management plan for card operation in place, which includes issuing new cards, ensuring there are no lost or stolen card 62 incidents, viewing all authorization requests before they are processed, and updating credit limits on accounts with high balances The main objectives are to reduce risk exposure through an advanced authorization process for increased efficiency in detecting fraud transactions through increased use of dynamic data for analyzing credit limit changes A number of new procedures are in place to enhance security including mandatory identity check, delays for pending authorizations, increased use of dynamic data analysis for credit limit changes and limits on duplicate card transactions The MB Bank card services department has recently reduced the number of issues with lost or stolen cards by upgrading software, improving inventory tracking and by performing visual checks throughout the bank The card services department has also provided training to personnel involved in the issuance of cards, management of lost or stolen cards and instructions to customers Many financial institutions today are still struggling with what can be n classified as a “low-interest-rate environment” Across the banking industries, we see more customers than ever before having credit cards as their go-to means for managing their personal finance needs such as shopping, traveling, and paying bills For some banks, this trend presents an opportunity to serve customers by giving them a highly competitive product that is both convenient and cost effective However, for others the demand for credit card services means they must over-index on risk management, which can present operational challenges For MB Bank, it is critical that we continue to offer our customers financial products and services that are safe and sound This also is a perfect fit with our Vision of Excellence To meet these demands in the era of financial reform, MB Bank has embarked on a journey towards becoming a more modern bank for all GCC clients The main pillars of this transformation are risk management, technological innovation and organization design This article will highlight how MB Bank is navigating through the challenging waters of its transformation journey by focusing on Analytics (risk 63 management), Technology (innovation) and Organization Design (organizational structure) 3.2 Solutions to improve risk management in card operation at MB 3.2.1 Solutions within the bank 3.2.1.1 Prioritize focusing on developing a card service development strategy in line with operation realities in Vietnam Keeping up with the general trend of society and the development of technology, MB has enabled easier card opening through online applications on the MBBank App Customers can easily apply for card opening without having to go through the counter at the bank or spend a long time waiting for the card to be used MB provides a full range of card services; including: Credit Card, Debit Card and Prepaid Card Moreover, over the past time, MB has developed a system to evaluate the quality and record feedback on card services at both counters and on the online n transaction system The development of these strategies will help MB to quickly grasp the needs and desires of customers for card services 3.2.1.2 Increasing investment in risk management technology MB is one of the banks investing in Fintech application systems to support more professional customer service MB's products include: Internet Banking MBBank, App, SMS Banking and Bank plus MBBank However, MB needs to determine which technology platform is the most important and has the highest interaction with customers With the growth of the smartphone system, App MB is getting more interactions than any other platform In particular, SMS Banking is an application that sends messages directly to customers and is subject to the carrier's message fee Therefore, MB may consider reducing the fee burden on SMS Banking applications while customers not really need this function 64 3.2.1.3 Limiting forgery in payment and card issuance activities According to Thanh Nien Newspaper (2020), in the past, there have been many cases of customers being scammed to open credit cards with fake banks The tricks used by the subjects are to impersonate a bank employee and provide credit card opening services to customers After the card is activated, these objects quickly appropriate the money in the account Therefore, MB needs to take actions to warn customers as well as increase fraud prevention measures such as using AI technology; face recognition, increase security layers or contact customers before making a transaction 3.2.1.4 Proper investment in human resources for risk management In addition to promoting investment in information technology to improve information security, improving the quality of human resources is also an important solution in promoting the quality of card services at MB Nowadays there are many n external training courses for banking human resources, including UB Academy, VietnamBankers and many other Banking and Finance Classes MB also needs to develop and develop internal training courses for MB's unique characteristics 3.2.1.5 Promote the establishment of a risk reserve fund with card operation activities Card transactions for customers often contain certain risks; including with the bank's brand and reputation MB needs to build a risk reserve fund for special cases that affect the MB brand Instead of needing a conventional expense moderation process that can take a long time, this hedge fund can be quickly deployed to prevent serious consequences from the card system risk This fund should be managed by MB Card Center more than any other unit in order to react quickly and this is also the function of MB Card Center 65 3.2.1.6 Improve the accuracy and safety of operation stages Like many other banks, MB has developed a complete process for card opening at MB, both at the counter or opening an online card account on MB's technology platforms The implementation process is detailed and complete, and MB also publishes step-by-step instructional videos on social online platforms to provide necessary information to customers In addition, MB also has direct support lines for problems arising during card opening through MB's hotlines The phone service team at MB has full experience and knowledge to assist in handling customer issues during the operation of MB cards 3.2.1.7 Strengthening the role of internal control MB is one of the leading banks in Vietnam, so it has invested and paid special attention to the quality of its internal control system By the end of 2021, MB is applying the COSO Integrated Internal Control Framework for the overall n governance and internal control process In addition, MB also needs to build and develop key personnel with long-term experience in the bank; understand and grasp the risks as well as operations arising in the operation of the card system to conduct consulting, monitoring and evaluation of the operational quality of the MB Card Center 3.2.1.8 Improve quality of card management system - Invest in and upgrade the card core system continuously every year, in order to respond to errors and comply with card transactions according to the requirements of domestic and international card organizations - Commitment to service quality of processing card assistance requests: provide a clear deal for each stage of receiving customer requests and processing them on the system Shorten processing time and reply to customer support - Establish and strengthen the supervision of card transactions: + MB Card issues transactions on services of other Organizations and banks acting as Issuing Bank 66 + Cards of other organizations and banks transact at devices and applications on MB's platform At that time, MBBank acted as the Acquiring payment unit + Set up rules and warnings for card transactions at the device and the internet - Close supervision in the development of new card products, avoiding the occurrence of vulnerabilities arising from the features of new products that are not tested carefully - Sign a commitment to strengthen the security of card information for parties that support card operation: + Issuing cards: Partners who develop jobs print cards commit not to disclose information to any other units + For units that set up terminals such as ATM, CRM, POS, MPOS are committed to information security when deploying and supporting 3.2.2 Customer-related solution group n 3.2.2.1 Cardholder MB needs to ensure fairness based on different customer groups MB divides customer groups into groups based on fees collected from customers, such as regular customers and vip customers MB needs to develop policies to apply to MB employees in order to implement a fair dealing policy and not discriminate against customers based on account balances and social status of customers MB also needs to publish its commitment to conduct or corporate culture when receiving customers and the standards are implemented in the most transparent manner MB's regulations need to be followed and developed continuously in order to update new information from the market Finally, MB's products and services need to comply with relevant laws such as the law on credit institutions or other laws to which MB is the subject of such regulations Transactions are made in compliance with the law and no elements of illegality are introduced 67 3.2.2.2 Department for card accept of MB Card Centre MB Card Center needs to provide and support customers when necessary; including information and content requested by customers but still ensure compliance with laws and regulations of MB In addition, MB needs to stipulate what information MB Card Center is provided to customers; including account information, account status and other requirements Any new requirements other than the functions of the MB Card Center, MB management needs to consider and evaluate the reasonableness and ability to comply with the law before complying with the customer's request row 3.3 Recommendations to relevant authority 3.3.1 Proposal to the State The stability of the banking system is important for the development of a national economy Therefore, the banking system is subject to control by many state n agencies; including criminal and administrative agencies Meanwhile, the card system is the main transaction tool that customers are interested in when using services at the bank To ensure information security and card transaction safety, government agencies need to come up with implementation plans to detect fraudulent acts that have serious consequences for consumers' trust in the banking system with the banking system 3.3.2 Recommendations to the State Bank of Vietnam 3.3.2.1 Continue to improve the legal framework The State Bank of Vietnam on January 17, 2020 issued Circular No 03/VBHN-NHNN regulating activities related to the field of bank cards In particular, this Circular aims to supplement Circulars No 30/2016/TT-NHNN, 26/2017/TT-NHNN, 41/2018/TT-NHNN and 28/2019/TT-NHNN The regulations of the State Bank are being published every year and in a number of different 68 regulations; easily lead to overlapping regulations Therefore, the State Bank of Vietnam needs to unify the regulations into a single legal document to help banks; including MB for easy compliance and tracking Although there are specific regulations for each card type and each bank's process as well as the responsibilities and management functions of the State Bank and the regulatory system of commercial banks; these circulars have not yet provided a detailed penalty framework for activities that seriously violate the law or intentionally cause damage to other parties In order for these regulations to be highly enforceable, the State Bank needs to publish detailed penalty frameworks for crimes of violating the law The SBV needs to soon issue regulations and policies to regulate behaviors related to card issuance and payment, especially disputes and risks, to serve as a basis for handling when it occurs Policies to promote non-cash payment such as: developing a variety of non-cash payment instruments together with appropriate mechanisms to create favorable conditions for people to use these tools Stricter n cash management policy so that people can switch to other forms of payment (for example, it is possible to stipulate that transactions with large value must to some extent have to be paid via banks, not allowed to be paid through banks) direct payment; collect fees for cash payment activities; encourage goods/service business establishments to equip card payment devices ) Adding some issues on international card issuance and payment in the foreign exchange management policy such as payment limit and credit limit of cards issued by domestic banks, in order to strengthen the management of foreign exchange transactions and use a customer's card, avoid taking advantage of the card to transfer foreign currency In the condition that many of our banks with small business scale, limited capital in investing in information technology equipment as well as software solutions, lack of experience in card business, but before market pressure, especially on the bank's reputation; The early introduction of modern banking products in general and especially card products in particular has become an urgent need for many commercial banks Not all banks have the full conditions of technical, 69 professional and personnel systems to deploy card services Therefore, the State Bank must be the focal point for connecting and connecting banks in cooperation, investment in modern technological infrastructure and implementation of product and service development programs on the basis of mutually beneficial parties 3.3.2.2 Building a personal credit information system using card 150w A common information system about customers' credit debts may be necessary to increase linkages in the banking system to share important information However, banks need to commit to the security of this system This information is provided only in case of necessity as well as to serve the legal requirements of the authorities 3.3.2.3 Planning long-term card development strategy In Vietnam, the majority of cards are credit cards and ordinary payment cards from individual customers With strong competition in the banking industry, n building a long-term development strategy plays a very important role in orienting the bank's business goals Moreover, the application of advanced information technology in the banking and finance sector has become an inevitable trend Customers tend to use technology applications in payment transactions more; Consequently, the bank's information infrastructure requires investment and upgrading Infrastructure investment and technology transformation is a highly challenging process; requires effort as well as time of both the bank's human resources team and customers In particular, accurately assessing customer needs and building the right product structure are important requirements that determine the survival of an organization as a whole Determining strategic development products is decisive to the bank's business results 70 3.3.3 Recommendations to Vietnam Bank Card Association Due to the impact of the Covid 19 pandemic, the number of card transactions is higher, the number of transactions is made on more popular technology platforms, leading to an increase in revenue from bank card services However, transaction fees of many banks are at the same level as before the epidemic; some banks even increased transaction fees to compensate for activities affected by the epidemic However, many cases of customers using cards being abused by criminals to appropriate assets have occurred, affecting the brands of banks Therefore, the risk management of banks is more focused Association members need to coordinate and share interbank information to prevent and detect law-breaking objects n 71 CONCLUSION With the impact of the Covid-19 pandemic and the widespread application of information technology, the use of bank cards has become more important than ever Vietnam's card system is still in the process of development with the number of cards per capita still quite low compared to other countries in the region The number of bank card transactions is increasing day by day, along with that is the indispensable role of the banking system However, card transactions also have many associated risks, requiring both the Vietnamese banking system in general and MB in particular to take measures to avoid potential risks in the card system MB and MB's Card Center always build and develop suitable card products to meet all needs of customers In particular, MB Card Center is constantly improving, researching and developing to improve service quality as well as convenience when using card services for customers However, MB and MB's Card Center also face risks in the process of operating the card n system business, the attack of card criminals can cause losses to MB and MB's customers, affecting the brand and the reputation of MB The MB bank card system has several problems: Risk identification and detection have not been focused on investing in confusing with the existing scale, the implementation of the risk management policy is still and inconsistent, the organizational model of the risk management department is still concentrated and not highly specialized Therefore, MB and MB's Card Center need to pay due attention to risk management activities during their card business One of the leading activities is to improve the quality of the card management system, which is a prerequisite in the industrial revolution 4.0 to improve operational efficiency The thesis has made recommendations to the government, the State bank of Vietnam and the Vietnam card association, but above all, MB itself and the MB card center must directly improve the efficiency of their operations Recommendations for the card center of MB bank include: Prioritize focusing on developing a card 72 service development strategy in line with operation realities in Vietnam, increasing investment in risk management technology, limiting forgery in payment and card implementing activities, proper investment in human resources for risk management, promote the establishment of a risk reserve fund with card operation activities, improve the accuracy and safety of operation stages, strengthening the role of internal control, improve quality of card management system n 73 REFERENCES Bojinov, Bojidar (2005) (Bank Card Payments in Bulgaria - Past, Present, Future) SSRN Electronic Journal 10.2139/ssrn.2789747 Bolt, Wilko & Chakravorti, Sujit (2008) Economics of Payment Cards: A Status Report Economic Perspectives 32 15-27 Butaru, Florentin & Chen, Qingqing & Clark, Brian & Das, Sanmay & Lo, Andrew & Siddique, Akhtar (2016) Risk 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