3.2 Some future solutions to improve ATM card services
3.2.5 Improve the security for ATMs card
This should be considered the priority, as the safety of ATM cards is closely linked to the interests of cardholders. To raise customers’ trust in the issuing bank, VPBank should find the best way to keep its customers’
accounts secret. In my opinion, there are three ways to prevent a possible crime boom.
3.2.5.1 Setting up a risk management centre
In order to hinder a possible ATM crime boom in Vietnam ATV market, VPBank should promptly set up a risk management centre. This centre specialized in:
Doing regular researches on risk levels and finding good solutions to response to them,
Regularly investigating and discovering unauthorized card transactions and taking prompt actions to minimize looses.
Having regular contacts with international card organizations to update information about risk management.
3.2.5.2 Educating cardholders to protect their PIN
As mentioned, while the current number of card users of VPBank has been 885,000 not many of them know how to use their cards correctly. Some misunderstanding has caused some users not to secure their PIN numbers, leading to some unexpected damages. Therefore, popularizing the use of ATM cards and educating cardholders to protect their PIN are essential;
VPBank should concentrate more of its attention and money on aspects of marketing and sales promotion to make it more popular in the market. This is an important step in making its users feel more confident and secure when using their cards.
The following suggestions should be given to customers to help them to keep their accounts safe as follows:
Always protect their PIN
Don’t write the number down
Cover the keypad while they enter the number
Don’t give the number out to anyone
Never keep their PIN with their card. Do not use birthdays, telephone or NRIC numbers as these numbers can be easily found in their wallet.
Treat an ATM card like cash. Never leave it unattended and check it often to see that it is safe,
Whenever possible, do not let the card be out of sight while making payment,
Be wary to any offers of “help” with their ATM transaction,
Use a different machine if they feel uncomfortable about the ATM instructions,
Report a lost or stolen card to VPBank immediately. Most fraudulent use of cards occur within the first few days of being lost or stolen,
Report anything that seems suspicious or strange about the ATMs to their bank.
3.2.5.3 Tightening ATM card security chip
Switching from magnetic cards to chip cards is an inevitable trend. All card companies in the world have set a roadmap to switch to chip cards to curb fraud because these cards allow larger data storage and are difficult to be forgotten. Apart from the current conveniences, chip cards will also be used to develop new conveniences such as identifying holders and storing information about health care and promotional programs. Therefore, in my opinion, VPBank together with its affiliates should plan to develop chip-bases cards as one good measure to prevent a possible crime boom/ Even shifting
upgrading the card system and returns from card issuance are not so profitable, thus it is something that requires further study.
3.2.6 Human solutions
Last but not least, we know that the human resource of any company is the ones who run it and is its most valuable resource. Human resource is special important for a service oriented organization like banks. There are several motivational programmers, competency building measures, training, etc given to personnel working in the banks these days. This goes a long way in equipping them better to deal with customers. The way of the employee dealing with the customer is an important factor in winning over and retaining them.
ATMs are self-services technologies that enable customers to produce services for themselves without assistance from firm employees. However, it doesn’t mean that employees do not join in the services process. They are still responsible when there are some technical problems with these self-service technologies leading to customers’ damages or dissatisfactions. Therefore, a bank’s employees must be always responsive, reliable, able to answer their customers’ questions and understand their requirements and treat them with respect, etc. Besides, as ATMs are technological tools, the employees are also required to have enough professional knowledge about IT, network and international laws and regulations. Thus, to compete well in card market, VPBank should have:
A Research and Development Department specializes in card services,
Training IT staff: IT staff will take care of the whole ATM and POS system of the bank,
Card marketing Department: The marketing staff will provide the best customer services and also develop marketing and sales promotion programs.
24-hour support team: Since card transactions can be made everywhere at anytime, a 24-hour support team will provide both the ATMs and
cardholders timely support. This team will also deal with customer complaints and claims.
In short, the writer thinks with six suggested solutions, VPBank’s ATM card services will be promptly improved and increasingly expanded. These prefect services in the future will help VPBank attract more customers, acquire more capital and have a larger market share. To that end, VPBank should get more and more active, flexible in its ATM service improvement process next time.
Conclusion
In Vietnam, ATM card was introduced in 2000, but it has also promptly become part of every life for 2.5 million people. Some experts say that although this number is too small compared to 12 million people who can afford to buy an ATM card, it partly means that Vietnamese people has gradually changed the way they often handle their money.VPBank also makes a major contribution to develop this market. The number of ATM machine and ATM cards are growing rapidly, many more modern ATMs are imported and more new services are offered. However, VPBank’s ATM card services are still perceived to be of low quality, ineffective and not diverse.
The effectiveness of basic services such as cash deposit, cash withdrawal is limited. That is reason why in this report, the writer analyzes the strong and weakness points of VPBank’s ATM card services and more importantly, tries to find some feasible solutions for VPBank to improve and expand its services in the future. Based on the above analysis and these suggested solutions, the writer hopes that VPBank will have a deeper look into its current situations of ATM card services and promptly find comprehensive solutions to tackle its difficulties.