Collin’s Banking System Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Collins Banking System Facilitate. Answer: System Vision Document: Problem description The current scenario of the given situation is such that the Collins banking system have proposed the construction of the Collins ATM system to facilitate the banking procedure and provide the consumers hassle free transaction with the bank. Moreover, the ATM serves one person at a time (Narteh, 2015). The Collins ATM system proposes easy transaction activities to the consumers such that it would fulfil the banking service need of the consumers. The ATM was proposed to provide the facility to the customers such that they would easily withdraw money from the bank without visiting the bank. Moreover, the ATMs existing in the market often suffers system failure or network problems. The link failure in the ATM system creates havoc for the consumers in need. Keeping these failures cases, the Collins ATM system keeps a regular check on the network and system such that the failure cases can be avoided. Moreover, the numbers of ATM booths were also less thus; expansion of the business would gain immense profits to the business (Agrawal Jain, 2013). However, the security issues are a matter of concern as the data are vulnerable to get leaked or hacked. It is also difficult for the people to clearly understand the banking process, thus the Collins ATM provides much simpler banking approach. The ATM also does not pose a limit to the amount that can be withdrawn or deposited in a particular account. The Collins ATM requires a scanner that would scan the ATM card, then after the PIN would be asked and verified with the bank. A keyboard shall be required for the human machine interaction. Moreover, the bank requires a slot for the cash deposition and well as for cash withdrawal (Agwu Carter, 2018). The ATM also needs a printer with the help of which the history of the transaction could be printed. A monitor is also provided that displays the balance on the screen to facilitate the purpose of balance checking. A strong network connection is also need so as to keep the bank updated of the transactions done. The extension of the Collins ATM system is highly recommended as it provides simpler processes which would further be extended to expanding the operating areas. The ATM system can also make the banking system digitalized by creating mobile and web applications and also implement the usage of finger print scanning technologies to enable easy transaction activities (Padmapriya Pr akasam, 2013). System Capabilities The following points the highlights the major capabilities of the Collins ATM system: Allows transaction feasibility by all banks. Provides history of previous transactions. Provides easy check of balance. No limit on the number of transactions. Minimal transactional charge. Hassle free deposition of money in the bank account. Deposition and withdrawal of money can take place at any time. System is simple and easy to understand. The PIN and user verification procedure is fast. Updated report of the transaction provided to the bank quarterly, weekly as well as monthly. Proper security maintenance to prevent data breaching activities. Business Benefits The Collins ATM system offers various business benefits to the banking services as the expansion of the ATM system will incorporate more number of consumers as there are less number of ATM booths available in the remote areas (Roberts Rajsic, 2014). In addition to the presence of the ATM the service provided by the ATM makes it easier for the user to understand the process and thereby, attracts huge number of customers. Moreover, the security features maintained by the ATM system also attracts the customers because they become more confident that their data is secured and is not vulnerable to loss. They also keep a regular check on the network such that the customers do not face the condition of link failure. Moreover, the encryption of the software also attracts increased number of consumers as they are aware that the data is secured and is not subject to data breaches, thus the banking system would gain immense benefits with the increased number of customers (Masamila 2014). The major goal of the Collins ATM system is to provide the customers ease to facilitate the baking activities such as hassle free withdrawal and deposition of the money in the bank. The installation of the new and innovated software would facilitate such activities (Hossian, Nawaz Grihan, 2013). Moreover, the mobile application would also enhance the business of the Collins ATM system and attract a huge number of customers. Stakeholder Map Resources Required The various resources required for setting up the Collins ATM system are as follows: Infrastructure Administrative team Policy makers Internet operator (Adu, 2016) Location setting Software maintenance team Bank report supplier team Risk Management team Risk involved in the Collin ATM System The major risk involved in the Collins ATM System is the security of the data of the customers. The system security is also the major concern for the ATM banking system. However, the ATM system keeps the security check by configuring the PIN verification, followed by the authorization of the user through the bank (Niranjanamurthy Chahar, 2013). Moreover, the other risks involved include the lack of cash in the ATM when the amount that is required by the customer. Moreover, there may be instances of network problem or link failure during the authorization of the customer or the PIN verification. Furthermore, all banks may not agree to invest in the Collins ATM system as in cases in which the Collins business would incur loss (De Gramatica et al., 2015). In addition to this, the ATM may also go cashless as it offers no limit on the transaction amount which may further hamper the working of the ATM system. Moreover, the issues of adverse climatic conditions may also lead to interrupted network that hampers the business. References Adu, C. A. (2016). Cashless policy and its effects on the Nigerian economy.European Journal of Business, Economics and Accountancy Vol,4, 81-88. Agrawal, S., Jain, A. (2013). Technological Advancement in Banking Sector in India: Challenges Ahead.Journal of Research in Commerce Management,2(1), 89-96. Agwu, E., Carter, A. L. (2018). Mobile phone banking in Nigeria: benefits, problems and prospects. De Gramatica, M., Labunets, K., Massacci, F., Paci, F., Tedeschi, A. (2015, March). The role of catalogues of threats and security controls in security risk assessment: an empirical study with ATM professionals. InInternational Working Conference on Requirements Engineering: Foundation for Software Quality(pp. 98-114). Springer, Cham. Hossian, F. S., Nawaz, A., Grihan, K. (2013). Biometric authentication scheme for ATM banking system using energy efficient AES processor.International Journal of Information and Computer Science,2(4), 57-63. Masamila, B. (2014). State of mobile banking in Tanzania and Security issues.International Journal of Network Security Its Applications,6(4), 53. 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. Niranjanamurthy, M., Chahar, D. D. (2013). The study of e-commerce security issues and solutions.International Journal of Advanced Research in Computer and Communication Engineering,2(7). Padmapriya, V., Prakasam, S. (2013). Enhancing ATM security using fingerprint and GSM technology.International Journal of Computer Applications,80(16). Roberts, P., Rajsic, C. (2014).U.S. Patent No. 8,730,814. Washington, DC: U.S. Patent and Trademark Office.