Tài liệu Vpbank’s atm card services current situations and solutions -luận văn ngành ngân hàng bằng tiếng anh

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VPBank’s ATM card services: Current situations and solutions Introduction The years 2006 and 2007 marked new steps in the process of world and regional integration with great opportunities and challenges in place for Vietnam’s reform and development. In this trend, the financial and banking also obtained impressive results, banks have been expanding continuously. Vietnam’s ATM market has begun booming with 15 commercial banks moving aggressively to identify promising services providers, provide perfect services and diversify their ATM cardholders. Therefore, in coming time, this market will certainly become more competitive and active all cardholders will enjoy unprecedented services. Vietnam Joint-Stock Commercial Bank for Private Enterprises (VPBank) is in that race, and its abilities has unexplored, its market share is not strong enough. So after learning and researching about this issue, I have decided to choose the following topic as the subject of my report “VPBank’s ATM card services: Current situations and solutions”. Apart from introduction and conclusion sector, the report is divided into three chapters as following: Chapter 1: General understanding of ATM card service Chapter 2: Situation of Vietnam Joint-Stock Commercial Bank for Private Enterprise’s ATM card services Chapter 3: External environment evaluations and solutions to improve VPBank’s ATM card services. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions Chapter 1: General understanding of ATM card service 1.1 Introduction to the ATM card service Card definition: The ATM card is a non-cash based means of payment issued to customers by commercial banks or other financial institutions. It is also known as cash card or plastic money. At certain points where cards are accepted, cardholders can withdraw cash or pay for bills, goods, services. The first real ATM card with a magnetic strip and a personal ID number was developed by Wetzet, Barnes and Chastain in 1973. It is issued in form of a debit card, and it can be used only when the cardholder has money in his account. Convenience is the key property of an ATM card because ATMs are self-service machines and available 24 hours a day, 7 day a week. Essentially, an ATM card allows the customer to “go banking” anytime. An ATM card made by plastic ABS or PC with the following uniform contents:  Rectangle shaped with two slides and round corners.  Card name, symbol, and the logo of the card issuer.  Card number: 16 digits,  Issuing date  Class,  Magnetic stripe: it stores uniform codes of card number, PIN (personal identification number), some information of a cardholder and other security factors. 1.2 Card functions An ATM card is issued based on the cardholder’s own money. Whenever the cardholder makes any card transaction, it will be completed by debiting directly from his account and transferred to the seller’s account. This means Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions the card can be accepted as long as its cardholder’s account balance is positive or the cardholder spends only what remain in his pocket. As for a customer, obtaining an ATM card is easy. A key condition that he has to meet is to open an account with sufficient money. After having an ATM card, the cardholder can go banking anytime at his convenience, conduct many transactions such as checking their account balance, transferring money, withdrawing cash, paying bills, etc and also enjoy some interest on his savings, account at the same time. As for the bank, issuing an ATM card is safe because it doesn’t worry about bad credit and unpaid transactions. Besides, it can acquire more capital to invest and reinvest. Furthermore, the issuing bank can expand its business scope without the cost of opening new branches, but only by installing more ATM’s nationwide. 1.3 The role of an ATM card in the economy. As a matter of fact, cash, either in the form of note or coin, is not always the best means of payment, especially in business because using cash poses some risks for customers such as money losses, fake note, and physical damage. Thus, the application of non-cash payment is essential. Up to now, ATM cards has still been considered an effective tool that deals with the inconvenience of cash payment and allows more transactions with the higher value to be made in the economy. They take an important role because of some reasons:  Reducing cash in circulation: ATM cards have been developed in the form of a non-cash instrument of payment and clearly, it is used to replace cash. In an economy using huge volume of cards, the circulation of cash is certainly limited. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions  More transactions, less time: Conducting a card transaction is much more quickly than making cash transaction. The reduced time allows more transactions with higher value to be made.  Higher transparency: Every ATM card transaction is recorded by the bank data centre for later reference.  Improving business environment, drawing international investment and international interests. A mature and modern environment will also attract more foreigners, both businessmen and tourists. 1.4 Card-related factors. 1.4.1 Card transactions equipment: Automatic teller machines (ATMs) Card transactions are safe, simple and quick. Thus modern and hi-tech equipment are required. The ATM is an inseparable equipment of an ATM card. By this combination, services are provided. The ATM allows a bank customer to conduct their banking card transactions. It is first introduced in the 1960s and was considered a breakthrough in the banking business. Don Wetzel was the co-patentee and chief conceptualist of the ATM an idea he thought of while waiting a line at a Dallas bank. Thanks to its many advantages, the ATM has been quickly adopted by many banks around the world. Nowadays, the ATM can be seen not only in front of banks but in numerous public locations for the convenience of its customers. In general, instead of being constrained by the limited working hours of banks, the cardholders could “go banking” outside by using the 24- hour services of an ATM at their convenience. 1.4.2 Card transaction participants There are three main participants involved in a card transaction: cardholder, Card issuer and Merchants. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions  The cardholder: a cardholder is an individual who want to have an ATM card to go banking anytime at his convenience. When using ATM card services, he will enjoy some advantages such as convenience, safety, time-saving, responsiveness and accuracy, etc.  The card Issuer: A card issuer is a commercial bank, or a financial institution who wants to offer ATM card services to customers. While providing these services to a card user, it will gain the fooling benefits: income from card issuance fees, capital from savings accounts, business expansion, etc.  The merchants (ATMs): they are located outside the bank, help card transactions occur promptly, easily and accurately. The introduction of these machines brings benefits for the economy because they reduce risk and lower costs. Having an ATM on the premises can reduce the number of bad cash and cut costs of setting up more banks’ branches. 1.4.3 Card transactions process. Figure card transactions: Card transactions process Cardholders 1 2+3 ATMs 4 5 Issuing Banks This card transactions process involves five steps: Step1: the cardholder finds an ATM to conduct card transactions. Step 2+3: After the card and Pin code are presented, the ATM automatically checks its validity by asking the bank’s server installed at VPBank’s head Office. If all information is correct, the cardholders are permitted to select his transaction. Step 4: After the transactions is selected, the ATM will automatically complete it, and provide what he asks for. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions Step 5: Data of the completed transaction will be transferred from the ATM to the issuing bank. After checking the data, the issuing bank will balance the payment (e.g: debiting the cardholder’s account and crediting the bank’s account when the transaction is to withdraw cash). 1.5 The development of ATM system in Vietnam 1.5.1 ATM card market According to the Vietnam Bank card Association, Vietnam’s ATM market became blooming two years ago. Currently, the ATM card market is growing very quickly both in terms of quantity and quality. The leader is Vietcombank (VCB) with 1,200,000 cards, accounting for 55% of the ATM card market. Next to VCB is Vietnam Bank for Agricultural and Rural Development (VBARD) or Agribank (12%), BIDV (7%), it has been offering the ATM card service nationwide and has obtained good results. The industrial and Commercial Bank of Vietnam (ICB or Vietinbank) make up for 6%, Eastern Asia Bank (EAB) becomes a runner with 5%. Vietnam JointStock Commercial Bank for Private Enterprises only accounts for nearly 4% and other banks 11%. (See the figure 2.2)However, some analysts state that Vietnam’s ATM potential market of ATM cards has not been fully exploited; it is a “big cake”. How to “eat” the rest of this “cake” in the most effective way is the matter for all bankers, it requires them to have specific strategy, offer more services, bring more benefits for customers, so forth. 1.5.2 ATM network In recent years, Vietnam banks have promoted their investment in information technology (IT) applications to offer modern banking services. The ATM system is one of these services. It has operated effectively, making a major contribution to modernizing the local banking industry. Besides, the ATM has been considered a leap in banking payment and has become a popular product of Vietnamese commercial banks. In particular, 15 banks have issued ATM Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions cards so far and have installed to total of 1,107 ATMs nationwide (2005). Up to now, there are 5625 ATMs nationwide (2008). Back to the year 2000, “ATM” was still a strange word to the majority of customers in Vietnam. There were only six ATMs throughout Vietnam-three from Australia and New Zealand banking group (ANZ), the rest from Hongkong and Shanghai Banking Corporation (HSBC). Alongside with the increase in the number of ATMs, the building of a switch centre for ATM connection and end equipment of banks is ongoing. Thus, no one can deny that the ATM service market is beginning to take flight, as ATMs become increasingly prevalent and widespread throughout the country. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions Chapter 2: Situation of Vietnam Joint-Stock Commercial Bank for Private Enterprise’s ATM card services 2.1 Overview of Vietnam Joint-Stock Commercial Bank for Private Enterprises. VPBank stands for Vietnam Joint-Stock Commercial Bank for Private Enterprises. Website: www.vpbank.com.vn Founded in 1993, VPBank is present the seventh largest joint-stock commercial bank in Vietnam by assets. Its Headquarter is in Hanoi and has a network of 130 branches and sub-branches across Vietnam. Its business is focused on SMEs and private consumers. Its initial chatter capital when first established was 20 billion VND. Subsequently, due to the growth demands, VPBank has increased its chatter capital multiple times. At present, the charter capital of VPBank has grown to 750 billion VND. The year 2006 witnessed many breakthroughs, with a series of activities building a foundation for the renovation and growth of VPBank in the future. In February 2006, VPBank officially moved to a new headquarters at No 8 Le Thai To, Hoankiem District – one of the most beautiful locations in Hanoi. In March, VPBank signed a strategic cooperation agreement with OCBC Bank, one of Singapore’s leading banks. 2.1.1 VPBank’s Capital Its assets reached VND 12 trillion (USD 750 million) in June 2006. In the first quarter of the year, VPBank was listed by the Navigos Group and AC Nielsen of the US as one of the two Vietnamese banks among the top 50 businesses in the country in term of working environment and personnel management. It was regarded by the State Bank of Vietnam to be one of the banks among all commercial joint stock banks in the northern Vietnam. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions At the beginning of quarter 3 in 2007 the charter capital of VPBank will increases to 1,500 billion VND. VPBank is privately held by Vietnamese individuals and companies. Approximately 30% of VPBank’s staff is shareholders of the bank. It currently has one foreign shareholder, Dragon Capital Holdings- a British fund management company with focus on the Vietnam market, with a 10% stake. Table 1: Balance sheet summary (31st Dec 2007) Unit: billion VND Balance sheet summary 2005 2006 2007 Total assets 6,090 10,159 18,137 Mobilized Funds 5,638 9,065 15,204 Loans 3,014 5,031 13,324 309 756 2,000 Shareholders’ equity Source: VPBank Annual Report 2007, p6 According to the Balance sheet summary, it’s easily to see that VPBank’s finance is rather good. There is an increasing tendency in all factors of the balance sheet. In 2006, its total assets were 10,159 billion VND, increased 166.8% compared to that period time of year 2005. Moreover, the mobilized Funds of VPBank also had increase much and had some bright signs. In 2006, its mobilized were funds were 9,065 billion VND, with the high mobilized funds like that, there would have many advantages for VPBank to push its level of outstanding loans. The more outstanding loans VPBank has, the more profit it can obtain. In fact, it raised the level of loans in 2006 about twice as many as that in the time of 2005. It increased sharply and reached 13,324 billion VND in 2007. With a good Balance sheet, it’s no doubt that VPBank business result is rather high in next year. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions 2.1.2 Network In the entire process of formation and growth, VPBank has always focused on boarding its scale and strengthening its operating network in large cities. In its first two years of operation, VPBank’s network had only 53 branches and transaction points, with 28 branches and 27 transaction offices. In 2006 alone, VPBank brought 20 new transaction points in top operation. VPBank is operating in many provinces and large cities throughout the country. Up to now, VPBank has 128 branches and transaction points. 2.1.3 Business performance Table 2: Business results Unit: billion VND Business results 2005 2006 2007 Total operating income 470 995 1,460 Total operating expenses 394 838 1,146 76 157 314 Pre-tax profit Source: VPBank Annual Report Mr. Le Dac Son, VPBank General Director, revealed that his bank reached the goals that are set in early 2008. By the end of September, VPBank’s total raised capital had risen by 60%, expected to be 90% by the year’s end. The bank’s overdue debt is also controlled at 0.86%. At the end of fiscal year 2006, VPbank achieved result in pre-tax profit of 157 billion VND, an increase of 81 billion VND compared to it of 2005. After setting aside risk reserves of 11.36 billion VND, pre-tax profit after risk reserves was 157 billion VND, surpassing the plan by 36%. In 2007, the pre-tax profit rose twice compared to that of 2006, which is impressive result. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions 2.2 Situation of Vietnam Joint-Stock Commercial Bank for Private Enterprise ATM’s card services 2.2.1 Situation of VPBank’s ATM card services In early 2006, VPBank launched ATM - Autolink which are popular now. There are thousands people using Autolink. However it is not enough because market share of VPBank is too small compared to its of Vietcombank or Agribank. VPBank try to increase market share and develop its image by taking the advantages of technology and cooperating with payment Center.  VPBank has taken advantages of booming technology. VPBank has become the first EMV chip card issuer in Vietnam. It has introduced its own-branded Platinum EMV MasterCard credit and debit cards for customers throughout the country. The EMV chip cards are issued and acquired on the bank’s in house system –built on WAY 4 CMS and Switch solutions, which has exceptional flexibility and the latest technologies. And a new technology such as EMV allows VPBank to provide the high security levels which platinum products need. With a high level of flexibility in product configuration and management VPBank can actively adapt its wide product ranges to fit the specific needs of their customers. With a clear ATM strategy, VPBank can obtain many benefits from the huge potential market. About 12 million out of millions Vietnamese people afford to use payment cards. Until now, the number of people in Vietnamese people afford using cards from 15 banks has not reached 2.5 million. So it can be seen clearly that ATM market is really a “big cake”. The matter for the Bank is how to “eat” the “cake” in the most effective way. Besides international credit cards like Visa, MasterCard, there have been recently several kinds of debit cards and the number of the later has outnumbered the former. There have been as many as 960,000 debit cards while the number of credit cards has totaled only 185,000. And 80% of Visa card payments are by tourists. That means 90% of the ATM market in Vietnam still remains Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions untapped. To exploit this potential market, the bank needs to promote their POS systems, especially at supermarkets, restaurants and big payment centers.  Co-operation with payment Centers. Cooperating with Paynet, VPBank can enhance their ATM card service; the consumers will be able to pay their bills by their ATM card at any Paynet agents. Paynet is currently the pioneer in connecting service providers with banks to implement e-payment services throughout thousands of points of sale devices to bring convenience and simplicity in payment for customers. Only April 3, Paynet signed e-payment service contracts with the four first banks, including ABBank, NaviBank, Techcombank and VPBank. Moreover, paynet targets bills of post-paid mobile, fixed phones and internet phone calls as well as electricity, water and insurance. Clients will be able to pay their bills at PayNet agents, located throughout the country. 2.2.2 ATM system and ATM card services in Vietnam. As above mentioned, the ATM card market and ATM system in Vietnam have developed rapidly over the past five years. However, as this payment method is in the introductory phase, its services compares to those of the developed countries are not diversified and perfect enough. That puts all Vietnam’s commercial banks who are moving forward to be the first ahead in the race to make the ATM card services more multi-purpose, more convenient to customers. Although VPBank’s numbers of ATM cards increase day by day the market share is still small only 4% and the ATMs accounts for 7%. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions Source: www.vpbank.com.vn 2.3 The benefits and limitations of VPBank’s ATM card services 2.3.1 The benefits of VPBank’s ATM card services As the IT sector continues to develop and spread throughout various sectors of a modern-day society, many industries are adopting it as a new strategy in conducting business and this includes the banking industry as well. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions In the past, customers might have wasted precious time satisfying their banking needs by going to the bank. However, nowadays they can easily make any bank services transaction by using ATM machines. Recently, many banks have applied them to acquire more capital, squeeze out cost savings and to enhance customers’ benefits and satisfaction. Since their first introduction to Vietnam over eight years ago, the ATM card services have promptly become part of everyday life for many. The number of machines and cards are increasing, many local commercial banks have become runners in the race (from three banks the year 2000 to 18 ones in the middle year 2008), and people are using these services thousands of times each day. Why has Vietnam’s ATM market begun booming? The reason is that many users realize using ATM card services not only gives them many benefits but also creates a chance for them to have more access to modern technologies in a new IT era. Moreover, they believe that the future changes in self-service technologies (ATM machines) also allow them to use more familiar ATM card services in new ways that help them reshape the way they handle their money.  Convenience This is the clear advantage that all cardholders again:  A straightforward procedure with a reasonable fee. Customers can sign up for this service simply by making a phone call and then asking VPBank’s merchants or employees to set it up, they won’t even have to go to a bank to fill out any form. Customers are kindly requested to submit to VPBank’s employees card issuance documents such as: ID (identity document) card and to pay the fee for the card. After 3-5 days, they will receive their cards at home or everywhere they ask for. It is very convenient for all the users when time is gold because they do not have to spend much time to get a card. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions Furthermore, the issuing fee is at a reasonable price, VND 100,000/a card. The user only pays the initial fee for the registration procedure; there is no fee to pay for next transactions. In order to increase sales, VPBank markets its card by reducing the issuing fee by 50% even free for businesses. Meanwhile, it is signing up businesses to pay salaries directly into employee’s accounts at the bank. VPBank also targets students as potential clients by free the issuing fee, even though they have a low income. Because VPBank states that they will likely to continue using ATM card services after graduation. What’s more, VPBank is willing to help students going away to study receive their money as safely and promptly as they do from their parents. That is a reason why the majority of the population now has a chance to own ATM cards and the sales of VPBank’s ATM cards is sharply increasing.  Easy to conduct banking transactions Cardholders can just inset their cards to the machine’s card slots and do some simple actions, and then the machines will help them automatically complete their transactions. Besides, as the entire machine have clear instructions to clients, they can easily to conduct their transactions by themselves instead of having someone instruct them. It is a way of helping them keep their PIN secret. Furthermore, there are two languages (Vietnamese and English) installed in the machine’s software; therefore, foreigners (who have VPBank’s ATM cards) can use the machines professionally. The disabled also have a chance to access these machines because all the machines are located at an average height that is in their reach. In short, VPBank’s ATMs meet some special demands of clients which some people think may be impossible.  “Go banking” anytime at customers’ convenience All VPBank’s card services are available 24 hours a day and 7 days a week, 365 days a years, so with an ATM card and PIN number – the cardholder can virtually set his own “braches hours” depositing and withdrawing money from Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions his account whenever he wishes at his bank. His ATM card already gives him access to his money not only at all of his bank’s locations, but also in restaurants, supermarkets, airports, office buildings, commercial centers and street corners across cities and provinces in Vietnam. Constantly, whenever a cardholder is at whatever time, he always has access to his account. This is a big convenience for all consumers’ particularly for businessmen and tourists who often go traveling. They can go for business or on holidays without carrying a huge amount of money. The one thing they should do is to put an ATM card into their pocket before their trip. VPBank has now the large ATM network with nearly 400 ATMs, so using VPBank’s card services, cardholders can easily find VPBank’s ATM compared to those of other banks. In 2010, VPBank is planning to increase the number of bank machines to 1,000 nationwide to better serve its clients. This means that its network will be widened and will ensure that VPBank’s cardholders can always go banking anytime at their convenience.  Responsiveness Responsiveness is other important factor that ensures all cardholders can go banking promptly and easily. All VPBank’s clients get this advantage because of the following reasons:  All transactions are conducted automatically After sliding his ATM card through the card slot, and inputting the PIN code, the cardholder in minutes can deposit his cash; his withdraw cash, pay phone account and verify the balance in his saving account. All these transactions are automatic. For example, when someone deposits his cash, his saving amount is put directly into the machine, calculated by a register installed inside the ATM instead of by the staff and credited immediately to his account. When a client withdraws money, the withdrawal cash is automatically deducted from their checking account. Clearly, it is very convenient because all cardholders only have to select the services they like to Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions have. Besides, the duration to complete banking transactions is very short. If there is no technical problem, they take place very quickly, using a maximum of one minute to conduct each transaction. Therefore, going banking with an ATM card is much faster and even more time-saving than making direct transactions with the bank. Furthermore, services are performed dependably and accurately because the operation of this machine is well-equipped and they usually print each transaction in a paper journal that is rolled into a roll of paper stored inside the ATMs. These clear and complete printed records make cardholders easier to find mistakes, which allows both the users and VPBank to set things based on the records in the journal in case there is a dispute. Therefore, without an ATM card, going banking would be more time-consuming and sometimes more troublesome.  VPBank’s ATMs are well-functioning Most clients perceive that VPBank’s ATMs are well-function. They are installed with tested, dependable components. Besides, they are modernlooking; there are many images and advertising on the screen when they stand by. Moreover, all cardholders can fit it easy to read letters, numbers, and statements on the machine screen. It is one of the reasons why some people are curious and want to possess an ATM card in order to access to this modern self-service technology. In conclusion owning ATM cards now is an inevitable tendency in a modern society, because using an ATM card is better than carrying cash, a cardholder at the same time can enjoy three benefits: convenience, safety and responsiveness. Furthermore, it is now becoming a symbol of modern lifestyle, because it really makes people have an easier life in a changing world. Moreover, to some extent, in Vietnamese eyes, using an ATM card makes the cardholder himself become an active businessman, a modern and progressive consumer. Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions  Safety Safety is a very important factor that ensures all cardholders conducting card transactions never suffer damagers of risks. All VPBank’s client gets this advantage for the following reasons:  Technology protects the clients’ card In contrast to cash, an ATM card is embossed with advanced technology and is difficult to counterfeit. There is a magnetic stripe on the back of an ATM card. This magnetic stripe contains an account number and other information about a clients’ account. All this information is encoded by the bank. When a client uses his ATM card to withdraw money or to use other services, the entire transaction is also electronically safeguarded to keep the information about his account completely confidential. Anytime a cardholder uses his PIN, it is scrambled electronically and only his bank can decode it. Each cardholder is given a PIN code, which is a secure code including six-digits known only by him. He can choose and change the number his convenience. When a client withdraws cash, or uses other services from ATMs, the machine will ask him to input his code. The cardholder must input the correct number in order to conduct his transactions. If he inputs his PIN code incorrectly more than three times, the card status will be changed or even captured inside the machine. This is an effective way to protect the card holder in case his card is lost or stolen, the thief cannot conduct unauthorized transactions if they cannot know the PIN exactly. Thus, a cardholder’s PIN is certainly kept secret if it ids not observed why someone watching as he uses the machine.  An ATM card is safer to carry than cash In case a VPBank clients’ card is lost and stolen, his cash amount in his ATM account still stays confidential, because the others who try to use his card might not know his secret PIN. He can also get his card replaced and prevent the loss of his money by making a simple phone call to Card Center or Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions VPBank’s s branches. However, when his money (cash) is lost or stolen, he himself is responsible for the damages as no one can help him pay for it. This feature is especially advantageous for people who often go on business in dangerous areas because in some unlucky cases, they can lose their money or their lives. Thus, to some extent, using ATM cards protects cardholders not only with property but also safeguards their lives. Carrying a card is also safer than carrying cash because all VPBank’s ATMs are installed in secure, busy areas. Many are located in clean, well-lit and comfortable places such as commercial centers, supermarkets, restaurants. Some machines are also monitored or patrolled by security officers who allow clients to make their card transactions with their mind at peace. It is also very convenient in case clients do not know how to use ATMs correctly or want to withdraw a large amount of money to go shopping in the evening.  All cardholders are protected in case of card loss or PIN code disclosure. In case a user forgets his PIN, he can request VPBank to re-provide him with his PIN. In case his card is lost or stolen, he can immediately report this to Card Center or VPBank’s branches. VPBank will then promptly stop all transaction on this card. In case he receives the statement in which the questionable activity appears and he can prove that his ATM card has been used fraudulently, he will not be liable for the unauthorized amount because VPBank is willing to share with damages. The reason why VPBank sets daily limits on ATM cash withdrawals is also for safety. While some people may think that limits of this kind may seem like an inconvenience to them, they are there in fact to safeguard a cardholder and his money from the unauthorized use of his account. For example, to withdraw a maximum amount of VND 20,000,000, the thief must conduct card transactions at least ten times. If the owner of this card checks or makes his card transactions each day, he can easily discover the use of stolen or Bui Thi Van – Class 4D VPBank’s ATM card services: Current situations and solutions fraudulent cards and report to VPBank to stop the use of this card. Therefore, all VPBank clients can be confident going out with their cards in pocket, because VPBank always takes care of them and protects their interest. 2.3.2 The limitations of VPBank’s ATM card services. Although VPBank’s ATM card services are improved day by day, the effectiveness of these services is still limited. Recently, some articles have criticized some poor services of VPBank’s ATM card. For example, technical problems have caused some customers dissatisfaction, they must queue up a long time to withdraw money and after banking hours, ATMs are not in operation, etc. Unfortunately, that causes some clients to view VPBank’s ATM system with suspicious eye. That is why some experts in Vietnam are not enough to allow Vietnamese people to reshape the habit they use their money and that is why out of 10 million Vietnamese people who can afford to use payment cards, only 2.5 million want to possess card. Thus, beside some benefits that card users gain, there are some limitations of VPBank’s ATM card services that scare them away.  Incompetent ATM network Although VPBank has 400 ATMs in 30 cities, its ATM network is not so strong. One of the reasons is that a sudden growth in the number of card users is faster than the growing number of ATMs. That’s why some latest articles ask VPBank to widen the reach of ATMs. According to the news on the website of Global IT investment and trade services, his company has saved expenses and time since it started to pay more than 1,000 workers directly into their bank accounts. Also on the plus side, people do not have to worry about carrying a large amount of cash when going away for business or travel. However, as some trading places generally only accept cash, or do not offer alternate methods of payment, all his employees must withdraw cash from ATM. Five industrial parks and expert processing zones in HoChiMinh City have many thousands of workers but a total of only 19 ATMs, so workers Bui Thi Van – Class 4D
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