The Banking and financial services industry operates on trust,  this trust demands operational efficiency and data security. With Smart Sensing RFID technologies, banks and financial service institutions have been able to keep accurate track of their inventory and also protect customer data. These technologies have also given a fillip to cashless payments. Cards embedded with RFID chips are easily read and authenticated by smart RFID readers thereby, making payment swifter and efficient. File management for vital financial documents can be made more secure and efficient by use of RFID.

Banks are using next generation technologies to provide better services to customers, Smart Sensing RFID in banking sector such as RFID applications in the cheques between banks, reducing the manual operation, customer relationship management, tracking and tracing, money transferring system, countering counterfeiting, contactless smart cards, people identification, phone banking, establishing security and checking purpose.  Finally some of the barriers to technology acceptance by the customers and some methods to data protection and increasing security in RFID systems are described. Smart Sensing Technological developments particularly in the area of information technology are revolutionizing the banking industry, with the development of this technology, Commercial banking is undergoing rapid change.

Smart Sensing (RFID) is a seemingly simple technique, data is stored in Smart RFID tags that are attached to objects or located in Smart cards, and this data can be read using radio signals and presented on a display by using a suitable reader. The data can then be transmitted automatically to an information technology (IT) system for further processing. The appeal of this smart technology is its convenience and efficiency offered to both the consumers and the merchants.

Benefits

Banking and Financial institutions are required to perform frequent inventory checks of their IT equipment. This process required a whole team of workers before the introduction of Smart Sensing RFID technology where a full inventory process often took days to be accomplished. However, with Smart Sensing RFID, some financial institutions are completing this task in a matter of only minutes. Prime Banks have hundreds of data centers that needs IT fixed asset tracking software in order to ensure labor savings.

• We know what we have and where it is much firmer grasp on inventory.
• Significant man-hour savings for audits – 90% reduction in inventory collection time / costs – Less time spent locating assets.
• Real-time inventory control – Automated audit trail for IT assets, no touch labour
• Facilitate automated receipt notification – For supply chain and workflow management

Smart Sensing fixed assets of Banking or Financial institution:

The tangible assets that are expected to be used for more than one year. Land, Building, Machinery, Service Equipment, Computer Equipment, Delivery Equipment, Furniture and Fixtures, Leasehold Improvements, etc.

Accumulated Depreciation – a contra-asset account deducted from the related inventory account. It represents the decrease in value of the asset due to continuous use, passage of time, wear & tear, and obsolescence. Advances to Officers, Directors, and Employees not collectible within one year, Cash in Closed Banks, and Abandoned or Idle Property, Computer equipment, such as routers, servers, and backup power generators. Furniture and fixtures, such as warehouse storage racks, office cubicles, and desks. Leasehold improvements typically include office space, air conditioning, telephone wiring, and related permanent fixtures, Office equipment, such as copiers, printers, and video equipment etc.

Asset tracking and managing all of these fixed assets can be an exhaustive and time consuming method when done manually, especially with all the branches a bank has, where all of this needs to be maintained as well in every branch existing. This is why a fixed asset tracking software is much needed to track and manage fixed assets as well as the maintenance operations of each of the fixed assets found in a bank. Not to mention, that with fixed asset tracking software you will be able to reduce theft percentage and deter integrity issues such as embezzlements or money laundry.

Financial institutions, Banks usually spend an arm and a leg on the interior design in order to stand out from its rivals. Traditional labeling all the fixed assets with a barcode will sabotage the banks façade and will give it a sort of cheap look. To avoid this unpleasant issue, banks are substituting the barcodes with an RFID tags.

Banks are using new next generation technologies to offer the best experience and services to customers as well as elevate their efficiency. Technological developments especially in the domain of IT are revolutionizing the banking industry. With the development of this fresh technology, Commercial banking is undergoing rapid change. Of course, the clients’ participation is the key for banking sector, where Smart Sensing RFID solutions in banking sectors is ensuring a unique client experience and enhancing the relationship with the bankers. The RFID solutions are custom made to meet the standards of the banking institution, to offer the best system in practice, to identify their potential customer and sustain a good relationship with them. Furthermore, the Smart Sensing RFID file tracking solution helps banks to tag each and every file, so that at the time of retrieval it becomes easy to track the file and its contents.

Not only that the Smart Sensing RFID helps in ensuring a customer is satisfied but also goes beyond that fact. RFID fixed assets tracking software is making all operations within the bank much easier. As you may all know, that performing the inventory of the fixed assets occurs annually, or twice a year in the best scenarios and that’s because the inventory process requires a lot of time and needs full concentration as not to lose any documents or money during the process, so many banks usually close their doors when this process is taking place. All if these concerns will go down the drain with RFID technology. RFID guarantees that the inventory process will be fully accomplished in a matter of minutes without the need to close the bank or interrupt its operations.

Smart Sensing RFID tags are not required to be exposed in order to be scanned. They can be completely concealed and hermitized still can be read by the handheld reader without the need of having a direct line of sight with the smart tags. This procedure can be performed within meters away and still ensure an accurate data gathering.  What’s so appealing about this technology is that it saves banks lots of time and huge amounts of money.  Conducting an inventory process in all the bank’s branches is just one click away.

Moreover, since the very essence of any bank is documents, data are critical to almost every aspect of business conduction. This data includes account numbers, social security or national ID numbers, monetary positions and similar information. Many banks, credit union, and accounting entities also tag, track and secure the movement of fixed assets and data center servers through RFID technology.

The tangible assets that are expected to be used for more than one year. Land, Building, Machinery, Service Equipment, Computer Equipment, Delivery Equipment, Furniture and Fixtures, Leasehold Improvements

Smart Sensing Devices, Machines, Laptop Computers and Appliances.

Banks that provide devices, laptops to employees in specific positions, having the ability to track those fixed assets would help ensure that the devices, laptops do not leave the premises without permission.

A Smart, futuristic Bank, financial institution or an exchange house facility is one wherein information and data is collated at all important points, managed, stored meticulously and retrieved whenever essential. This adoption raises the service excellence and the attention for revenue calculation equipment and devices management to customer care and secure standards. Providing the focused attention with excellence and enhances the efficiency and the brand of the Bank.

Applying Smart Sensing RFID Technology where it matters the most –  Customer Information, Customer Safety & Security, Cheque verifications, Checking purpose

Smart Sensing Secure Near Field Communications (NFC) technology is enabling everyday objects to be online with authenticated access to cloud or mobile applications. Organizations and brands seek to secure, streamline and automate business operations and customer engagement. The rapid deployment of IoT solutions improves mobile and onsite efficiencies of managing facilities; security services, electronic visit verification (EVV) in home banking, and secure transaction applications leveraging RFeye Smart Sensing Tag.

Smart Sensing RFID Banking Applications

With the elevated interest in RFID technology among banks and other financial organizations, some banks (driven by the need to enhance both operational efficiencies and data security) that were previously using barcodes to keep track of inventory in their data centers are recognizing improvements of using RFID of as much as 90% in data accuracy, not to mention remarkable reductions in the amount of time that it takes to conduct inventory assessment. Security wise, using RFID in banks adds a shield to protect banks and customers’ data and minimizes the chances of losing this information

Here are some specific examples of how RFID might be used in banks and other financial institutions:

Smart Sensing Customer Service for Rich Customers

A bank that desires to provide faster and more customized service to its golden customers can attach an Smart RFID tag or chip to the customer’s bank card or passbook. Upon entering the bank, the Smart RFID tag is automatically scanned, and a customer information system notifies bank staff that a high value client needs a service. An available teller can then greet the customer by name and have his or her account information ready. Providing a safe environment for a company’s most valuable assets, people and property is paramount for security and facility professionals. Leveraging secure wireless identification technologies, organizations can implement trusted security patrols across the facility or campus, streamline maintenance and inspection of assets, automate and simplify key management and much more. 

Smart Sensing Payment Programs

A bank cards coupled with an embedded Smart RFID tag can be used to make a payment without swiping the card or entering a PIN. By placing the card in front of an Smart RFID reader, the payment is processed automatically. In essence, Smart Sensing RFID-based fixed asset tracking software covers all facets of the banking sector that guarantees an effective customer relation management, identifying clients, detecting counterfeiting, and tracking and managing fixed assets. Electronic Visit Verification (EVV) using secure NFC technology ensures each-in-home banking visit has actually taken place for the prescribed amount of time. Implementing secure EVV delivers proof of presence, accountability and accuracy to prevent banking or remittances billing errors and deliver peace of mind for customers, family members and financial centers.

Smart Sensing differentiated Brand Engagement

Financial organizations want to differentiate their brand’s offering, increase customer engagement and deepen consumer loyalty while combating the ongoing threats of counterfeiting. Safeguard and enhance your brand’s experience by implementing and stronger brand protection, along with secure, interactive marketing campaigns.

Customer engagement with their brand by incorporating the benefits of mobile banking technology that empowers customer communications. Smart digital interactive media into promotional campaigns, and they need access to data analytics to gage the success of these programs for better marketing decisions and measurable KPIs.

• NFC tag: A quick and cost-effective option to integrate digital touch points into posters, product packaging, point-of-purchase displays, magazines and other physical media.
• Smart Sensing RFID tag: Highly secure financial applications with an integrated solution combine patented NFC Inlays and Labels with a cloud-based authentication platform to power frictionless, secure transactions for proof-of-presence, sweepstakes or product authentication.

Smartphones, Tablets, Enterprise Digital Assistants are set to replace everything from POS machines to credit cards to even barcode readers. The mobile phones, with the necessary application interface and middleware would be able to read the information on the tag. All it needs is to be Near Field Communication (NFC) enabled or Blue low Energy (BLE).

Financial industry will be evangelized by a regulatory mandate coming in to ensure that Smart RFID tagging is done on all assets and equipment as well as customers, staff and Management. By using NFC enabled phones, the Banks staff and Managers can read the RFID enabled smart buttons, Cards and wrist bands and appropriately administer verification, check and alert in case of fraud and security is compromised through the phone to teams.

Smart Sensing RFID readers with proprietary tailored next generation middleware can integrate into any financial intuitions and enable seamless implementation of end-to-end solutions.

To find out more about Smart Sensing “Banking” Solutions, you can reach us by sending an e-mail to vasih@rfeyesolutions.com