RFID technology in banking and finance
To align with the needs and expectations of the market, the banking and finance industry is undergoing major digital disruption and has, for the most part, embraced the implementation of technology for many years now, making it one of the most tech savvy sectors globally.
As such, banks are integrating RFID technology into their products and systems as they continue to provide better services to their customers. Each stage of the banking process has its own part to play in providing a positive experience. Therefore, it is important to have clarity of assets, inventory, clients and staff to make sure the needs of customers are met.
‘RFID or Radio-frequency Identification is a security system that enables you to identify and track objects using electromagnetic fields. RFID technology is a powerful option when looking at identity verification, identity theft protection, biometric authentication, and more. These solutions ensure top-notch security and help customers protect their money and investments and enable banks and financial institutions to secure their assets and inventory. Plus, RFID technology helps boost the productivity of banks and financial institutions by automating numerous processes’. New Digital Noise, Jeanne Hui
Some obvious applications include contactless smart cards, people identification, phone banking and establishing security. Other applications are now focused on customer relationship management, tracking and tracing inventory, money transfer systems and counterfeiting solutions.
RFID systems can provide a wealth of solutions for the banking and finance industry. These include but aren’t limited to:
Equipment management
Access control
Secure asset tracking
Inventory oversight
Streamlined operations
Automated activity logging
‘RFID tags on courier bags, cash, cheques, and more are a great way to keep track of them and ensure that the inventory is up-to-date. These RFID tags help monitor the movement and identification of each of these assets and ensure that no foul play takes place’. New Digital Noise, Jeanne Hui
Every piece of equipment can be installed with a tag including cash sorting machines, ATM’s, PIN pads, teller units and safety vaults so that an asset tracking system can be used to manage the maintenance schedule of each piece of equipment. An access control system can be used to access zones and areas within banks and financial institutions for staff, whilst also offering clients access to safety deposit boxes. RFID tags can be used to track and trace location and inventory level of assets, automatically identifiable at any time.
‘Maintaining anonymity on the internet and thorough identity verification is crucial to superior banking and customer experiences as well as identity theft protection. RFID technology provides biometrics identification, a revolutionary way of identity verification, and prevents credit card identity theft. This smart method of identification and authorization of transactions also enables end-users to experience a seamless banking process. You no longer have to get redirected to multiple online payment gateways for the transaction to be processed. A simple biometrics identification via RFID technology is enough to identify the user and authenticate the transaction’. New Digital Noise, Jeanne Hui
Save time, reduce costs and enhance transparency and accountability in banking and finance operations with RFID/NFC and contactless asset tracking, tagging and tracing technologies.
Contact us today via orders@4idsolutions.com or call on +61 (02) 4394 0333 for more information or to quote your needs for your banking and financial operations.
References:
newdigitalnoise.com/how-rfid-technology-is-applied-in-banks-and-financial-institutions
linkedin.com/pulse/emergence-rfid-technology-banking-industry-sugandha-prakash/