RFID in Banks
RFID technology has been around ever since World War II, when it was used to track aircraft of the enemies. RFID technology is regarded as the biggest leap in the today’s world.
All over the globe, industries are continuously seeking new ways to integrate RFID. Since the technology is advancing swiftly, the prices are declining at the same pace, RFID’s applications are becoming affordable to everyone like fixed asset tracking, tracking work-in-process, employee tracking and basically ensuring better clarity for companies that actually deploy the technology.
With the fast pace that our world is rushing into, all industries are trying to fetch and integrate the RFID technology into their systems. Below are some of the industries that embraced RFID technology and integrated it into its systems; however, we will be concentrating in particular on the banking sector:
Retail sector: Retailers are assembling RFID to individual garments to limit out -of-stocks, reduce shrink and re-direct labor to deal with customers. This has benefited retailers by doubling their profits simply by having the right product on the store shelves. It’s expected that RFID will become ubiquitous in the retail shopping experience within the several years to come.
Healthcare and medical sector: those are using RFID to increase clarity, especially with expensive medical equipment like heart pumps and other implantable and surgical appliances. Hospitals are also using the technology to track mobile fixed assets like wheel chairs for instance. Pharmaceutical manufacturers and distributors think RFID could be the key to abolish costly counterfeiting and supply chain theft.
Aerospace: This is another industry where RFID technology is rapidly integrated into the systems. Airports like McCarran International in Las Vegas have used RFID for baggage tracking since years. Moreover, Boeing and Airbus are using RFID to track work-in-process, which can result in huge productivity profits and organize maintenance operations.
Banking/financial: it is officially required that banks and financial institutions perform frequent inventory checks of their IT equipment. This process required a whole team of workers before the introduction of RFID technology where a full inventory process often took days to be accomplished. However, with RFID, some financial institutions are completing this task in a matter of only hours. Wells Fargo and Bank of America have hundreds of data centers that needs IT fixed asset tracking software in order to ensure labor savings.
Here’s list of fixed assets of banking or financial institution:
Property, Plant, and Equipment (PPE) PPE includes tangible assets that are expected to be used for more than one year. PPE accounts include: 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 PPE 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.
Indeed, 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.
Banks usually spend an arm and a leg on the interior design in order to stand out from its rivals. Indeed 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.
“>Nowadays, the banks are using new 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 technology, Commercial banking is undergoing rapid change. Of course, the clients’ participation is the key for banking sector, where 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 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 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.
The simplicity within using RFID lies in the fact that the tags don’t need to be exposed in order to be scanned. They can be fully concealed and still can be read by the handheld reader without the need of having a direct line of sight with the 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. What’s not to like about this outstanding invention?!
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.