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What are the Applications of RFID Technology in the Financial Field?

Feb. 10, 2020

With the continuous development of the Internet of Things, RFID technology has also been widely promoted and applied. Speaking of RFID technology in various industries, there are too many applications. Today we will follow the RFID Sticker Label Supplier to see how RFID technology is used in the financial field. What are the applications?


1. Improve the efficiency of bank asset management

Large-scale commercial banks in China have already achieved national data concentration. Their national data centers have a large number of IT equipment, so it is very difficult to track and manage these IT equipment. At present, some domestic banks have begun to use RFID technology to improve the efficiency of bank asset management.


For example, China Construction Bank has applied Low-frequency RFID Sticker Tags to fixed assets such as the bank's data center cabinets and its internal equipment through the application of RFID technology. Ultra-high-frequency read-write devices have been installed at the entrances and exits of data center computer rooms and cabinets. Computer room environment monitoring software, automatic alarm system, and access control system build a complete asset management monitoring platform to achieve comprehensive visual tracking and monitoring of IT equipment, providing data center managers with great convenience in managing IT equipment.


RFID Sticker Tags

2.Improve the security of bank cash box in and out management

At present, most of the escrow work of bank cash has been outsourced to security companies. Before the bank branches are open daily, the security company will take out cash boxes from the vaults in the bank center, escorted them, and handed them over to bank branches. After the daily business ends, the security company will hand over the cash box from the bank outlet and deposit it in the bank vault. However, during the handover of the cash box of the bank's cash transport vehicle, there will always be some cases of fraud and misappropriation in the process of entering the cash box, which will cause economic losses to the bank and have a negative social impact. There are hidden safety hazards.


And the RFID technology monitors the cash box transfer process, can realize intelligent escrow supervision, security transfer supervision, personnel identification, automatic monitoring and alarming, so as to ensure correct transfer, high bank cash boxes in and out of the warehouse and transportation process safety.


3.VIP service——improving customer service quality

Some domestic banks have applied RFID technology to their VIP customer management, and issued VIP cards that fused ordinary UnionPay cards with RFID electronic tags to VIP customers. Once a VIP customer enters the bank's door, their personal information, including their name, history, and recent transactions, will be instantly retrieved from a tailored application software database. VIP customer information is obtained from the local database and sent to the customer relationship manager, who personally greets VIP customers, greatly improving the VIP customer experience.


4. Bill security

For a long time, many criminals have extended the tentacles of fraud to bank counters and used counterfeit certificates of deposit to cheat deposits. Adding an RFID chip to the certificate of deposit can greatly improve the anti-counterfeiting ability of the bill, can effectively identify the authenticity of the certificate of deposit, and crack down on fraud by criminals. For example, the Agricultural Bank of China Jiangsu Branch promoted RFID certificates of deposit to strengthen counter-based risk control. The bank comprehensively promotes chip (RFID) deposit receipts, uses packaging technology to add chips to ordinary deposit receipts, and combines chip information with the Agricultural Bank's production system to achieve uniqueness of deposit receipts and prevent the risk of copying and cloning of deposit receipts.


The above is the application of RFID technology in the financial field introduced by NFC RFID Card Supplier. Hope to help everyone.

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