With rapid digitization becoming an expectation, rather than an innovation, in many industries, long-lived industries like banking and cash in transit (CIT) need to meet these new demands to keep up with a sea of new fintech competitors. While fintech offers convenience to attract younger customers, long-lasting financial institutions like banks and CIT companies have a history of security and reliability that encourages strong customer loyalty.
As banks and CIT companies look toward digitizing their operations, many organizations are considering RFID solutions as part of this next phase in their growth. RFID solutions like RFID tags, labels and readers streamline the asset tracking process to make it easier for banks to manage currency and other valuable assets. If you’re not sure how to determine if you need an RFID solution, read on to learn more about current challenges for banks and CIT companies and how RFID solutions can help.
Challenges Facing Banks and CIT Companies in 2021
Although digitization is a major part of any field in the 21st century, that’s not to say that traditional industries like banking should abandon their foundations. However, digital reform should remain a top priority for banks that want to grow their businesses and reach new customers, particularly younger generations like millennials and Gen Z. Once you’ve captured the attention of younger customers, the real challenge is building a relationship in order to retain their services.
Traditional banks can create customer loyalty by leveraging the parts of their business that set them apart from fintech. For many financial institutions, it’s their decades of experience in customer satisfaction and expertise in all things finance. From everyday banking needs to mortgages and business loans, banks can under their customers’ needs and create a high-quality experience that leads to a long-term relationship.
In the CIT world, many couriers have become a go-to provider for any business’s cash handling needs. From typical cash orders and deposits to higher-level offerings like cash recyclers and smart safes, CIT companies have the experience that retailers need to manage their cash safely and efficiently. For CIT messengers that transport large volumes of cash every day, RFID security solutions have become increasingly popular for accurate recordkeeping and automated asset tracking.
How to Determine If You Need an RFID Tracking Solution
RFID is a widespread and proven technology that uses wireless RFID tags and readers to collect valuable data and upload it into an online database you can access from anywhere. RFID solutions bring greater transparency and real-time visibility of your operations so you can gain valuable insight into your supply chain.
If you’ve wondered how to determine if you need an RFID solution, start by asking yourself what problems you’re looking to solve. Consider these questions:
- What am I tracking and how am I currently tracking it?
- Do I need to track assets in just one location or across multiple locations?
- Does my asset management involve hundreds or even thousands of assets at one time?
- Do I need accurate, reliable recordkeeping of my assets?
Although RFID has endless potential, it offers immediate benefits for inventory management and asset tracking, making RFID solutions an ideal fit for banks and CIT companies that want to make data-driven decisions to improve their operational efficiency.
Benefits of RFID Security Solutions
Because RFID technology is very flexible, it can be easily customized to the unique needs of your business. The components that make up an RFID system — RFID readers and RFID tags and labels — are simple but powerful solutions that can automate critical processes in your operations, like locating a specific pallet in a cash vault and logging deliveries for your clients. Below are some of the primary benefits of adding RFID solutions to your business
By using RFID to manage your asset tracking, you can gain up to a 99 percent accurate visibility of the location of all your assets, like cash orders transported from a CIT partner to a bank. Using a digital system powered by RFID, rather than paper manifests, also makes it much harder for your records to be tampered with.
Locate Assets in Real-Time
An RFID system can streamline your asset tracking, allowing you to record data about assets at multiple points in the supply chain. For example, RFID readers can upload information about cash orders as they move from a bank to a CIT messenger and are delivered to a cash vault for processing.
Improve Internal Operations
You can set up RFID readers to read pallets, cases or other deliveries at transition points, like dock doors or vendor entrances. Powerful fixed RFID readers have long read ranges and can read hundreds of tags at once, eliminating the need for time-consuming manual barcode scanning or shipment verification.
Gain Insight Into Your Cash Transit Process
You can also use your RFID system to collect data about your entire cash cycle so you can identify potential inefficiencies. For example, you set up thresholds for cash denominations and configure alerts to notify you when you need to order more cash, so you always have what you need on hand.
RFID solutions can also streamline communication with your CIT partner so you can gain access to deposits sooner. An RFID reader can validate cash deliveries as they come in to expedite reconciliation, so you don’t have to manually verify each order.
Create a Better Customer Experience
Many banks have started using RFID-enabled bank cards to provide more personalized services to their clients. RFID readers installed at a bank’s entrances can scan the RFID chip in a bank card and inform a bank teller of the client’s information so they can greet them by name and pull up their account information. Remember that you should inform your clients of this service and allow them to opt-out.
Optimize Your Banking and Cash in Transit Operations with CONTROLTEK RFID Solutions
RFID offers many benefits to improve the standard approach to cash security for banks and CIT companies. With CONTROLTEK RFID security solutions, you can automate asset tracking, gain real-time visibility of your cash cycle and create a better customer experience. To learn more about how RFID can improve your banking and CIT operations, contact us today.