Bank Vault Management Solution with UHF RFID Technology
The vault management in any bank is a matter of internal security and bank’s integrity. It plays a vital role in a banks’ financial system. These processes require accurate records of cash boxes moving in/moving out and precise inventory on a real-time basis, wherein manual errors could result in huge losses, low efficiency and a waste of manpower and material resources. This could adversely affect the quality of banking service. In order to augment their competitiveness, the banks in China have adopted modern technological marvels like RFID, barcode and face recognition technologies.
Challenges
The verification of identities is of utmost importance during cash box handover to prevent fraudulence and substitution.
The manual method of inventory is error-prone and sluggish and an inaccurate inventory can lead to massive financial losses to the bank which the bank would eventually fail to decipher.
A much-needed collaboration between departments in a bank is conducive for best results but due to inefficient collaboration between the departments (because of deficient real-time information sharing) leads to a chaotic situation which adversely affects the performance of a bank.
It is difficult for administrators to analyze real-time data, which might turn out to be a hindrance to strategic management.
Solutions Chainway has come up with an effective solution based on various guidelines of a technological marvel like UHF RFID barcode reader and 4G WIFI network for the Bank of China, wherein the identities of bank personnel can be verifying and the assignments could be sent directly to the clerks for further processing. The handover of cash boxes can be easily documented, scanned and synced to the online server database via a wireless connection by enabling barcode scanning and reading of each cashbox.
Effects
The data management has become low cost and efficient with secure handover after definite verification of bank personnel.
The backend server can easily be checked in real time for a prompt flow of cash boxes and efficient inventory.
Now the bank gets the 99% accuracy with vault inventory, which is why the process of vault management has improved a lot.
We would like to use cookies on our website to improve your experience. By clicking “Accept All”, you consent to the use of all the cookies. Via 'Cookie Settings' you can manage your preferences. For more information about the cookies we use, click here to read our Cookie Policy
Cookie SettingsAccept All
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. However, blocking some types of cookies may impact your experience of the site
Accept All
Strictly Necessary Cookies
Always Active
These cookies are necessary for the website to function and camnot be swiched of in our systems.They are usully only set in response to actions made by youwhich amount to a requestfor services such as seting your prvacy preferences,logging in o iling in forms.You can set your browser to block or let you boutthese cookies, but some parts of the site will not then work. These cookies do not store any personally identfiable information.
Performance Cookies
These cookies are necessary for the website to function and camnot be swiched of in our systems.They are usully only set in response to actions made by youwhich amount to a requestfor services such as seting your prvacy preferences,logging in o iling in forms.You can set your browser to block or let you boutthese cookies, but some parts of the site will not then work. These cookies do not store any personally identfiable information.
Social Media Cookies
These cookies are set by a range of social media services that we have added to the site to enable you to share our content with your friends and networks. They are capable of tracking your browser across other sites and building up a profile of your interests. This may impact the content and messages you see on other websites you visit. If you do not allow these cookies you may not be able to use or see these sharing tools.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.