Home Internet of Things Aerospace Apparel Energy Defense Health Care Logistics Manufacturing Retail

Access This Premium Content

Options To Access This Article:

What Subscribers Are Saying

  • "Probably the best investment I've ever made."
    Steve Meizlish, President & CEO, MeizCorp Services, Inc.
  • "I have found that RFID Journal provides an objective viewpoint of RFID. It you are looking for a resource that provides insights as to the application and implications of deploying RFID, RFID Journal will meet your needs, It gives you a broad perspective of RFID, beyond the retail supply chain."
    Mike O'Shea, Director of Corporate AutoID/RFID Strategies & Technologies, Kimberly-Clark Corp.
  • "No other source provides the consistent value-added insight that Mark Robert and his staff do. In a world dominated by press release after press release, RFID Journal is developing as the one place to go to make the most sense out of the present and future of RFID in commerce."
    Bob Hurley, Project Leader for RFID, Bayer HealthCare's Consumer Care Division
  • "RFID Journal is the one go-to source for information on the latest in RFID technology."
    Bruce Keim, Director, Hewlett-Packard
  • "RFID Journal is the only source I need to keep up to the minute with the happenings in the RFID world."
    Blair Hawley, VP of Supply Chain, Remington Products Company

Hidden Benefits

Banks and other financial firms keep mum on how they're using RFID, but solutions providers say they're adopting the technology to track everything from cash to servers.
By Jennifer Zaino
Aug 27, 2012—Banks and other financial institutions are in the business of securing sensitive information and, of course, money. So it's no surprise they prefer to keep their methods for protecting client assets private. The RFID solution providers we interviewed for this story agreed to discuss recent projects for financial firms as long as we'd keep their clients anonymous. Still, their input sheds light on where—and why—RFID is being used in the financial services sector.

The main RFID applications used by financial services are designed to track IT assets, mobile devices, storage, cash and documents. One RFID application that isn't under wraps is contactless payments.

Illustration: iStockphoto
In 2008, the Financial Services Technology Consortium (FSTC) published a set of standards for implementing RFID-based systems to track IT assets within data centers. Shortly thereafter, FSTC was acquired by the Financial Services Roundtable, and a communications representative for BITS, the Roundtable's technology policy division, says work in the area is outdated. A spokesperson for GS1 says, for now, there is no activity on its part to republish or otherwise use the standard.

Nevertheless, some banks are tracking IT assets in data centers, and technology advances are simplifying that process. In the United States, RFID facilitates compliance with the Sarbanes-Oxley Act (SOX), which requires a proper accounting of fixed assets. Banks must be able to document where their assets are, whether they have "ghost assets" lingering on their books and how they gather information on their assets. The data collected with RFID can provide an accounting.

Another driver is data center consolidation, to reduce costs and complexity. Moving assets requires strong controls, and RFID can provide visibility into the process, according to a technology provider that has been working on consolidation projects with two global banking organizations.
To continue reading this article, please log in or choose a purchase option.

Option 1: Become a Premium Member.

One-year subscription, unlimited access to Premium Content: $189

Gain access to all of our premium content and receive 10% off RFID Reports and RFID Events!

Option 2: Purchase access to this specific article.

This article contains 2,558 words and 8 pages. Purchase Price: $19.99

Upgrade now, and you'll get immediate access to:

  • Case Studies

    Our in-dept case-study articles show you, step by step, how early adopters assessed the business case for an application, piloted it and rolled out the technology.

    Free Sample: How Cognizant Cut Costs by Deploying RFID to Track IT Assets

  • Best Practices

    The best way to avoid pitfalls is to know what best practices early adopters have already established. Our best practices have helped hundreds of companies do just that.

  • How-To Articles

    Don’t waste time trying to figure out how to RFID-enable a forklift, or deciding whether to use fixed or mobile readers. Our how-to articles provide practical advice and reliable answers to many implementation questions.

  • Features

    These informative articles focus on adoption issues, standards and other important trends in the RFID industry.

    Free Sample: Europe Is Rolling Out RFID

  • Magazine Articles

    All RFID Journal Premium Subscribers receive our bimonthly RFID Journal print magazine at no extra cost, and also have access to the complete online archive of magazine articles from past years.

Become a member today!

RFID Journal LIVE! RFID in Health Care LIVE! LatAm LIVE! Brasil LIVE! Europe RFID Connect Virtual Events RFID Journal Awards Webinars Presentations
© Copyright 2002-2016 RFID Journal LLC.
Powered By: Haycco