Currently the trend of accumulation and processing of large volume of structured and unstructured information – the so-called Big Data – is gaining momentum, which has also an impact on the banknote industry. Following the advent of modern digital cameras, data recording, collecting and storage systems, from now on banknotes could be tracked and traced at every stage of the cash cycle.
Possibility to identify durability failures by supplier; to compare substrates for durability; to determine the causes of note failure and the influence of climate; to predict demand by region, to reduce stored volumes by denomination; to predict demand by quarter, month, week, day or even holiday; and to identify early banknotes failures by batch, security and substrate, – those are the opportunities provided by data analytics.
Another game-changer could come with “smart” banknotes incorporating digital technologies that would transform the very essence of cash, turning banknote from a piece of paper into an IT-product. Such notes will comprise information about substrate production, security features, packing, storage and then issuance. In an era of smart consumer banking, banknotes have a chance to play a new role in society.
If the banknote industry wants to maintain a strong position in the modern economy, it has to work on developing more efficient and lower-cost solutions in the field of cash management, and without a comprehensive data analysis, it is almost impossible to take efficient decisions within the shortest deadlines.
Discover new opportunities for banknote data analysis here.
INTERCRIM-PRESS are supporters of the Anti-Counterfeit & Currency Expo (ACCE), taking place November 6-8, 2018 in Las Vegas, USA.