Design an IoT Integrated Asset Tracking Application to Secure, Enable Real Time Control and Improve Digital Customer Experience in Glided Financing

Gold being one of the precious metals is considered as a highly liquid asset and ensures providing better economic advantage compared to other assets. Most of the banks provide loans in pledge of the customers gold as a collateral. The gold that is stored in banks is sometimes subjected to manipulation by employees or customers but unless verified this issue is discovered at a later point subjecting the individuals to legal actions. The renewal of the existing gold loan process requires the presence of the customer in bank to fill and sign the documents. The preference is provided on a first come first serve basis and the customer needs to wait until the banking procedures are completed. This similar process is done even for retrieving gold from the bank. The objective is to design an application integrated with IoT to ensure a transparency of the asset details and improve customer experience by adopting digital methods during new asset pledge, renewal, and return.

IoT - Internet of Things, RBIA - Risk-based internal audit

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