eBook: Digital identity management – the foundation of successful financial services
FIs must be able to identify, recognise, authenticate, and protect their customers
Today’s finance and banking customers expect tech-savvy, efficient, and proactive service that fits conveniently into their digital lives and helps them optimise their spending, planning, and investing.
To meet these expectations, financial institutions now compete as digital businesses, offering differentiated services that are accessible from any device and tailored to individual preferences. For this strategy to succeed, though, you’ve got to deliver a seamless experience that’s just as engaging and personalised across devices as iTunes, Netflix or Amazon – while still meeting requirements for security and compliance.
Financial institutions can’t hope to achieve digital transformation on systems built for an earlier time. Success today runs on platforms designed to deliver innovative omnichannel experiences; support new business models; facilitate fintech partnerships; and connect across industry ecosystems.
Most fundamentally, organisations must be able to identify, recognise, authenticate, and protect their customers – wherever they are, at scale, in real time, across a growing number of devices, and connected objects. If established financial institutions fail to capture the digital opportunity, others soon will – including challenger banks, digital native payment platforms, and other fintech start-ups.
Additionally, regulations like the EU General Data Protection Regulation (GDPR), the revised Payments Services Directive (PSD2), and Open Banking are disrupting the way in which financial services organisations treat customer data. New requirements around privacy and consent will lead to the creation of new products, services, and business models. The time to transform is now.
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