As the twenty first century sees a new age of technological advancements and innovation, the world of banking and financial services has changed. Today, customers no longer have to make the trip down to a local bank just to settle their financial issues and needs. With the Internet and the state of our current technology, everything has become digitalised and mobile, creating a new wave of digitalised transactions. When it comes to online banking, the benefits are many. For banks and financial institutions, they are able to be cost effective when it comes to enhancing work productivity. For other business partners, customers and employees, everything is made more convenient as well as having each interaction with the company being a personalised experience.
However, not everything is a bed of roses. Online banking and financial services have their fair share of drawbacks. With the news of recent security breaches and major banking and financial services firms becoming a juicy target for hackers, customers and partners may start to grow wary of sharing their personal data online. With a modern financial grade identity and access management (IAM) systems, not all hope is lost for the modern banker. Compared to the traditional IAM systems, this new generation of off-the-shelf IAM software has emerged to provide sophisticated infrastructure and algorithms that will ensure cloud-based and mobility-based businesses remain secured. In addition, modern IAM ensures that the right people are authorised to access financial services and systems. IAM solutions also come equipped with multifactor authentication mechanisms to ensure that the users are who they claim to be. Moreover, modern IAM solutions are much easier to use and deploy. As they are developed with a mobile-first mindset, the extremely intuitive nature of such modern IAM solutions will make the experiences for both employee and customer very easy to learn and therefore, much more appealing. With the extra security features, such as single sign-on (SSO) functionality, customers are able to trust their shared data will be kept and stored in safe conditions. Not only does this contribute to increased brand loyalty in the financial institution, but it also spells out a raise in bottom-line savings for the organisation at large. Research has brought to light evidence that many financial services organisations end up making significant cost savings as a result of enjoying the new connectivity and security standards offered by modern IAM solutions. With password recovery and password management related issues greatly reduced, banks and financial services firms are able to better budget their IT security, who can now focus on executing large scale initiatives and projects. Another unique set of benefits that banks and financial services firms can obtain through the adoption of modern IAM is the reporting and analytical features that will empower the company with proactive monitoring and documenting of usage by customers. Through the extensive view of customer profiles, marketing teams will be able to analyse login activity and application utilisation. On top of that, IAM ensures regulatory compliance. With IAM, customers and financial institutions can bank on.