Data security is the number one priority in the world of financial services organisations. With massive amounts of corporate and customer data, there is not a single margin for error given that every hacker and cybercriminal in the world are eyeing each moment of weakness. Companies must therefore be on their A game when it comes to protecting their financial data and maintaining IT infrastructures to keep up with the rest of the industry.
As the Internet continues to evolve, so does technology, and this observes an era of customers who are tech-savvy and constantly on the go. As a result, customers are more inclined to conduct business transactions online, emphasising the need for many financial service providers to go digital. In order to cater to the increasing expectations and needs of potential customers, many organisations are falling back on modern financial-grade identity and access management (IAM) to meet potential challenges head on. Curious as to how IAM can assist financial services organisations? Read on to find out more.
1. Ensures Compliance with Regulations
By integrating the appropriate IAM solution, companies can manage access towards identity data, securely share it and capture the consent of customers. Companies are also empowered with the ability to encrypt cardholder identity data at rest, in motion, and during replication. Additionally, the presence of an auditable paper trail allows financial service providers to track who, when and how the identity data was accessed. The presence of IAM will ensure that the organisation is in strict accordance with regulations.
2. Improves Customer Experience
An IAM solution should come equipped with single sign-on (SSO) capabilities for financial services applications and software. With SSO, customers will be able to access a variety of the company’s services at their convenience, through a single login point. Through the support of a unified customer profile, customers will retain their credentials no matter what channel they are using for their financial services. By allowing each of the company’s digital properties to access a singular comprehensive overview of the customer’s profile, companies are empowered to grant customers seamless experiences.
3. Enhances Innovation and Agility
With modern IAM systems, financial services organisations can integrate new applications and rapidly deploy them to the cloud. The versatile hybrid deployment model is currently the leading IAM solution, allowing organisations to connect software as a service applications, as well as, legacy on-premises applications. It also provides directory capabilities that enables automated onboarding of external vendors, while managing the external identities. As a result, end user experiences is secured and seamless, not just for customers, but also for employees and external vendors.
4. Mitigates Security Risks
Modern IAM offers identity-defined security, starting with multi-factor authentication (MFA) which ensures that the account is being appropriately accessed by the right person. After authentication, organisations can rely on for access control, ensuring that the right people can access the right data. In doing so, financial services providers can lower the likelihood of security risks as well as focus on greater digital security initiatives.