In the recent years, the industry of banking and financial services have been going through a paradigm shift as a result of digital transformation. A report has evidence to prove that omnichannel availability has been thus surpassed by the preference for digitalised interactions. And this makes sense given that the average financial services customer does not frequently go to a physical bank branch, now that people are able to transfer money and deposit cheques through their smartphones at the tip of their fingers.
With the adoption of a customer identity and access management (IAM) solution, financial services companies and banks can easily take maximum advantage of their applications and digital platforms to enhance customer experience with added cyber security which will in turn boost trust and loyalty. Customer IAM further ensures the secured access to digital channels and platforms, as well as, making sure that all sensitive and valuable data that the customers provide is entrusted and stored safely.
In today’s day and age, everything can be done through one’s mobile devices and smart technology. Statistics have seen an increasing number of banking customers using their personal handheld devices to access financial services and conduct online transactions. In order to remain relevant and competitive, financial services firms and banking companies are therefore compelled to ensure the ease of access across different channels and mobile devices. It has been made clear that customers actively using mobile devices are setting the agenda and banks must therefore listen to their demands and needs.
To enhance customer experience, banking and financial services institutions are required to provide seamless user experiences for a range of applications, channels and devices. With the single sign on (SSO) feature offered by most customer IAM solutions, logging in across various channels has never been made more seamless than now. Through the leveraging of SSO capabilities, customers are able to log in to numerous applications and websites with just a single set of login credentials. With federated SSO, the same set of customer credentials can be used for third party services and domains.
With digital banking platforms, financial services and banking companies can collect data about every unique customer, including the applications and tools that they use and how they use them according to their needs. As a result, banks and financial services companies can be better equipped with the knowledge to offer personalised advice and services to their customers based on financial goals, activity trends and personal preferences. Higher levels of personalized experiences are more likely to increase customer loyalty, as a result of customer service building loyalty and trust in the financial industry. Customer IAM solutions with customer profiling capabilities collects multiple data points and stores all these information regarding customers in a centralised database. This enables companies to have a comprehensive view of each and every customer, thus gaining valuable marketing insights.
Aside from that, customer IAM ensures that banks and financial institutions meet strict industrial regulations. Data privacy is key to industrial success and maintaining customer trust. Without customer IAM, banks would run into many security challenges.