As consumers embrace the convenience of online and mobile banking at traditional and the latest all-digital financial institutions, it has become an increasingly difficult challenge to combat cybersecurity threats while complying with regulatory data-protection mandates. HID Global, a provider of trusted identity solutions, has solved those challenges for numerous banks as part of their digital transformations.
“Our solutions protect data and transactions while delivering a seamless experience for the consumer and maximum flexibility for banks,” said Brad Jarvis, Vice President and Managing Director of Identity & Access Management Solutions (IAMS) with HID Global.
Cloud-based authentication services
“This includes the option of cloud-based authentication services that remove the complexity of providing multifactor authentication to a growing and diverse user population while also offering the convenience and efficiency of centralised regulatory compliance audits.”
Here are a few examples of how HID is helping address some of the most challenging mobile banking issues:
- A retail bank in Egypt has improved compliance and reduced fraud and operational costs with an HID® Trusted Transactions® solution that is pre-integrated with Temenos digital front office and core banking products.
- A Swiss wealth management group is using the solution, along with HID ActivID® Authentication Server, to optimise flexibility while protecting mobile banking transactions and securing corporate data, applications and systems.
- In addition to many others, two banks in Eastern Europe and the UK are using the solution for quick and easy compliance with Second Payment Services Directive (PSD2) regulations.
Ensuring business continuity
The use of digital channels has grown in Europe by up to 20 percent during the COVID-19 pandemic
Even with financial institutions returning to normal operating hours, many believe digital banking will grow in importance as part of ensuring business continuity and supporting customers who prefer not to visit their local branch during the health crisis.
According to a McKinsey & Company, the use of digital channels has grown in Europe by up to 20 percent during the COVID-19 pandemic. “In just a couple of months, customers’ adoption of digital banking has leapt forward by a couple of years,” the article’s authors wrote.
Threat and fraud detection
“Our most recent customer survey showed a 10 to 20 percent rise in digital banking use across Europe in April. Many Italian banks are striving to enable every single one of their customers to use digital banking. Such a jump in adoption opens the door for banks to turn digital channels into real sales channels, not just convenient self-service tools.”
HID Global’s complete HID Trusted Transactions offering includes the HID Authentication platform delivered either as a server or service, plus a choice of hardware tokens or the HID Approve multi-factor authentication solution with mobile push notification capabilities, and HID Risk Management Solution (RMS) – Threat and Fraud Detection. The comprehensive offering delivers risk-based adaptive authentication, threat detection and transaction signing.