Financial service providers are faced with increasing competition and regulatory demands, financial services organizations are finding themselves caught between two conflicting aims: innovation and security. They’re feeling the pressure to offer convenient access to services and applications to both their customers and employees. On the other hand, they must manage the risk of data breach and ensure compliance with a long list list of regulations.
You must innovate to remain competitive but there are additional risks to manage. Enterprise security must remain a core focus, as exposing more digital touchpoints and access to resources creates additional entry points for hackers and criminals to exploit. This can, in turn, increase the potential for identity theft, account takeover or fraud.
Those financial service providers who prioritize both innovation and security are positioned for competitive advantage. It begins with identity. When entrusted with people’s money, you must make sure individuals are who they say they are before giving them access to financial instruments and systems.
Identity and Access Management (IAM) helps you ensure only the right people have access to the right things. Using technologies like secure single sign-on (SSO) and adaptive multi-factor authentication (MFA), IAM gives you the confidence that both your customers’ and your enterprise’s security is managed to the greatest potential.
At the same time, identity and access management enables you to confidently move forward with—even accelerate—your digital transformation initiatives. When you have the assurance that your customers are who they claim to be, you’re empowered to give them the same type of convenient access and engaging experiences that they get from their favorite retailers and tech providers. And you’re able to give employees access from anywhere at any time, maximizing their efficiency and productivity.