Client: Ping Identity Corporation
Format: Solution Brief
Size: 2.54 MB
Language: English
Date: 09.07.2024
HOW TO EVALUATE Customer Identity Providers for Financial Services
The financial services industry is changing at an unprecedented pace. Amidst an evolving regulatory landscape, new technology, market forces, and growing consumer demands – one thing is certain – keeping ahead of fierce competition is about maximizing returns on digital investments.
The emergence of financial technologies (fintech), digital-first banking, and cloud-native providers presents industry incumbents with competitive risks as well as opportunities to develop seamless, secure, and scalable end-to-end experiences for their customers.
Meanwhile, the growing cybersecurity threats posed by crime syndicates, persistent threat groups, and rogue state-actors continue to compound the risk of account takeover (ATO), unauthorized access, and regulatory breaches.
These challenges are further amplified by changing customer engagement patterns, privacy
regulations in many parts of the world, as well as the rapid growth of the financial services
ecosystem spurred by merger and acquisition (M&A) activity.
In addition to the above, financial services organizations are increasingly looking to capitalize on increasing their adoption of Open Banking and Open Finance technologies to hyperpersonalize customer experiences across personal banking, loan/credit, insurance, and wealth management offerings in a bid to maximize upsell.
Being able to simultaneously elevate customer experiences and reduce the attack surface while achieving regulatory compliance can help financial services organizations accelerate digital investments. But doing so is increasingly contingent on their ability to modernize their legacy customer and identity access management (CIAM) capabilities. Most financial services organizations still rely on multiple legacy, home-grown, and point solutions for CIAM that thwart their goals for progress. Purpose-built CIAM helps financial services organizations with advanced capabilities that accelerate onboarding, enable know-your-customer (KYC) checks, deliver multi-channel and multi-service personalization, and leverage the latest artificial
intelligence (AI) and machine learning (ML) technologies to prevent cybercrime and fraud. By selecting the right CIAM vendor, financial services organizations like yours can accelerate agility, reduce time to value, and turbo-charge digital transformation.
The emergence of financial technologies (fintech), digital-first banking, and cloud-native providers presents industry incumbents with competitive risks as well as opportunities to develop seamless, secure, and scalable end-to-end experiences for their customers.
Meanwhile, the growing cybersecurity threats posed by crime syndicates, persistent threat groups, and rogue state-actors continue to compound the risk of account takeover (ATO), unauthorized access, and regulatory breaches.
These challenges are further amplified by changing customer engagement patterns, privacy
regulations in many parts of the world, as well as the rapid growth of the financial services
ecosystem spurred by merger and acquisition (M&A) activity.
In addition to the above, financial services organizations are increasingly looking to capitalize on increasing their adoption of Open Banking and Open Finance technologies to hyperpersonalize customer experiences across personal banking, loan/credit, insurance, and wealth management offerings in a bid to maximize upsell.
Being able to simultaneously elevate customer experiences and reduce the attack surface while achieving regulatory compliance can help financial services organizations accelerate digital investments. But doing so is increasingly contingent on their ability to modernize their legacy customer and identity access management (CIAM) capabilities. Most financial services organizations still rely on multiple legacy, home-grown, and point solutions for CIAM that thwart their goals for progress. Purpose-built CIAM helps financial services organizations with advanced capabilities that accelerate onboarding, enable know-your-customer (KYC) checks, deliver multi-channel and multi-service personalization, and leverage the latest artificial
intelligence (AI) and machine learning (ML) technologies to prevent cybercrime and fraud. By selecting the right CIAM vendor, financial services organizations like yours can accelerate agility, reduce time to value, and turbo-charge digital transformation.
