What Can IAM Do For Customers In Finances

Customers of financial services have become increasingly demanding in the recent years. They have started to expect highly efficient, tech savvy and proactive services and products that can be incorporated with convenience into their daily lives. With the world progressing towards a time and era where businesses conduct their transactions with potential customers over the world wide web, digitalized interactions have become en vogue. Financial services institutions are now expected to step up to the plate and deliver only the best, the seamless, and not to mention, the most secured user experiences so as to remain relevant and attract loyal customers.

With such technological advancements taking effect within the financial services industry, the creation of regulatory compliance and requirements have began to be more rigorous and stringent. How are financial services organisations thus able to create the desired omnichannel user experience for potential customers? By adopting a financial grade identity and access management solution, companies will be able to harness the potential of digital identity as a key to business success.

Through IAM, financial services organisations will have the ability to view each customer as a single individual through an extensive, comprehensive, and personalised customer profile. By having various profiles across business units consolidated into a customer profile that contains all the data that is related to behaviour, login timings, characteristics and personal preferences, the financial services organisations will thereafter be able to provide meaningful and valuable interactions that are personalised in nature. It is through the linking up of each customer to unique digital identities, that financial services organisations can better understand what their customer base desire and want, thus staying ahead and above expectations.

Another major advantage that IAM confers is assisting financial services organisations in building and strengthening the trust and respect in their customers. In this era where hackers and cyber terrorists are frequently appearing across the news’ headlines, customer behaviour can fluctuate and behave against the favours of financial services organisations. The industry of financial services organisations is exceptionally susceptible to be the targets of security breaches and data leakages, as every hacker wants their slice of information pie.

With a modern IAM solution implemented in full force, financial services organisations can put a stop to worrying about reputational damages and security risk. With a multitude of security features and capabilities, financial services organisations no longer have to rely on outdated and legacy security systems as a line of defence. Layers of authentication and authorisation mechanisms such as single sign on (SSO) and multifactor authentication (MFA) will ensure that only the successfully authorised users are able to log into their accounts, and are granted access to the right resources at the right times. While customers are logged in, all information with regards to their account activity is closely tracked and monitored. IT administrations are able to automatically flag out any suspicious behaviours and activity, and crank down on the account (If necessary). This also ensures that organisations comply with industrial regulations.

With IAM, financial institutions can engage with customers within innovative, secured platforms.

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