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 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. “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:
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 McKinsey & Company, the use of digital channels has grown in Europe by up to 20% 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. “Our most recent customer survey showed a 10 to 20% 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”
Solutions for intelligent data-driven authentication
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.
Click here for more information about HID’s advanced multi-factor authentication solutions for banking.