“52% of smartphone owners with a bank account have used mobile banking in the last 12 months”
Remember when you had to walk 5 miles in the snow to deposit your Christmas cash? Okay, maybe not. But there is certainly no denying the benefits of online banking. For employees and partners it’s easy and convenient. For banks it’s cost effective. Unfortunately, online hacking can quickly turn win-win into lose-lose. And recent security breaches are making consumers increasingly reluctant to share their personal data online. There is some good news here, however, for banks, in particular.
What’s a modern banker to do? Fortunately, a new generation of off-the-shelf software has emerged– not only to secure internet-based business, but specifically to secure cloud and mobility-based business. Building on the capabilities of traditional Identity Management suites, the new generation of Identity and Access Management (IAM) solutions provide sophisticated algorithms for ensuring that those accessing financial systems are not only authorized to do so, but are also who they say they are.
Furthermore, modern IAM solutions are considerably easier to deploy and use. Developed with a mobile-first mindset, solutions like OneLogin are icon-driven and extremely intuitive. Which means that both your employees and banking customers will find them appealing and easy to learn – even with the added security features.
On the back end, today’s IAM systems also provide significant bottom-line savings. New connectivity and security standards such as SAML, LDAP, and RADIUS not only ensure secure access to legacy systems, but also to thousands of 3rd-party applications, out of the box. Single sign-on (SSO) and self-service password recovery/reset provide additional savings that have been estimated at $20-25 per call for password-related support issues.
Among the most significant benefits modern IAM solutions provide are the rich set of analytics and reporting features that enable banking institutions to proactively monitor and document usage. Deep dive into inactive users, application utilization and login activity. Identify users with weak passwords. Drill down into users, apps, logins and events, and generate customized audit trails to demonstrate compliance with cyber-security and privacy regulations.
The bottom line here is that “born in the cloud” IAM solutions provide significant advantages both consumers and financial institutions can, indeed, bank on.