The financial sector is probably one of the most regulated industries. It is confronted with a heap of regulatory requirements, but especially now, during the digitalization process, it is essential to keep an eye on the customer. Customer concentration has certainly never been more crucial.
cidaas for financial service providers
Digitization does not stop at the financial services industry. Customers today expect a consistent, smooth and constantly available service that fits their digital lifestyle.
“Know Your Customer” – clear customer identification
The banks have submitted early online banking. As a trustworthy provider, financial service providers always supported the banks and guaranteed security. But security in banking is comprehensive and a constantly developing area, especially as bank customers are popular targets for criminals. Now security often comes at the expense of convenience. In the future, consumers will be able to choose from a wide range of offers for handling their financial affairs. This means that clear and immediate customer identification and secure interfaces will become a must-have in the competition for customers.
PSD2 – Use it as an opportunity
With the second payments directive (PSD2), the EU wants to provide more security. This directive legally requires a strong authentication of the customer. BaFin says: “The obligation for strong customer authentication requires an authentication that consists of not only one, rather two elements. These elements must come from two of the three categories knowledge, possession and inherence”.
Surprise your customer with one or more of the 14 different convenient authentication and legitimation procedures that cidaas brings out-of-the-box.
Some of the authentication methods already offer convenient, implicit two-factor authentication such as device biometrics.
Impress with comfort
A second factor is thus no longer merely a safety but is placing back comfort in the forefront.
To refine this even further, cidaas enables you to legitimise your product with a second factor as soon as this is needed. This allows your customers to interact quickly with your services without any major hurdles. Instead, respond to security-critical requests with a second factor.
- Specify which authentication methods you want to allow per application. By doing so, you achieve a first level of security and offer the customer the possibility to choose his preferred method.
- Depending on the occasion, you can then query a further factor – as soon as security requires it.
- With the integrated fraud detection and bot net detection you protect your customers from identity theft. In the event of suspicious behaviour, you can verify their identity by means of an additional factor – thus providing excellent protection for your customers.
cidaas already offers advanced technologies for secure and individual customer dialogue.
PSD2 requires strong API security
API security has always been an elementary tool to protect the services. Through the de facto standards OAuth2 and OpenID connect you enable strong protection through groups, roles, and scopes. You can easily implement this across all your systems and thus ensure uniform, standardized interface security. This has become more relevant, especially through Open Banking. This should enable payment service providers to use the APIs of financial service providers. With cidaas integrated API security and API management you can achieve more transparency, control, and security of your endpoints.
Cloud-Ready – Identity Management prefers secure direct from the cloud
The cloud strategy is now on the agenda in many banks. Hosted in Germany, we are there at your side so that you can concentrate on your core business. We take care of maintenance, new, modern features and support you with integration and further development. We are your experts in all aspects of identity management.