Identity recognition in the digital financial business


Symposium of the financial industry 2018

Wimsheim, 13.02.2018. January 2018 – At the „Tegernseer Fachtage“ Symposium of the Financial Industry 2018 held from 25 – 26th January, experts from the finance and technology industry discussed success strategies in the digital financial business. And the experts agree on one thing: digitalization and work 4.0. will change existing business processes – both in finance and across all industries. This transformation requires intelligent, future-proof IT solutions that function in real time.

Thomas Widmann, Managing Director of Widas Concepts GmbH spoke during a panel discussion on « Algorithmic Business Models, Artificial Intelligence, Cloud Software & Identity ». Identity recognition is the basis for digitalization, as new technologies lead to the erosion of the « classic » customer or user identity that we were so far used to.

The banking world faces a major challenge, more than ever before. At the latest with the introduction of the PSD2 standard since January this year, banks are obliged to open up to third-party providers. Thereafter, third parties must be able to access bank accounts and make payment transactions on behalf of the customer. To be competitive, traditional banks need to face digital structural change and position themselves on the market with innovative digitalization strategies.

With the cloud software cidaas, the German IT company WidasConcepts offers solutions that make it easier to verify customer identities in the digitalized world. Additional security measures such as multi-factor authentication become mandatory: For example, when the customer initiates action, via a device previously unknown to the bank, from other locations or in unusual ways.

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