The digitization of banking services has made life easier for the users. Being able to access all the banking facilities without spending hours in the queues has not only saved time but is proving to be a boon in the current scenario where social distancing is becoming the new way of life. With the increased adoption in banking services, its crucial to keep a strict vigilance on pseudo identities of the users that are proving to be a great cause of concern.
Challenges faced by Financial Services due to Digitization and Current Pandemic
- An increased adoption of virtual banking or digital branch experience has raised key challenges around frictionless on boarding of new customers with their proper identification and authenticationIdentity Frauds are getting common in banking industry where attackers use weak authentication and authorization processes of banks to steal money
- Current pandemic situation makes it even more critical to strengthen the digital solution to allow customers to engage seamlessly with the services offered by financial services organization
To remedy the situation, HCL’s CIAM solution is build using Cloud-native computing, taking advantage of many modern techniques, including multi cloud, multitenant, micro services, CI/CD, agile and dev-ops methodologies. The solution is a balanced amalgamation of capability and flexibility ensuring seamless adaptation to the customer’s need.