The financial services sector is experiencing rapid change as Open Banking becomes more prevalent. The world’s banks are finding themselves ceding market share to a growing number of non-traditional banking institutions, captive finance companies, and fintech firms. Consumers have increased access to financial services and are becoming more vocal in their demands that businesses and governments adhere to the highest standards of integrity. In an attempt by banks to maintain their market share, there is a definitive focus on creating an unparalleled customer experience through understanding the customer journey and providing customized solutions. This also makes it vital for banks to build trust with their customers by protecting customer data and identity.
Cyber security provides a systemic promise to create an environment that makes it safe for people to the bank. Identity management plays a large role in enabling banks to effectively verify and authenticate consumers, safeguard consumer data when gathering marketing intelligence, and even create new revenue streams.