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Exploring the Unseen Fortes of Customer Identity and Access Management (CIAM) in Banking.

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Do You know that your consumer’s digital world is connected? 

Your consumer’s digital identity is supposed to be unique, and this identity is the most valuable thing they own.

Banks are on the lookout for innovative technologies to manage and protect customer data and identities. Money Laundering, Cyber-crime and Banking fraud are always on the rise. Also, The EU’s General Data Protection Regulation (GDPR) also demands banks and other financial institutions to implement technologies like Customer identity and access management (CIAM). Dedicated systems to host consumer identities and their associated profiles is a fair enough step towards KYC. Collecting clear consent from consumers for the use of data is mandatory to avoid further regulatory compliance related hassles.

Customer identity and access management (CIAM) allows businesses to capture and manage customer identity and profile data in a secure form, and control customer access to applications and services.

Capabilities of Nuvento CIAM Solutions are as follows but not limited to these:

  • Detailed Dashboards to manage customers information sharing choices.
  • Functionalities to implement consistent privacy policies and methods to alert users about term change and acknowledgement process.
  • Can address scalability challenges when markets experience peak customer demand due to many factors.
  • Offer powerful security from authentication down to the data layer to reduce the risk of revenue loss, and data breach instances.
  • Combination of features which include single sign-on (SSO), multi-factor authentication (MFA), access management, directory services, data access governance etc.
  • Secure, seamless customer experience available throughout web and mobile channels which allows customers to engage with a brand.


Instances of Fraud!

Real Recent Story: I’m driving a car with my wallet on the next seat which has my bank cards. I get stuck in a traffic jam and listening to music. I am lost in my own world which happens to many who have had a hectic day at the office. I really don’t bother what alerts/messages I get in my cell phone. Later after an hour or so I take my phone to see the alerts. Voila!!! A handsome amount of money transacted from my brand-new credit card. I m not very much shocked since fraud instances are the “trend” these days, right? Then I see a transaction declined alert because the fraudster doesn’t have access to the One Time Password received in my cell phone which authenticates the transaction. 

Sounds simple, but the process is a bit complicated when we develop CIAM solutions to generate trust in the minds of bank customers. The Magnitude of Fraud is huge, and it grows rapidly. What if, the fraudster has implanted a spyware/hardware trojan in my cell phone or laptop which is used for transacting in billions. Cards are forged/duplicated at the point of manufacture itself. Sensitive card details then become like the most publicized advert which screams “Use Me”. The Magnetic Strip and Secure Chip is accessible to many without customer knowledge. Many instances reported wherein customer receives a “brand new” bank card which is already used for numerous high volume online/pos transactions and with really huge Unbilled Statement. We don’t have any rights to mistrust the bank executive who hands over the card to the customer, yes there are frauds in that process cycle also, but not always. One-time passwords are no more a secret. Fingerprint is forged, voice is forged, face recognition software is forged like never before. Are we supposed to wear a second skin all the time? These are the questions we got to address while talking high about our technological advancements. How secure are online transactions? Customer Identity seems to be the most forgeable component when it comes to banking and finance business.

Customer Identities are the most favorite toys for cyber criminals to play around with. It destroys huge business empires, create havocs in a developed country’s economic system. CIAM is Not a silly matter for tech firms to work on further. Bank customer support teams are loaded with daily instances logs of phishing attacks. One of the key drivers for CIAM deployment is Customer Loyalty programs, this is the most vulnerable segment. Airline Frequent Flyer program data is regularly thieved by relentless fraudsters. No online asset which belongs to a customer is fully safe and this is the main challenge which CIAM providers work on continuously. User behavioral analytics support CIAM vendors in fraud risk reduction to certain extent but not in its totality. There are intelligent algorithms which are deployed by star fraudsters which fetch behavioral patterns and craft attacks which are least dubious. Remember, any behavioral pattern is trackable.

Nuvento is diligently partnering with the topmost CIAM vendors across the globe to prove that We are responsible in creating a secure online platform wherein customers of Banking and related businesses can transact safely. We are continuously innovating in the fields of Biometrics, encrypted mobile apps/SDKs, and risk adaptive authentication features which are just a few functions which encompasses the CIAM sphere.

Get in Touch to Learn More!

CIAM platform enables banks to keep up with their internal security policy guidelines/regulations and thereby speeding up digital transformation efforts. Nuvento ensures your customers benefit from a seamless, customized secure banking experience throughout the customer life-cycle.

We promise Secure Business Transactions and Customer Delight in a Regulatory Compliant business environment thereby accelerating overall Digital Transformation!