Organizations implementing IAM definitely find themselves between a rock and a hard place.
Growing ecosystems breeds complexity
On the one hand, digital eco-systems have become more complex, especially if you’re offering financial services. Banks are confronted with new business models that disrupt financial services and force them to transform digitally. At the same time, regulations and compliance requirements oblige banks to become safer and more transparent. To grow their customer base, retail banks are offering a range of new services in collaboration with external partners. In doing so, they’re opening up their systems to a wider ecosystem beyond the company boundaries. Deciding exactly who can access what application and what customer information is a true balancing act, without any room for a security compromise.
On the other hand, consumers insist on a seamless customer experience. They don’t want to be confronted with the complexity of the bank’s back-office. Consumers can’t be bothered with different security policies for various services such as consulting a balance, making a deposit or transferring money. And please don’t irritate them with different policies within services, for instance when transferring small or large amounts. What consumers are looking for is ease of use, simplicity and a customized experience. Consumers prefer to authenticate only once to access all banking applications, whatever their role is, and using their authentication method of choice. ‘Bring your own authentication’ is quickly becoming the new normal.
Time to market is gold
Meeting these demands looks very much like trying to reconcile fire and water, and this task usually falls on an IT department that already has enough on its plate. Although IT budgets are shrinking, there is a pressure to deliver more, faster. Time is money and time to market is gold, especially in the banking industry. ‘Buy or build?’ is the million-dollar question for any IT department and the speed of change in the financial markets is currently putting the ‘buy’ option in pole position. Which leaves the question: how can you differentiate by implementing a standard solution when it comes to IAM?
TrustBuilder Identity Hub
This is what the ideal solution looks like: a platform that’s equipped with built-in connectors towards a large set of identity providers and that offers best-in class security through a powerful orchestration engine. A flexible development platform that allows the IT department and Information Security Officers to build their own policies, while facilitating centralized management for an unlimited number of access rules or policies. The most intelligent and subtle rules can therefore be configured in a fast, easy-to-maintain and error-free manner. No need to choose between generic solutions and point-to-point solutions; the ideal platform offers both. You may have guessed by now, our TrustBuilder Identity Hub exactly fits the description we just gave.
As a company, we aim to take IAM to the next level, building trust between customers, organizations and applications. Anything we do is ecosystem-centric by design and – as an organization – we’re extremely flexible and adaptive to our customers’ needs.
Interested in discussing the modern challenges of IAM? Then visit our booth at Gartner’s IAM Summit in London (March 12-13). Let us demonstrate to you how you too can continue to play by your own rules when combining top-notch security with a seamless customer experience.