Transforming Financial Services
The entire financial services industry is in transformation: FinTechs are claiming their share of the action, governments are imposing stricter regulations and customer are demanding a better customer experience. Identity and Access Management (IAM) is the binding element in all these trends.
Compliance with regulations
PSD2 (the second Payment Services Directive) and other new regulations are forcing financial institutions to share their data with third parties, while also imposing strict rules on how to deal with customer data. GDPR-rules also require stringent data management. Access management is key to compliance.
‘TrustBuilder Identity Hub’ enables end-users to give or revoke their consent for sharing personal data towards on-premise applications. TrustBuilder is compliant with all regulations and guarantees a short route to market for new applications and services whilst being compliant with open banking, PSD2 and other standards.
Building ecosystems of the future
Financial services companies are broadening the scope of their operations, offering non-financial services to become ‘supermarkets of services’ to their customers. Working with third-party applications has become the new normal.
TrustBuilder Connectors bring plug-and-play connections to a host of service providers and identity providers. TrustBuilder Identity Hub acts as a token exchange, enabling easy integration with multiple third-party applications, thus facilitating ecosystem development.
Although the processes behind financial services are still very much the same as decades ago, cloud computing and mobile have made digital channels the primary way of interaction between customers and financial services companies.
Orchestration is the centralized access portal for all applications. TrustBuilder Identity Hub facilitates authentication across different channels. Once a user is authenticated, TrustBuilder captures the user context to allow access to other applications that the user has privileges to.
Delivering seamless customer experience
Financial services clients, whether they be B2B or B2C, expect consumer-grade customer experience during their interactions with banks, insurance companies, leasing companies,… Trust and ease of use need to go hand in hand.
TrustBuilder Identity Hub hides the complexity for end-users, thus enhancing customer experience. Corporate users can log in using Single Sign-on or Federated Authentication, while consumers can choose their authentication of choice, thanks to the large number of identity providers and authentication methods TrustBuilder supports.