Why Financial Services Needs Identity
Financial customers expect predictive, frictionless service that fits their digital lifestyle and that they can access from anywhere. Yet, most financial institutions have numerous business units, each with their own systems and services. This often leads to a disjointed and complicated customer experience.
A Day in the Life of a Financial Services Customer
In this six-part video series, we take a look into the not-too-distant future, specifically at how financial services companies will be interacting with their customers with the help of digital identity.
What is the UK Open Banking Initiative?
The Open Banking mandate in the United Kingdom and the second Payment Services Directive (PSD2) regulation in the EU are meant to increase competition and innovation in the financial system. They came into force in early 2018 and have set new standards for banks in the areas of strong customer authentication, secure APIs for customer data sharing, and modern customer consent mechanisms.
This is a golden opportunity for banks to both comply with regulations and position themselves for success in the new era of digital banking. A complete digital identity management platform can help banks meet new technical demands and introduce new personalized products and services. This will help strengthen customer relationships and build the secure banking platform of the future.
What is NextGenPSD2?
The Berlin Group is leading the way in mainland Europe by providing a standard that addresses many of the demands of PSD2 and publishing the NextGenPSD2 Specification. NextGenPSD2 focuses on defining the interfaces a third-party provider (TPP) will use, the technical characteristics of those interfaces, and the security features that protect them.
The NextGenPSD2 Specification details four approaches to implementing SCA security flows: redirect, OAuth, decoupled, and embedded. The ASPSP determines which of these approaches it will make available to the TPP. ForgeRock provides full support for all of these approaches and has the built-in capability to handle the variable scopes mandated by the OAuth variant in particular.
What is the Consumer Data Right (CDR) Legislation?
The Consumer Data Right legislation aims to provide consumers in Australia with better choice, access, and control of their data, including how it is used and disclosed. CDR requires that banks open their business by providing access to data and controlling how data will be used and managed by third-parties. It also mandates that banks provide consumers with greater transparency and security.
With ForgeRock, you can modernize IAM to meet CDR requirements as well as create new business models to grow revenue and customer satisfaction.
Financial Services Guide
In this guide, you'll learn why digital identity is the foundation for creating effective omnichannel user experiences that drive engagement in financial services.
CIAM for Financial Services
Comparing Digital Identity Management Providers: A Workbook and Guide.
Transformation of Financial Services
Hear from Capital One, Accenture thought leader David Birch, and ForgeRock on why digital identity is critical to financial services.
Workforce IAM Evaluation Guide
Required Capabilities, Components, and RFP Questions to Ask Providers