Creating Frictionless Mobile and Online Transactions

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Financial institutions, application makers, and FinTech startups have a tricky needle to thread — ensuring that their customer and business data has the highest levels of protection without making financial applications hard to use. It’s a common problem, as the more sophisticated online apps and integrations become, the more difficult it is to secure identities.

Our digital identities are our passports through the digital and financial world, especially in the realms of banking and investment. If security teams want to provide end-to-end security for customer credentials and transactions, they need to do so in a frictionless way.

mobile banking app login screen

This starts with authentication — providing a robust, comprehensive way to uniquely identify a user as valid without making them jump through too many hoops. Introduce security with too much friction, and customers will move away from your app and services. Introduce too little, and you risk making customer information and accounts vulnerable.

How do you find the right balance between security and convenience? It’s about integration.

Smart Multi-Factor Authentication Enhances Security and Reduces Friction

Ideally, you want to provide fast and secure methods for people to identify themselves without too much effort. We believe that multi-factor authentication (MFA) is the answer. MFA uses a combination of:

  • Something you know, like a username and password (knowledge)
  • Something you have, like a security token or a mobile device authentication application (possession)
  • Something you are, like your behavior, fingerprint or facial recognition (inherence)

These additional levels of authentication can vary, depending on your security needs. For example, a mobile banking application already knows the user’s identity and scans the user’s face or fingerprint to verify that the identity matches. During the authentication journey, the solution carefully analyzes the consumer behavior based on their consent, their location and velocity to determine if the user authentication requirements need to be stepped up or not.

Multi-Factor Authentication Must Interact Seamlessly With FinTech Software

FinTechs, credit unions, building societies and banks are not experts at building their own multi-factor mobile authentication platforms — so integrating with a well-known, existing solution is important. Developers can focus on creating a great user experience, and rely on robust, frictionless MFA software to do the heavy lifting on authentication and authorization.

Here at HID Global, we recognize the need for fast, easy, and strong authentication — but we also understand that a great product is only one part of the journey. Integration is key to the solution which is why HID uses Open Standards to ensure the organizations are up and running as quickly and efficiently as possible. That’s why we’ve partnered with banking software industry leader, Temenos.

When you invest in your bank’s digitization efforts to improve end-user experience, it is key to pay close attention to the level of friction createdby security measures otherwise it will be challenging to see a return oninvestment. That’s why easy integration with software that can securedigital channels is so crucial. Ultimately, if you haven’t made the rightinvestment and effort, you can be sure that someone else will. In thisincreasingly dynamic financial environment, customer acquisition andretention hinge on having a well-oiled digital experience. TemenosInfinity, secured with HID, can provide out-of-box performance that canbe customized to your specific needs.

Temenos has a great reputation in the banking industry. Their software is used in over 3,000 financial institutions and banks around the world, firmly centered on the idea of digital transformation. As customers increasingly want a mobile and online transaction experience, Temenos can provide seamless security with HID Global.

The Benefits of the Temenos and HID Global Integration

Temenos Infinity platform users can now benefit from the HID MFA features to seamlessly secure their customer banking experience. This means:

  • Offering a seamless user experience by ensuring a consistent authentication experience across all channels
  • Providing best-in-class, secure, mobile authentication that’s easily accessible and adapts to unique circumstances
  • Building trust and increasing customer retention rates by creating a clear difference as an innovator

If you’re in banking technology, a systems integrator or if you’re an application developer, the HID Global and Temenos partnership gives you the security and power you need. With easily integrated, risk-based, smart MFA, you can offer a complete solution that provides frictionless transactions and delights customers.

Learn more about our advanced multi-factor authentication solutions >>

Dinesh Madan is a Senior Pre-Sales Engineer for HID Global in the IAM Consumer Authentication area. Dinesh has profound technical background and global experience in the fields of Identity and Access Management (IAM), strong authentication and network security.