As consumers embrace the convenience of online and mobile banking at traditional and the latest all-digital financial institutions, it has become an increasingly difficult challenge to combat cybersecurity threats while complying with regulatory data-protection mandates. 

HID Global has solved those challenges for numerous banks as part of their digital transformations.   

?Our solutions protect data and transactions while delivering a seamless experience for the consumer and maximum flexibility for banks,? said Brad Jarvis, Vice President and Managing Director of Identity & Access Management Solutions (IAMS) with HID Global.

?This includes the option of cloud-based authentication services that remove the complexity of providing multifactor authentication to a growing and diverse user population while also offering the convenience and efficiency of centralized regulatory compliance audits.?

Here are a few examples of how HID is helping address some of the most challenging mobile banking issues:

• A retail bank in Egypt has improved compliance and reduced fraud and operational costs with an HID? Trusted Transactions solution that is pre-integrated with Temenos digital front office and core banking products.
• A Swiss wealth management group is using the solution, along with HID ActivID Authentication Server, to optimize flexibility while protecting mobile banking transactions and securing corporate data, applications and systems.
• In addition to many others, two banks in Eastern Europe and the UK are using the solution for quick and easy compliance with Second Payment Services Directive (PSD2) regulations.

Even with financial institutions returning to normal operating hours, many believe digital banking will grow in importance as part of ensuring business continuity and supporting customers who prefer not to visit their local branch during the health crisis.

According to the J.D. Power 2020 U.S. Retail Banking Satisfaction Study, 52% of retail bank customers classified as branch dependent before the COVID-19 pandemic, and successfully transitioning them to digital ?without compromising customer experience? will be critical in the weeks and months ahead. Source: hidglobal.com