During his presentation at the CEE21 SME Banking Club Conference (November 25) Vaclav Mladenka (Mobile security & digital identity area leader at MONET+) focused on the topic of digital customer identity, which is the key for online business.
What does it give in particular?
- digital identity lifecycle, onboarding, identification, authentication, digital signatures
- improves customer journeys and overall user experience
- simplifies integration to online channels; standardization bring costs saving
- enhances the security of online channels (centralization, legacy, and new channels or methods)
To fasten and simplify the process of its implementation in the banks, digital identity as a product should be simplified and standardized.
One of the examples is Mobile identity. It makes sense to implement mobile key as a separate product, when, for example, a bank uses several mobile apps for different customer segments. In that case, it can work with all the applications. In this case, when the bank has one mobile app for all the customers, all identification and authentication functions can be integrated into that app.
What does a Mobile key provide:
- password-less login for web & mobile apps
- biometric authentication (finger, face, …)
- transaction authorization (financial, non-financial incl. workflows and documents)
- device enrollment and data encryption
- push notifications and personalized content delivery
- ready-made UI and integration SDKs
- reduces security risks and costs (e.g. HW distribution, costs on SMS, …)
What are the main benefits of digital identity for the customers:
- improved trust
- single sign-on features
- instant onboarding & enrollment
And for the banks:
- costs optimization, centralization
- architecture optimization (standard integrations)
- time-to-market for new products & services
Interested to learn more details? Watch full presentation: