Modernizing identity and access management (IAM) for workforces and customers— CIAM for the latter—is what will enable businesses to meet the needs of both their employees and consumers. This is particularly important for major incumbent players who face potential disruption by fintech newcomers.
Some of these companies will choose to compete, others to collaborate. Regardless, inorganic growth is going to play a major role for many large and medium-sized financial services companies as they acquire the digital businesses they need to differentiate themselves or build them from scratch. To make these projects a success, organizations need to ensure strong logins, secure APIs, and centralized user management.
The process of ensuring seamless and secure experiences for consumer-facing apps is equally essential for financial services providers. Protecting customer logins, credentials, data, and privacy is critical, and many financial services organizations are reorienting their focus and their consumer offerings in that direction.
As financial services brands continue to drive on their digital transformation initiatives, there are three priorities that should be top of mind—and identity and access management adds immense value to all of them.
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