Financial services
Identity management - delivering bottom-line benefits
Protection of your organization’s critical business data is an essential requirement in today’s business environment. It is also the theme of new regulation, such as Sarbanes Oxley and Basel II, which require transactions to be traceable and auditable.
New business models and the increasing emphasis on e-business also expose financial institutions to new and growing threats from well-organised and targeted cybercrime. In this environment it is vital to know who your employees, partners and customers really are, especially when you are dealing with them over electronic channels. The UK's Financial Services Authority (FSA) highlights this responsibility in its guidelines for banks to ‘know your customer’ and establish effective systems and controls to counter the risk of money laundering.
Identity management is a core component of the solutions to these varied demands and issues, but should not be viewed solely as a ‘problem solver’. PA’s approach to identity management proves that it also has the capacity to yield significant business benefits:
- Enabling online channels to be optimized – By supporting Internet based sales through the creation of electronic contracts that would traditionally have required a hand-written signature, opening the way for cross-selling at a low cost of capture.
- Enhancing customer relationship management – By providing a single view of a customer across product lines and channels, maximizing the benefit from ‘know your customer’ investment. Our clients have found that typically this provides between 5-8% increase in sales.
- Improving risk management – Managing the risk and exposure of your customer base. This provides enough information for financial services organizations to understand when customers are getting into financial difficulties, and help the situation before they become a bad debt.
Identity management’s capacity to address security issues and customer service opportunities will be key for most industries in the next few years. PA’s independent advice and extensive identity management experience means we are well placed to focus your investment on solutions that deliver the best possible return.
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