Identity Blog

Improving Customer Experience in the Banking & Finance Industry

Remember when you couldn’t go to the bank on Sunday or after 5:00? Conventions like these that used to go unquestioned in the banking industry have been completely disrupted in recent years, thanks to digital transformation.

But just how important are digital channels for financial service companies? A report from PwC shows that, among financial services customers, a preference for digital-only interactions now surpasses omnichannel availability. And this makes sense: how often do you go to a physical bank branch now that you can deposit cheques and transfer money directly from your smartphone?

A customer identity and access management (CIAM) solution can help banking and finance companies take full advantage of their digital platforms to improve customer experience and drive loyalty. CIAM handles secure access to digital platforms and the collection, storage, and use of customer data. Here are a few examples at work today.

Ensure Ease of Access Across Multiple Platforms, Devices, and Applications

In order to stay competitive, banks and financial services have been forced to give their customers access through mobile platforms. According to PwC’s 2018 Digital Banking Consumer Survey, 15% of customers are now banking from mobile devices, up from 10% just a year ago. It’s clear that mobile consumers are setting the agenda, which means that banks are offering more of their services on mobile platforms.

In order to improve customer experience, these companies need to provide frictionless access to their services across digital platforms, devices, and applications. LoginRadius has a number of modules that make logging in across multiple platforms as seamless as possible. Our CIAM platform allows companies to configure login methods like phone login or passwordless login. These methods eliminate the need for customers to remember multiple passwords. Instead, they can log in with unique passcodes sent to their verified phone number or email address.

For an even simpler login experience, LoginRadius also leverages single sign-on (SSO) capabilities. SSO permits customers to log in to multiple company domains and applications using a single set of credentials. And for third-party domains, LoginRadius supports federated SSO to push a customer’s credentials to these applications.

Leverage Customer Data to Provide Personalized Digital Banking Services

It’s hard for a bank teller or ATM machine to offer personalized service for individual customers. With digital banking platforms, however, data can be collected about each unique customer, including the tools and applications they use and how they use them to fit their needs. This data collection can lead to offering personalized content and promotions to customers based on their usage trends, financial goals, and more. With customer service driving loyalty in the financial industry, higher levels of personalized experiences are more likely to increase customer loyalty.

LoginRadius offers financial companies the ability to collect better, more centralized data about their customers. Our customer profiling module collects multiple data points about each customer and stores them in a centralized database so that companies can gain a complete view of each customer.

For more complex sets of data, we allow companies to store custom objects, such as purchase history or information about their unique bank accounts. No data field is too complex.

Lastly, our integration platform consists of over 150 third-party applications, giving companies the ability to pass the data they collect along to these applications for analysis and targeted marketing purposes.

Provide Secure Access & Protection of Customer Data

Data privacy and security issues are at an all-time high these days, and when our bank accounts are thrown into the mix, these concerns are only multiplied. Customers expect companies to not only protect their data, but also make it impossible for these accounts to be accessed by anyone other than the customer.

One of the most secure login methods that LoginRadius provides is two-factor or multi-factor authentication. Two-factor authentication takes something the customer knows—their login credentials—and combines it with something they have—usually their mobile phone—to provide a second layer of security when accessing their account. This way, even if an unwanted user gained access to a customer’s login credentials, they would not be able to access the account without the unique verification code sent to the customer’s phone or authenticator app.  

LoginRadius also takes a number of steps to ensure that customer data is stored securely. We give companies the choice to store their data in any of our 29 global data centers so that data is stored locally. We also encrypt all data in transit between the customer, the customer servers, and the LoginRadius databases. Our extensive security compliance list gives companies peace of mind that the data they store with us is protected and GDPR-compliant.

To learn more about how banking and finance companies use LoginRadius, check out this data sheet.

If you want to see the LoginRadius platform in action, schedule your demo today.

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