Driven by regulation, banks have put in place some of the most advanced customer authentication, KYC, and fraud monitoring mechanisms. Each corporation that is subject to KYC or requires a reliable authentication mechanism has to build/buy the necessary tools itself.
Goals and Objectives
Make the overall ecosystem safer and develop a new revenue stream for financial services leveraging/turning a cost driver into a new revenue stream.
IT security tools, encryption, identity and access management, partner API infrastructure, API gateways, API management layer, two-factor authentication, dynamic authentication
Use Case Summary
Bank authentication and KYC usually go above and beyond the requirements of other industries. Hence other industries can leverage proven bank mechanisms to identify, authenticate, and authorize their existing and new customers at lower cost. Banks in return can turn a cost center into a new revenue stream.