A national bank takes ownership of its customers' digital identities
At a glance:
When a national bank wanted to bring its customers’ digital identities in-house by implementing an identity management system (IDMS), they contacted us.
Our client had a stellar reputation for personalized, “white glove” customer service, and historically their clients had preferred to rely on personal relationships with bank representatives over online services. However, the bank had begun to experience greater demand for an online experience that matches the premium in-person experience for which it was already well known.
The bank’s online services had been delegated to a handful of third-party service providers, which had generated both internal and external challenges. Customers were having to log in for each service they utilized (personal banking, wealth management, etc.), creating a frustrating user experience, and our client had no insights into what their customers did once they logged in to the third-party sites. The bank also experienced extensive delays in launching new services — even simple changes could take up to a month, and functional changes were nearly impossible due to lack of flexibility in the third-party systems.
Why they chose us
We had completed several successful projects for this client, including implementation of a streamlined Know Your Customer (KYC) process. Given our success in these and other initiatives and our familiarity with their systems, our client concluded that we were the right choice for this project.
Approach and solution
We evaluated a wide range of IDMS platform providers, conducting in-depth interviews and creating of an extensive capability matrix. Using the information we gathered, we recommended the solution that meets our clients’ needs and standards regarding user experience, security, and interoperability with their current platforms.
Once we selected a provider, we built the infrastructure for the new IDMS and helped migrate all the bank’s customers. The platform is a key building block of the bank’s strategic roadmap, enabling them to build new systems and integrate multiple applications behind a single customer login.
Value and benefits - "The wins"
The vignettes received an overwhelmingly positive response from the board — so positive that the digital team decided to include them in all of their strategy presentations to be given around the world that year.
As part of the larger launch of our client’s larger online banking platform, the new IDMS platform gives the bank control over their customers’ entire digital experience. Customers now enjoy a seamless online banking experience thanks to a unified login for all their services, whether they are viewing personal checking and savings accounts or wealth management portfolios. Today our client maintains their reputation for outstanding customer service while also offering the convenience of accessing bank services in an online environment.