Future of Authentication in Banking
How do you define a winning authentication strategy?
The way we pay and do banking is changing with new technologies and the increasing authentication possibilities. Banks should choose a strategy to be ready for the future of authentication.
A set of three concepts will have to be considered when choosing a future-proof strategy: step-up authentication, risk based authentication and federated authentication.
To realize the concepts stated above a mindset change is needed for traditional banks. In a fast-changing world the architecture of banks will need to become more open and flexible. In short, banks will have to:
- Disentangle authentication from processes.
- Assign different Levels of Assurance to their authentication methods.
- Ensure that their architecture is flexible by making it modular.
- No matter what, put the user experience high on the requirement list.
- Keep informed on the latest authentication methods.
The mindset changes, novel authentication methods and the details needed for a winning authentication strategy will be discussed in this white paper.