Improved customer trust and loyalty are two big outcomes of digital transformation programmes. Trust has often been the number one concern for most customers when sharing their personal data. There is an increased awareness among customers about how identities can be misused, accessed without authorisation, and misuse of their personal information without their consent. How organisations manage their customers’ digital identities is a critical part of their overall trust in their brand. As a customer base grows, so does the attack surface, which often the result of upgrades, updates and completed in haste due to the lack of a proper Customer Identity & Access Management (CIAM) programme.
Digital transformation maturity and CIAM have the same goal – to protect customer Identities and win their trust and loyalty
Simeio is proud to be a UK Finance Associate Member supporting digital identity providing secure way to access services, confirm identity, manage data, control access, and maintain user privacy.
In a recent UK Finance webinar co-presented by Simeio and Ping Identity, it was found that 53% of organisations that attended, view that the digital experience for their customers is merely functional – not scalable nor providing a memorable digital experience, entirely matured indicating existence of potential gaps. The same survey found that 44% organisations said their customers have a common set of main credentials but require additional credentials for special apps. This may be a tedious process for customers!
One of the success parameters of digital transformation should be simplifying the processes of customer identity management and increased customer trust by reducing friction through an improved digital user experience. This can only be achieved with a well planned and executed CIAM program.
CIAM plays a critical role in in Knowing Your Customer (KYC) programme, where applications are expected to serve up services to authorised customers and have the control on providing and maintaining their information. The benefits of CIAM however are not just for the customer alone but the businesses as CIAM provides deep customer insights. In addition, developers can speed the app development by focusing on the functionality of the application and not so much on the user management and security layer.
CIAM Benefits for User Groups
- Customers – Better UX & Security
- Businesses – Achieve Deeper Customer Insights
- App Developers – Faster Application Development
The advantages of Customer Identity Access Management (CIAM) can be described in terms such as, the average time it takes to convert prospects into first-time consumers of your financial products, or a reduction in customer churn, or lowering the cost of customer acquisition, or reducing risk and fraudulent activity. However, creating a single view of the user, enabling a seamless customer experience, and meeting regulatory compliance is no easy task for any organisation. This requires highly integrated and efficient technologies, processes, and personnel.
In the above-mentioned webinar, 50% who attended felt their organisation’s digital transformation resulted in lot of processes that they could get more efficient at.
An effective way to eliminate this complexity and add value is partnering with an identity services provider with a cutting edge CIAM technology. Simeio offers a CIAM solution powered by Ping Identity that combines years of engineering effort with real-world know how.
At Simeio we understand your Open Banking / PSD2 journey is well established. But what is your strategy to scale? We are here to help you to not only thrill your customers but nurture a long- term relationship to build your brand equity. We integrate our Open Banking platforms with industry leading technical solutions from Ping Identity, to ensure that the security, reliability, performance, and responsiveness are all top of class for your deployment. Check out our CIAM offerings on Open Banking platforms.
Simeio offers assessment sessions to review organisations’ identity maturity level. This would start by considering user communities, then the applications current and planned for those communities and assessing the readiness of an organisation’s digital processes to support their go-to-market plans.
Simeio is a UK Finance Associate Member supporting digital identity in financial services and other industries.