As banks look to expand their digital offerings, they face the challenge of creating solutions that are simple enough to encourage adoption, yet secure enough to safeguard financial data. The May edition of the Digital Identity Tracker™ profiles Hari Gopalkrishnan, Client Facing Platforms Technology Executive at B of A, who walks us through their authentication mantra. The Tracker also features news stories from throughout the Digital Identity space and a brand new player directory ranking the capabilities of 74 companies, including five new additions.
BoA finds success in simplicity and security
May’s Digital Identity Tracker™ cover story features an interview with Hari Gopalkrishnan, Client Facing Platforms Technology Executive for Bank of America Merrill Lynch, who discussed how the financial institution keeps simplicity and security at the forefront of its digital development and challenges behind creating consumer-friendly banking solutions.
Here’s a sneak peek:
“The key for us is finding that sweet spot middle ground of a set of technologies that are emerging and evolving, that drive great experience, but at the same time will in fact be adopted by customers and clients because they’re easy to use,” explained Gopalkrishnan. “That, finding that right tradeoff and right balance, is really, really important to us.”
For Gopalkrishnan and his team, part of bringing solutions to BoA customers is having to make tough choices about what technology makes the most sense for the bank. Oftentimes that means consciously steering clear of the swarm around the latest buzz.
“We are always on the cutting edge of understanding what the art of the possible is, and we look at things – facial recognition, iris scanning, palm-vein technology – I can throw out a buzzword a day that comes my way. But if you think about hype versus reality, there are things like Touch ID…there’s a collection of things that can be integrated and stitched together to create a great experience that absolutely is reality. When we deploy them, we see great results,” he said.
Around the world of Digital Identity
As banks focus on incorporating simple, recognizable technologies into their digital offerings, other Digital Identity players are looking beyond the familiar and into the future. Biometrics were a popular area of development this month, as numerous companies introduced authentication solutions powered by this innovative technology.
VASCO Data Security recently launched its DIGIPASS for Apps Face Recognition, a Biometrics Institute-approved program that swaps traditional passwords for user-provided “selfies.” The solution snaps a real-time photo when a user attempts to log in, then compares the picture to the one on file before granting access. Popular ride-sharing app Uber also joined the facial recognition game this month, announcing that it would be employing biometric solutions from Face++ to verify the identities of its drivers. AU10TIX announced it would be launching a solution that can tell whether an ID picture has been replaced in an effort to combat forgery.
The May edition of the Tracker features news from throughout the online authentication space, as well as an updated directory profiling 74 players.
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About the Tracker:
The PYMNTS.com Digital Identity Tracker™, powered by Socure, is a forum for framing and addressing key issues and trends facing the entities charged with efficiently and securely identifying and granting permission to individuals to access, purchase, transact, or otherwise confirm their identity.