The fast pace of financial transactions and commercial activity means financial institutions need to give their clients and employees ways of moving funds and authorizing actions in a seamless and reliable way. When it comes to handling digital access, referred to in the industry as Identity Access Management, or IAM, a schism has always existed between two competing considerations: Ease of use and security. Nowhere is this conflict more pronounced than in the financial sector. Coupled, for the first time, with an understanding of customer intent FLOW ID reduces bottom line fraud costs while enabling true customer relationship transparency.
Better Security
Threat actors continue to use passwords to infiltrate organizations
Hassle-free authentication
Passwords are a pain to use, reset, and manage
Increased Productivity
Eliminating password resets means increased employee productivity
Reduce Costs
Resetting passwords costs companies an average of $70 per employee
Improved User Experience
Passwords are out, smartphones and biometrics are in
Keep Pace
By 2022, 60% of large enterprises (90% midsize) will go passwordless
Passwordless identity, using our Identity Matrix, delivers a fundamental change in security and ease of interaction between customers and their financial institution but, what’s possible when they can really know their customer? Using the transactional authentication capabilities of FLOW ID, credit card issuers can stop fraudulent card-not-present (CNP) transactions cold. Customers opt in to sharing their identity at the time of purchase enabling, for the first time, financial institutions to understand client intent in a transaction, both in-person or online.