Protecting the client’s trust: an all-in-one digital identity solution for banks and financial institutions
Undoubtedly, trust in a bank is key for it to develop its economic activity fully.
For a bank to consolidate trust as the principal value it often requires years of constant work; Rome was not built in a day, as they say. However, the loss of it can occur in a single moment, enough to damage the reputation of the entity, harm the relationship it has with the client and causes significant economic losses.
Caring for and protecting this trust is therefore fundamental to avoid unwanted situations in the future.
Protection of digital identities to preserve user confidence
Clients give their data to banking entities understanding that they will do everything in their power to ensure the security of the information that is delivered to them.
You have to keep in mind that nowadays, with the digitalisation of services, it is not enough to store information about customers, employees, services or electronic devices that interact in a system. It is also entirely essential to identify all these components through digital certificates.
A digital certificate is a key used to grant a digital identity to a person or device, no more no less. We can understand it as a passport, with a unique and non-transferable number associated with a user, issued with all the guarantees by a recognised certification authority. This certification authority (CA) verifies the identity of each user through a process called vetting.
Digital certificates protect the data of the bank’s customers through encryption, which makes them indispensable to keep trust in them.
However, it is worth bearing in mind that digital certificates have an expiration date and that it is necessary to be attentive to renew them as soon as they expire. Because otherwise, the client may encounter the unpleasant surprise of seeing a warning on the screen of their computer or mobile when visiting their bank website, warning them the site is not secure.
Moreover, this can also lead to a situation of mistrust that results in economic losses: the prestigious Ponemon Institute conducted a study in 2015 and discovered that expired certificates could cost organisations € 21,400,000 in losses in terms of compliance failures, and € 12,800,000 in business continuity.
Multiple applications of digital certificates
In a digitalised world, banks have taken advantage of the opportunities offered by new technologies to provide their services in an easy, convenient and accessible way.
Without a doubt, digital certificates are part of this current scenario, which contributes to the many possible applications that offer: encrypted communication, authentication or digital signature.
In the case of digital signatures, banks face new issues that they have to comply with: is it any signature? Do they all have legal validity? We gave answers to these and other questions in our post on the new regulation eIDAS, but summarised here: not all digital signatures are valid.
In a context in which it is necessary to eliminate paperwork to expedite all kinds of administrative procedures, banks must provide their customers with firm policies or documents enabling them to apply for a credit card or open an account. And not only that; It is imperative that these signatures have legal validity. The solution to this need is the qualified digital signature, which has the guarantee of mutual recognition within the EU, can be issued through a CA accredited by the relevant EU authorities and is based on qualified digital certificates, issued by said CA.
Our colleague Javier Natividad, Commercial Director, recently stated in an interview with the magazine Banca 15 that eIDAS “It will affect, above all, the ease of offering services, at the time to market. Since, in the end, what will be guaranteed is that when opening an account, making a transfer, etc., the bank must have the same legal guarantees as a handwritten signature. Banking processes are not simple and in adapting these processes, opening their business to new technologies will be the main challenge because the technology is ready to adapt to customers’ businesses.”
One solution for each need? No, an all-in-one solution.
It gives the impression that the long list of current needs of financial institutions requires a wide range of solutions. Nothing is further from reality.
nebulaSUITE is currently the only solution on the market that provides banks and financial institutions with the complete infrastructure for total protection of the digital identity, representing a higher satisfaction of the needs of its customers anywhere and at any time, whether they are in the workplace or mobility.
- Issuance and management of qualified digital certificates for users and electronic devices
- Qualified digital signatures for eIDAS compliance with complex and customised signature workflows
- Robust authentication for customers, employees and service providers
With nebulaSUITE, organisations can manage certificates or even issue their own (through the CA of vintegrisTECH, vinCAsign), enabling qualified digital signature with full legal guarantees and provide strong authentication. For banks and financial institutions, this translates into:
- Increase in the number of transactions within the European Union with the assurance of being compliant with the eIDAS Regulation
- Increase your business opportunities
- Identification with full guarantees of users and electronic devices through qualified digital certificates
- Greater facilities for customers to sign documents online to open a new account, request a credit card or sign a policy, wherever they are
- Guarantee of complying with the security requirements for financial services in the cloud
Benefits of nebulaSUITE for banks and financial entities:
- Protection against threats such as bank fraud and identity theft, which pose a threat to the reputation of the organisation
- Avoid delays and penalties associated with expired digital certificates, such as loss of customers and benefits
- Increased efficiency thanks to its certificate management system in the cloud
- Compliance with current legal regulations
- Reduction of the time for carrying out banking procedures for higher customer satisfaction
- Secured privacy for information on bank documents
- Automatic authentication for online banking services on any platform
Do you want to know more?
If you want more information about how nebulaSUITE helps banks and financial institutions to increase their business opportunities and avoid the consequences caused by the loss of client confidence, we invite you to download our Industry Brief