Identity and Access Management for Financial Institutions
How Okta has helped financial institutions
6.6%
Growth of monthly mobile banking customers
Midwest-based retail bank
$25K
Annual development cost savings
FieldPoint Private Bank & Trust
2,000+
Hours of work saved per year for the technology team
Stay ahead of changes in the banking landscape
The identity landscape for financial institutions is quickly evolving.
Consumers have higher expectations than ever, and half of them consider switching providers if businesses don't deliver the digital experiences they demand.* Customers and employees alike have gotten used to seamless virtual experiences during the pandemic.
The banking landscape is shifting, with more fintech companies entering the market and the rise of open banking. And, globally, regulators are taking an interventionist approach to increase competition, increase cybersecurity, and protect customer data.
So how can you adapt to the changing times?
Identity can help.
Personal Capital manages its cloud environment easily and securely
The company now has secure, scalable, Zero Trust AWS cloud infrastructure access and a low-friction user experience with consistent MFA.
Fieldpoint Private improved the customer experience
The wealth advisory and private banking firm implemented SSO access for clients and employees across multiple apps and platforms.
Western Union increased security and streamlined user experience
The company centralized its user store and management. It also automated provisioning and deprovisioning, and added SSO.
Canadian Western Bank digitally transforms with Okta
The bank uses Okta to protect its employees and deliver a consistent customer experience across all lines of business and branch locations.
How identity can help
- Maximize regulatory compliance, minimize risk
- Accelerate innovation and improve the customer experience
- Modernize, automate, and streamline IT
Maximize regulatory compliance, minimize risk
- Implement a security model across your institution—for both employees and customers—by ensuring the right people have the right level of access to resources and apps with the least amount of friction
- Prevent cyber attacks, such as account takeover, identity theft, card-not-present fraud, authorized pushed payments attacks, and insecure APIs with strong, adaptive multi-factor authentication, authorization, and lifecycle management.
- Implement built-in security and customer consent management to meet financial services regulatory requirements, while letting your developers focus on the customer experience.
Accelerate innovation and improve the customer experience
- Build tailored, personalized experiences for your banking customers by analyzing customer engagement data
- Empower customers to manage their account any time, anywhere, from any device through self-service capabilities
- Provide omni-channel experiences—like online/mobile banking, transaction verification for payments, and IVR authorization—by unifying your customer’s identity across apps and channels with frictionless, passwordless authentication
- Beat your competition and implement open banking by sharing and securing your APIs—providing new products and services to your customers
Modernize, automate, and streamline IT
- Drive efficiencies across your organization by providing one-click access to applications for your employees
- Enable a hybrid IT environment to support continuous innovation while maintaining legacy technology
- Overcome internal data silos by integrating cloud identity into your applications to synchronize user identities and data across directories
- Transform your IT culture with easier access, streamlined IT operations, and fewer manual processes