I just spent two very productive days this week at the FinDEVr London event where we unveiled the Trusted Key Platform. It was great to have opportunity to talk to and hear from representatives from a variety of financial industry players, from the big banks to challengers to industry regulators and consultant.
It is clear that every financial institution here in Europe is feeling the effects of a number of important cross-currents that are buffeting the industry at the same time.
- Changing customer expectations: Not only millennials, but most everyone is now familiar with the ease of use, level of service, and low cost of online services in a variety of other industries – whether it be retail, travel, hospitality or entertainment. They expect a similar experience when interacting with their financial institutions – easy to sign up for online, accessible from any device, anywhere any time, with a compelling user experience.
- At the same time, security and fraud have never been larger challenges. Verifying user identity, providing secure ways of user authentication and keeping user credentials and data safe and private have never been more important in the face of an ever-increasing number and sophistication of threats from a variety of actors.
- Last but not the least, the regulatory environment becomes even more challenging with GDPR and PSD2 legislation looming on the horizon. Financial institutions are expected to implement an even higher standard for user data privacy while at the same time opening up that same data to third party providers.
Trusted Key’s focus on secure digital identity is exactly at the intersection of these three trends. Trusted Key provides an easy, low-cost, yet secure way to onboard new customers online while complying with regulatory requirements, provide those users with a secure multi-factor authentication mechanism; and enable powerful fraud-prevention mechanisms for the user. It was great to see our message resonate with the audience, evidenced by our winning a “Crowd Favorite” award and the record number of questions we received in person and online. We have posted answers to those question here. Clearly the time is ripe for a fundamental shift in the identity landscape and we look forward to further engagements with many of the participants.