When it comes to banking, compromising or breaching of client information is potentially one of the highest risk areas for both individuals and companies. Personal information that is compromised could lead to fraud and financial loss, as well as third-party control over financial affairs, while banks themselves are subject to huge reputational risk and regulatory risk in allowing breaches of information. However, there are other significant consequences apart from financial loss.
Extraction of personal client information could also compromise the digital identities of users, which are increasingly being used as part of credit and risk assessments. This can potentially lead to unfair prejudice against users when they apply for other services, such as mobile communications.
Users’ transactional information can also be used by companies to determine the financial behaviour of clients and develop and target specific products. Although this may superficially be considered beneficial to clients, the principle remains that such information was obtained without the consent of the customer, i.e. theft of personal information.
Global legislation has placed considerable responsibility on banks to safeguard customers’ information. It makes provision for information security at different customer touchpoints, starting from ensuring data security from the initial onboarding process, through to managing the information on documentation, protocols of data sharing and ongoing management of security around access to storage. Banks also have to develop mechanisms to share data securely when given consent by clients, while also complying with Open Banking regulations like PSD2.
To meet this challenge, banks are increasingly deploying third-party solutions to assist in managing data security across the customer journey These are some solutions from the Matchi platform:
|Software enables organisations to use, share and derive insights from data safely|
|Software to manage emailing of sensitive information, outside the organisation|
|Builds, maintains, and analyses digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication|
|Specialises in issuance, verification and usage of sovereign digital identity|
|Blockchain based document management platform that saves time and brings efficiency, as well as regulatory compliance.|
|Trust services to ensure the legal security of digital transactions|
|Fully automatic, compliant KYC process based on AI, biometric|
|Provides customers worldwide with consumer onboarding and identity verification solutions.|
|An easy, secure and reusable data wallet in which users can store their personal data like passport details, health information etc.|
|Centralised control of digital consent for personal data|
|Hybrid SaaS security services for organisations that need to improve their IT security and compliance|
|Identity and authentication service provider that gives consumers secure and convenient access to critical online services|
|Provides market-leading, threat-aware, identity, access and vulnerability management solutions|
|Breach detection and database activity auditing platform providing the context needed for information security and network security teams|