Digital identity management is projected as a fundamental pillar for banking in the coming years, especially within the framework of Open Banking. In this regard, Rubricae ensures that, if they are properly managed, digital identity services could become an asset profit generator for banks.
And, this model gives the user control of their information, allowing it to authorize third parties to access certain personal data or execute specific transactions in their name. However, although digital identities management is crucial, it may not be a distinctive element, since it is expected to become a standard practice in banking.
In order for banks to consolidate as reliable actors and extend their influence beyond the traditional banking field, they must find the appropriate balance between simplicity of use and security. The successful adoption of these services will allow banks to offer a fluid and safe user experience, avoiding the abandonment of users and protecting cyber attacks.
“It is essential that banks find a balance between safety and user experience. While data protection is essential, too complex authentication can lead to the user’s frustration and, ultimately, to abandoning services. Therefore, the solutions must be safe and simple to use to guarantee a fluid experience, ”says Francisco Sánchez, business director of the Rubricae company.
Banking and its digital identity
In an increasingly regulated digital environment, user safety is a priority. Banks need to have partners that meet DORA standards (digital operational resilience), which requires robust measures to prevent, detect and respond to cybersecurity threats. When working with allies aligned with Dora, banks can strengthen their infrastructure, minimize risks and ensure the continuity of their services without compromising the confidence of their customers.
Digital identity management is projected as a fundamental pillar for the banking sector in the coming years, especially within the framework of Open Banking
One of the main challenges in the management of digital identity in the banking sector is the protection of user sensitive data. Security gaps and cyber attacks can harm both customer confidence and the reputation of banking entities. In addition, compliance with local and international regulations, such as the General Data Protection Regulation (RGPD), requires responsible and transparent management of personal data.
Face challenges
The distrust of consumers against new technologies is another important barrier. Overcoming concerns about the safety of your data is crucial to achieve successful adoption of digital identity services. To face these challenges, Rubricae proposes several key solutions:
- Advanced biometry: The development of biometric solutions, both facial and voice, is essential to ensure the authentication of users quickly, precisely and safely. Facial biometry allows us to verify the identity of customers through their unique facial characteristics, while vocal biometry offers an additional level of security by recognizing users by the patterns of their voice. This speeds up the access process, even in telephone service channels
- Electronic signature: This tool is fundamental in digital identities management, allowing users to sign documents legally and binding through a safe digital system. The electronic signature eliminates the need for intermediaries and reduces the risks associated with physical or digital firms not verified, improving efficiency and reinforcing the integrity and safety of online transactions
- Education and transparency: Winning consumer confidence is key. Banking entities must provide clear information on how authentication processes work, ensuring that their data is protected and that they can control their own digital identity
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