Highlights of the Webinar:
During the ongoing Pandemic situation, numerous industries swiveled to digital mediums to withstand the changing market technologies day by day. Today, the only means of survival is to grow by operating cloud-based technologies and Customer Identity Access Management systems.
To make businesses realize the requirement for Customer Identity Management (CIM), Group Futurista organized another enlightening webinar on 'Boosting Growth with Customer Identity Management' on 8th December 2020.
Governing the field of servicing Identity security to Global Enterprises, Phil Allen, Vice President, EMEA from Ping Identity held a session on 'Customer Identity Management - Providing Growth in Today's Digital First World'.
Illustrating some of the best points mentioned in the webinar :
- The necessary equilibrium is to be maintained between Customer Demand Security and Customer Demand Convenience, where prioritizing security or demand may result in a bad experience with the brand.
- The main objective of a business must be to provide remarkable services and security from frauds, which include giving access to the brand to look seamless for the customers interacting for the first time.
- Getting rid of passwords and turning to zero logins (where customers can access their account with any device) by deploying supplementary factor authentication.
- Building trust with the customers by understanding their background and analyzing their behavioral patterns. Also building a unified profile for the customer's data, and making sufficient room for privacy and control for the customers.
- CIM is going to become the cornerstone in today's businesses, where administering consent enforcement will build trust with customers that'll in turn lead to continuous growth in revenue.
Moving further, the Panel Discussion was moderated by Steve Cook, Digital Identity and Biometric Consultant, where the panelists included Phil Allen, from Ping Identity, Siddharth Iyer, Head of Digital and Experience, AXA, and Dr. Kevin McLafferty, Global Head of Business Intelligence, HSBC discussed in great lengths about the need for CIM in businesses, the issues about the future of Digital Identity, the value of customer acquisition, the possibility of fraud, and much more.
In the Banking Industry, as said by Kevin, the possibility of a Digital Passport makes access across multi-channel fast and easy.
Under the Insurance sector, Siddharth points out the need to provide the customers with the same experience across all channels, where the Insurance sector follows the banking industry in adapting to digital advancement.
To evade frauds, the passwordless process must be adopted which will reduce the friction, industries should also focus on using QR code and OTP (one-time-password) for protected access.
Clearing browser cookies as people are becoming vulnerable to online frauds in this current scenario, and educating the customers on reinforcing messages to stay secure digitally by the banks.
Additionally, we can see improvements in voice recognition, movement detection, Identity Wallets, and Factor Authentication technologies to maintain a healthy ratio between security and to provide customers a good experience.
In the end, the webinar was concluded with Group Futurista announcing their upcoming webinars on 'Future of 5G for Businesses', 'Future of Digital Supply Chain in a Post-COVID World 3.0', and 'Future of Fraud Management for Businesses' scheduled on 15th January 2021, 21st January 2021 and 27th January 2021 respectively.
To register for future webinars, visit the website www.groupfuturista.com. Or email us at [email protected]