Giving Customers a Reason to Trust Digital Banking

There’s some amazing innovation happening in the financial services industry right now. From new mobile banking initiatives to peer-to-peer lending options, the landscape is changing fast. But fears about security continue to hover like a dark cloud. In my previous blog, I talked about how cybersecurity remains a massive threat, with an estimated $400 billion lost to cybercrime each year. And with the majority of customers accessing their bank through digital channels, security is a huge and growing concern.

Security and Convenience Are at the Heart of Trust

More than ever, financial institutions need to build trust and address the identity concerns of their customers. Building trust is about more than security — it’s also about the convenience of the overall experience. To truly provide a secure and frictionless digital banking experience, financial institutions want to offer strong authentication and convenient transaction authorization, so customers can perform transactions quickly and securely.

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At Intel, we are helping our customers through the use of Intel Identity Protection Technology (IPT). Intel IPT is a hardware-based identity technology that embeds identity management directly into the customer’s device. With Intel IPT, banks issue a secure token that is stored in the security engine of a device’s Intel processor. For each banking service accessed, the bank generates and verifies a unique, one-time password, eliminating the need to verify identity using multiple factors for each premium service. Banks can also check the user’s presence through password verification.

Intel IPT Gains Traction in Turkey

Intel IPT has had success in Turkey, which is fast becoming a center of excellence in terms of innovative technology. Specifically, the country’s two largest banks have built their digital banking platform on top of Intel IPT and other technologies. Let’s take a closer look at how those banks are using Intel IPT to strengthen security for online and mobile banking.

Isbank

The first bank in the world to use Intel IPT on a mobile banking application, Isbank now has more than 1 million mobile customers. Like all financial institutions in Turkey, Isbank must comply with banking regulations that require the use of two-factor authentication. By using Intel IPT, Isbank customers don’t need to enter the OTPs being sent by SMS or generated by hard/soft token generators to use each banking service. Additionally, the bank can verify users’ mobile devices through the hardware-based Intel IPT solution, which supports 2,000 different mobile phone models and all operating systems. To date, the bank has reported more than 30,000 Intel IPT users, a number that continues to grow by the day.

Garanti Bank

Garanti Bank has deployed Intel IPT into its transaction processes, combining the technology with a cloud-based authentication solution. To use the solution, Garanti customers download an applet from the bank’s website. The applet, which runs on Ultrabook laptops or other mobile devices, activates the cloud service and creates a unique secret code on the Intel processor using IPT. The code facilitates a safe connection to the bank’s Internet banking service every time a customer logs on from their device.

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For both banks, the benefits of Intel IPT are clear: they can protect their customers’ identities with authentication deeply embedded in hardware, while also giving those customers a user-friendly way to do their banking. In short, Isbank and Garanti are using their solutions to build trust. Having strengthened its image as an innovator in its customers’ minds, Isbank is already planning to use identity and access management technologies from Intel for its mobile payments website, as well as additional cloud banking applications.

Intel IPT is just one part of our overall security roadmap. Our vision includes the integration of secure biometric techniques to further improve end-to-end identity protection solutions across all platforms, from the client to the cloud. By integrating identity and access management directly into hardware and software, we’re helping ensure our partners can provide the most trusted and convenient experiences possible for their customers.

To continue the conversation, let’s connect on Twitter.

Mike Blalock

Global Sales Director

Financial Services Industry, Intel

This is the sixth installment of the Tech & Finance blog series.

Click here to view: blog #7

 

To view more posts within the series click here: Tech & Finance Series