Cyber Defense eMagazine November Edition for 2021

2021), “Without effective CIAM strategy customers and prospects will take their business elsewhere and
cost you revenue."
Customers want financial institutions to
prioritize great user experiences. They also
want brands and organizations to protect them
from fraud, breaches, and privacy violations.
CIAM enables this functionality by bringing
features such as customer registration,
service account management, consent, single
sign-on (SSO), multi-factor authentication
(MFA), and data access governance. One of
the leading financial services organizations
has implemented customer-focused, digital
transformation programs and prioritized CIAM.
Coastal Capital Savings, the largest memberowned
financial cooperative in Canada with
more than 500,000 members, is aiming to enable digital interactions, driving seamless customer
experiences, and onboard users in a digital capacity safely and securely. According to Stephen
Pedersen, Director, Information Security, Coastal Capital, “Customer needs have changed where
simplicity, transparency, and security is critical for them, when interacting with a financial service provider.
The question is how do we ensure that these are addressed, and customers access applications
efficiently and seamlessly? Customer identity and access management (CIAM) thus became integral in
the modernization and transformation of our applications to ensure accessing applications for customers
remain effortless without compromising security. Our legacy services needed to modernize its interfaces
and integration patterns into CIAM which was a priority to offer the best experience for our customers.”
When talking about customer data
security and financial transactions, a
strong CIAM program must provide the
highest level of security and a seamless
customer experience no matter which
channel (web, mobile, etc.). In terms of
investments, financial institutions are
not wary of the fact that significant
investments are required to achieve the
desired digital experience for their
customers. Canadian financial
institutions have reportedly spent over
C$100 billion on technology to provide customers digital banking platforms. In a Forrester research,
(reported in The Top Trends Shaping Identity and Access Management, July 12th, 2021) 62% of
respondents comprising of senior decision-makers, indicated increasing their budget by at least 1% in
Customer Identity and Access Management. 31% of respondents said they would increase the same by
at least 5%, and 72% of organizations either already adopted it or will have it between 2025. Undoubtedly,
Cyber Defense eMagazine – November 2021 Edition 92
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