Multi-Factor Authentication For Customer Enablement
Online business enablement is one of the chief ways banks are looking to meet the cost saving and customer centricity requirements that will drive growth in the post Dodd-Frank world. Two-factor authentication will play a larger and larger role in making sure there are secure methods for allowing dispersed populations to bank as they need, and do so securely, and at their leisure. Two-factor authentication doesn’t necessarily mean being strapped to a key fob to do your banking. Government guidelines specify “Something,” not what that something has to be. It could be a token or card in your wallet, but wallet and keys get stolen and cards/tokens can be forgotten. Without alternative methods of authentication, customers get locked out. When a customer is on vacation, locked out of their accounts is likely the last place they want to be. Is the ideal customer experience having a customer try to find a friend to go to their home to find and read a six- digit pass code to them while they desperately try to wire money to a troubled relative?
There are software solutions that move beyond tokens. Phone-based systems let customers set up multiple methods of contact, including a cell and land line number. Cell battery dead and away from home? Leverage the “what you are” angle of two-factor authentication and deliver a unique password that has to be spoken as the individual needing to be identified.
Networks, roads, supply chains, and data flows all have systems that sometimes fail. Things break. What separates best in class from run of the mill? Handling the unexpected.
The opportunities for system failures are endless and proper business enablement is rooted in proper business contingency planning. Customer experience shouldn’t be subject to the weakest link in security vendor’s architecture. Leave many roads for customers to get to their money and securely protect them as they move it about.
If you aren’t sure your MFA solution is meeting this need, contact an MFA for Financial Institution specialist here.
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