Important changes in customer expectations, regulation, and technology are forcing banks to place renewed emphasis on authentication. This report discusses these drivers of change and sets out Celent’s vision for authentication.
Celent has released a new report titled Convenience, Security, or Both? Setting Out a Vision for Authentication. It addresses three key research questions.
Customer authentication is not a new topic. Financial institutions deal with identity and authentication issues on a daily basis in a number of ways. Yet today, important changes in customer expectations, regulation, and technology are forcing banks to place renewed emphasis on authentication.
“Celent’s vision for best-in-class authentication is to deliver both strong security and frictionless customer experience at the same time,” says Zilvinas Bareisis, a senior analyst with Celent’s Banking practice and author of the report. “In order to achieve this, we contend that authentication should be built on solid foundations: secure customer identity and device binding, risk- and context-aware, multifactor, and flexible, offering multiple modalities and coping with multiple ways to access the account or payments credentials.”
In addition to setting out Celent’s vision for authentication, the report discusses:
- The upcoming PSD2 requirements for strong authentication.
- The rise of biometrics, including different modalities and device-based vs. server-based implementations.
- An overview of FIDO alliance and W3C Web Authentication Working Group.
This report contains nine figures and one table.
