5 trends shaping identity & access management for financial supervision

In this eBook, we would like to elaborate on 5 relevant trends that are shaping the future of CIAM in supervision, and the way supervisors can capitalise on these trends to make their regulatory function an easier job.

the world of financial supervision is transforming

There have been major changes in the last years that affected the traditional supervisory model, for multiple reasons. Processes have become more thorough and the engagement with supervised firms has increased. Along with this transformation, the supervision process has become more and more digital. After the financial crisis of 2008, banking supervision processes were revised and carried out more thoroughly. On top of that, regulations such as Open Banking and PSD2 have opened up the financial market. New parties build and offer services around incumbent financial players, resulting in more players on the market and a more diverse financial landscape to supervise.

The rapid development of technology has enabled even more new players to enter the market, offering financial products and services that differ from the traditional banking products. Consumers adapted, forcing incumbent players to respond and modernise their offering as well. How should supervisors respond to these developments? A robust, modern Customer Identity and Access Management (CIAM) solution can help organisations in supervision to open up their online portals and deliver a seamless online experience to their business customers. It can also help them accelerate their digital transformation initiatives and establish an ongoing online engagement with firms in their supervision scope.

trend 1: a growing number of online portals and services

The diversification of the financial markets has led to a shift for supervisory bodies. The long-established model of checking boxes no longer exists; supervisors need to continuously stay engaged with the firms they are supervising. Firstly, because supervision has become stricter. But there are more developments, fueled by technological change. The traditional analysis of structured and unstructured data used to be a yearly one-off and merely manual process. With the diversification in players and services, active in specific parts of the value chain instead of covering it as a whole, supervision is becoming more modular. This resulted in a growing number of portals and services. As these new portals
are being launched, registration and login remain inconsistent across the board. Representatives of supervised firms don’t experience a unified frictionless login process where they can access all relevant applications with Single Sign-On, but they need to login per portal. Registration for the different portals is inconsistent and often it is not clear how to register for or access a newly launched application. As a result, supervised firms complain about the process and don’t deliver their reports in time, which affects the actual supervision work.

OneWelcome’s solution: single sign-on

Supervisors need a centralised Identity & Access management solution with one login for different portals and a frictionless registration flow. One centralised platform for business cooperation increases operational efficiency while it reduces the procedural compliance burdens on supervised firms. With just one login, supervised firms can hand in their regulatory reporting, data for AML (anti-money laundering) supervision, or credit information. Supervisors will be able to receive and analyse this information through different applications.

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