Hybrid IT environment capabilities support a digital transformation aimed at delivering intuitive experiences that are secure and drive growth In speaking with customers throughout the years, most have said that delivering the highest levels of security with an excellent customer experience is a challenge at best, impossible at worst. But advancements in identity and security technologies make this previously unattainable goal a reality. In the financial services industry, leaders like DBS Bank are embracing new capabilities that help achieve user experience and security goals, while also gaining additional benefits such as streamlined compliance. In a recentwebinarfocused on the role of identity in the digital transformation of banks, Romil Sharma, Head of Digital Bank Technology for DBS Bank, shared how a smart identity strategy can lead to growth. DBS Bank manages $646B in assets, has 30,000 employees and is recognized for its global leadership, having been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. Clearly, the bank is at the forefront of leveraging digital technology to shape the future of banking. Identity has always been top of mind for DBS Bank as Romil noted that "Identity and Access Management (IAM) has always been a key component of our banking solution." But like most banks, DBS Bank was managing multiplelegacy IAM solutionsas well as newer IAM platforms, which were scattered across different channels and countries. The management of these multiple systems was becoming costly, and hindering time-to-market, which was "crucial for maintaining our competitive advantage," Romil said.

DBS Bank embarked on a digital transformation strategy with identity playing a central role in addressing the challenges of the existing complex system that was threatening the company's competitive advantage. "Digital transformation is not just an offshoot of technology, it's about how an organization thinks and delivers value to customers in a very dynamic manner," Romil said. As such, DBS Bank decided to streamline its approach to IAM by implementing the cloud-readyForgeRock Identity Platformto better serve its 10 million customers.

"We decided to bring in world-class technologies as part of our continuous commitment to deliver a joyful banking experience for customers," he said. "We can now provide digital identification and security consistently across our entire enterprise at scale. Additionally, we are now empowered by the much-needed deployment flexibility that supports ourhybrid ITmodel."

Safety First Part of a joyful banking experience is a secure journey, and DBS Bank has received numerous accolades for its efforts, including being accorded asAsia's Safest Bankby Global Finance for 13 consecutive years from 2009-2021.But the company understands that to combat increasingly sophisticated cyberattacks, they can't stop innovating. "As online consumer banking grows, fraudsters are getting more creative and circumventing detection," Romil said. "We want to provide digital identification and security consistently across all lines of our business at scale. So that's where we have included ForgeRock as part of our strategy to deliver those capabilities."

Romil described the value of ForgeRock for security by saying, "An integrated IAM solution allows the Access Management system to act as a unified protection gateway across our various channels. Through IAM, we can obtain indicators of fraudulent activities, which can be used as context to adjust a particular user session. We also integrate and use things like Kafka so it monitors the patterns of their behaviour. Multi-factor authentication (MFA) and other capabilities boost the security of accounts to make sure unauthorized third parties don't get access to critical accounts. When a suspicious activity is detected, we leverage our IAM platform."

Safety Plus Excellent User Experience for Customers and Workforce

In the highly competitivefinancial services industry,user experience is key. DBS Bank is a perfect example of an organization that is upping the ante for security while also checking the boxes on features that provide an optimal user experience. "IAM monitors and continuously adjusts to the customers' needs. For example, a customer may require the least level of access to start but as our digital footprint scales and the customer requests access for new apps or more features within the apps, we need to allow them access in a secure yet easy manner. We also need to maintain compliance within established controls, and IAM goes beyond customer authentication to accomplish this."

Romil also believes in the importance of an easy-to-use consumer experience, with an emphasis on single sign-on (SSO). He said, "Having aSSO across all of our apps is a time-saver -- it's a lynchpin to a seamless banking experience."

Perhaps DBS Bank wins so many awards because the bank doesn't just focus on a joyful experience for consumers, but also wants to make sure employees are happy as well. So, DBS Bank is also implementing ForgeRock to support its employees. DBS Bank is streamlining employee log-ins and implementing MFA flows via a single employee super app. This lets employees more easily and securely access 1,000 internal apps that are running on-premise or in the cloud from any device.

Compliance and Open Banking

An additional benefit of a single and comprehensive IAM platform like ForgeRock is that compliance is easier to achieve. And with ForgeRock, DBS Bank believes it is ready to address existing regulatory requirements while also preparing for future changes. Romil said, "We have integrated much of our ecosystem through APIs to enableOpen Bankingwith ForgeRock, which authenticates and authorizes all APIs. It's the future and with ForgeRock we will be ready."

Learn how ForgeRock is the optimal choice forFinancial Services.

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financial servicesCustomer SuccessOpen BankingCIAMWorkforce IdentityHybrid IT

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ForgeRock Inc. published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 18:34:02 UTC.