News & Views - Savantor

Identity verification – whose responsibility?

Monday, 09 March 2015
The face-to-face banking world is shrinking due to its relative high-costs and a sweeping move towards digital services provided by banks. UK banks have even gone so far as agreeing a protocol for closing branches and have stepped away from a prior commitment to ensure that communities retain service. This month, the British Bankers' Association (BBA) and Accenture have released a report on challenges and opportunities presented by this digital trend – "Digital Disruption". The report suggests, quite rightly, that banks need to ensure that a full service is maintained to customers through the transition. There are, however, known and well understood underlying threats to digital services as a whole and, whilst a focus on security by the banks is imperative, their job is made increasingly difficult due to the nature of their customers – being regular, man-on-the-street human beings. We all know that the password has had its day as a security key in its own right – Users' poor "password hygiene", password complexity requirements and general consumer complacency have seen to that. Biometrics have been on the horizon for many years now … fingerprint, voice and face recognition are in use but each have their own flaws, despite the marketing, and then there is the question of where do you turn if someone DOES manage to hack your biometric identity? Two-factor authentication is now common and accepted by the public thanks to Chip & PIN and increasingly multi-factor authentication technologies are becoming available and put to use, often combining biometrics into the existing model. Digital security options for the future are there but they will represent a significant cost to implement, inevitably inconvenience the consumer and ultimately offer no guarantee of success. So, given the drive towards digital banking, the need for increased security around these digital services and the weak link in the chain (the consumer) often being less than diligent, where does the responsibility lie for ensuring that security is rock solid? If the technological push is down to the banks, should the consumers be forced to adapt given they have no choice or should technologists be coming up with a way to deliver security solutions that do not require consumers to comply with strict processes and procedures – something that is not imposed in face-to-face banking?
Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Issuer and Acquirer Transformation - Assessment and Mobilisation

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with a diverse team from across the bank and actively contribute. I am pleased to say that Savantor was able to deliver on our needs as well as being good people to do business with."

Lars Bostrom, Head of Cards - Nordea - Scandinavia

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Acquiring market insight and strategy review

"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."

Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

EMV Migration Planning

"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."

Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Market Insights

"Savantor did a good job in helping us understand the dynamics of a key growth area for Trionis. Savantor's ability to listen and their degree of commitment have always impressed me. They have been of great help in providing us important market insights and I would not hesitate to work with them again in future."

Ernst Verbeek, Managing Director - Trionis - Belgium

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.