Jim Kaskade, CEO
Digital identity has become the center of every banking institution’s digital transformation strategy, the agenda of which comprises activating customer journeys from a prospect all the way to a high-lifetime value customer and most importantly, securing their digital profiles. Jim Kaskade, the CEO of Janrain, Inc. says that on the flipside, there is a challenge to this opportunity. Digital transformation stipulates that banks deliver a myriad of applications across the web, and at the same time, offer personalized user experiences. Secondly, banks need to build robust data governance policies in response to the ever-evolving regulatory mandates; thirdly, a lapse in security arises with the volume of digital identities onboarded by the bank. Additionally, a horde of marketing opportunities is at stake for banking CMOs along a consumer’s digital journey.“When Jainrain enters the picture, we look at each of these four challenges and provide a value proposition, which is essentially an opportunity to leverage a digital identity strategy seamlessly and securely,” adds Kaskade.
Responding to the need to manage the increasing number of digital banking applications, Janrain allows banks to deploy a consistent customer experience across all applications globally as well as regionally. “We provide a quick implementation for identity-based services that enable consistent and increased customer experience across applications—such as registration and loan application portals—with the ability to access multiple websites and mobile applications seamlessly,” explains Kaskade. Identity services such as Single-Sign-On eliminates the need to re-authenticate every time a user logs in across devices and applications, and identity services such as a preference center facilitates the consumer to manage preferences across the banking ecosystem. Janrain enables banks to roll out these experiences seamlessly.
When it comes to creating one-to-one marketing approaches, Janrain’s Customer Identity and Access Management platform enables banks to connect to all backend marketing automation platforms, such as email service solutions and CRM software.
We provide a quick implementation for identity-based services that enable consistent and increased customer experience across applications—such as registration and loan application portals
A banking institution’s CMO or marketer can easily integrate their consumers’ digital identity profiles into these downstream marketing applications and execute an agile CRM experience.
Further, with banks gradually making a move to the cloud, Kaskade says that their cloud-based identity service covers all bases and offers data governance from the day a new user is registered. In fact, Janrain’s solution is also capable of tracking anonymous banking prospects prior to the consumer registration. “We offer data governance— from an unknown point to the known in the on boarding lifecycle—by institutionalizing privacy policies to ensure transparency into communication to prospects, be it during light registration or heavier KYC-backed registration, and multi-factor authentication during money transfers,” says Kaskade.
From a security perspective, banks can create and manage business rules that define the user authorization and access to a particular website, mobile application, IP-connected device, or a specific resource or product. Based on the business rules, Janrain’s authorization engine analyzes each incoming access request and determines whether it should be accepted or denied. The engine logs every request—accepted or not—to provide clients with a complete audit trail of access requests.
Having carved a niche for itself in the customer identity management arena, the Janrain team also delivers a network fraud detection capability, leveraging machine learning technologies to reduce risk across the network. The company is poised to play a pivotal role tin KYC and AML compliance in the future as well. For Janrain, providing integrity, based on highly trusted identity sources and validation is a walk in the park, and thus it will continue the contribution toward KYC through enhancements in their identity cloud services. To that end, partnership engagements with Capital One and other large banks are underway to assist them in enhancing their identity services.