Is it time for Single Sign-On in Digital Banking?
In most banks today, a customer is registered in different multiple digital banking platforms in order to enjoy banking services e.g Debit ATM/Cards switch, Credit card, Prepaid card, Mobile banking App, Mobile banking USSD, Internet banking, Core banking/branch/agent channel etc.
Most bank’s digital banking channels then require the customer to use different credentials (login ID and passwords) for each of the channels. This means that a digitally savvy customer requires to keep at least 5 different unique login secret credentials to safeguard the same money in the same bank account.
5 secrets to safeguard same account money? And the secret is kept between the customer and bank (bank system)? are these channels not meant to simply customers life in accessing his money?
Is single sign-on possible in banking a bank? How would the future of banking be if the customer uses the same credentials (user ID and password) to access his money in the same bank account?
We appreciate current scenarios where not all core banking systems have all channels, some banks have 3-4-5 different Fintechs/technology providers offering all the above listed digital banking channels. How then can such a bank achieve this desired goal of customer digital banking single sign-on simplified life?