Banking

From regulatory pressures and increased competition, to keeping customer data safe and delivering seamless user experiences, banks face something of a balancing act. This is exactly where Callsign can help.

man checking two factor authentication - banking sector

Being a bank isn’t easy

It goes without saying that banking is a high-risk area for identification and authentication. When it comes to making sure that someone is who they say they are, banks really are on the front line, increasingly the custodians of their customers’ digital identities. With account takeover and social engineering on the rise, plus regulatory pressures and consumer expectations ever evolving, the threats and challenges they face are diverse.

The risks and challenges of identification in banking

Making sure that someone is who they say they are, where they say they are, and doing what they say they’re doing is a big responsibility for banks. It’s at the heart of all account access and financial transactions. Banking, as a sector, faces something of a paradox in this respect:

Regulatory Pressures

In 2018, banks were hit with a new era of regulations. Take GDPR and PSD2 in Europe, for example. With one about tightening up data protection and the other part of an open banking movement, complying with both is no small feat. The question is: as banks aim to meet regulatory compliance standards like these, how do they keep data safe without adding clunky authentication processes for the end user?

Increased Competition

Challenger FinTechs have been shaking things up in the industry for some time. Not only are they in competition with older banks, but with each other, making it a highly competitive landscape. With customer-focused products, mobile-first services, and agile-by-nature business models, older financial institutions with legacy infrastructure and processes have a job on their hands just catching up. To hang on to market share, all banks have got to keep the customer front of mind – and play technology to their advantage.

Consumer Expectations

As technology touches everything we do – at home, at work, and on the move – so it follows that consumers have come to expect nothing less than seamless user journeys. Especially when it comes to something accessed as often as their money. At the same time, people want good deals, expect safety and security as a given, and would go so far as switching banks if they found better products or services elsewhere. Consumers are a tough crowd.

Fraud Risk

On top of this paradox, let’s not forget that banks (and their customers) are an irresistible target for the bad guys. Whether it’s first person, true name fraud or otherwise, banks have to contend with fraud risk perhaps more so than in any other industry – because we’re talking about money here, after all. From account takeover to money laundering, the threats are omnipresent.

Where Callsign helps banks

On one hand, banks have got to keep their customers’ data and transactions safe. On the other, they’ve still got to compete as businesses, which means delivering increasingly consumer-centric products and services. It’s a difficult balance to strike. But Callsign can help banks do this in a number of instances:

Reduce Fraud


It’s one of the most prominent risks faced by consumers and businesses alike. We can help.

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Adhere to PSD2


Are you prepared for PSD2? Find out how we can help get it right from the start.

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Improve User Experience


Improve user experience and security? Yes you heard right.

We can help

Improve Security


How do you improve security when the target is constantly moving?

Discover how

Adhere to KYC


Know Your Customer (KYC) processes are not standardized or scalable. The time is now to bring them up to date.

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Reduce Operational Costs


We're helping businesses reduce the cost of authentication.

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woman using card for payment - banking sector

How Callsign helps banks

While consumers want banks to guarantee the security of their data and financial transactions, they also want to get on with whatever it is that they’re doing. This is exactly where Callsign technology comes into its own.

Our solution uses thousands of data points in real time to determine identity, which means we can safely reduce authentication friction. It intuitively knows when behavior is abnormal, and dynamically introduces extra authentication steps when necessary. In this way, Callsign technology helps banks to reduce fraud and prevent money laundering, while meeting the compliance standards of regulations like PSD2 and GDPR.

All of which is why, for everyone from the oldest financial institution to the latest startup challenger bank, adopting an authentication solution like Callsign is key to thriving long-term.

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