Company: FIS, Jacksonville, FL
Company Description: FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla.,
Nomination Category: New Product & Service Categories - Software
Nomination Sub Category: New Product or Service of the Year - Software - FinTech Solution
Nomination Title: FIS' OnlyID™
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and performance to date: ATTACHMENTS REDACTED FOR PUBLICATION
Today’s consumers are always connected, with mobile phones being their tool of choice for a variety of tasks. This presents a huge opportunity for businesses to capitalize on everywhere commerce. Of course, the door to fraud is wide open as fraudsters continue to adapt, evolve and transform their tools and methods to digital commerce channels. FIS, a global leader in financial services technology and Equifax, a global information solutions company, discovered a problem facing consumers in our industry. This led to a partnership to transform digital identity authentication and to create a secure portal for consumers with accounts through multiple institutions: OnlyID™.
During the discovery phase, FIS conducted six focus groups across three different key cities covering major U.S. regions. These groups included younger and older consumers who offered feedback on the concept of the product, our messaging and consumer adaption. The groups revealed how consumers value the convenience of web-based financial technology, trusting that each institution will protect their assets. However, it seems that when one of these values increases, the other diminishes. In other words, as more layers of security are added, consumers must go through more hurdles to create, login, or verify their identities for online or mobile accounts. The feedback received on the current process of authentication demonstrated the need to utilize the most convenient techniques possible within the final product. After collecting feedback and making necessary changes, the next step of development was integrating OnlyID into existing FIS platforms. This provided access to opportunities with thousands of financial institutions and retailers who are a part of the FIS network.
Consumers can now benefit from an all-in-one solution that allows them to easily maintain multiple usernames and passwords to protect themselves from financial fraud, identity theft, and password fatigue. One unique “digital identity” established on OnlyID makes online account access convenient for consumers while improving security and fraud protection for the businesses that support them. Standard login passwords not only provide little security, but also result in cumbersome and clunky user experiences, particularly in the mobile environment.
This solution is unique because it’s communication path to and from mobile devices is conducted via a dedicated channel, utilizing the latest cryptographic security. This eliminates “man in the middle” attacks, which are prevalent within traditional SMS texting channels. Additionally, the use of fingerprints (biometrics) to authenticate individuals is difficult to replicate and never stored wholly on OnlyID.
With OnlyID, a consumer’s digital identity is made up of a combination of three elements that make each person truly unique: your personal identity, your personal device, and your behavioral patterns when banking and making payments online. The solution utilizes predictive analytics built from data repositories housing over 800 million consumer and banking records. This creates unmatched authentication and fraud detection capabilities, along with unparalleled opportunities for increased consumer convenience and security. Welcome to a safer, more powerful digital identity network.
OnlyID makes it easier to authenticate consumers, giving them piece-of-mind that their data and information remain safe. It also provides many benefits for businesses, such as:
providing better consumer experiences
minimizing consumer friction
increasing customer loyalty and confidence in the business’s authentication and security protocols
improving fraud detection
reducing fraud operating costs
It is essential to stay ahead of the curve with future-forward solutions that prevent fraudsters from gaining the upper-hand in cyber-attacks. By bringing new innovations to the market and helping consumers secure their most valuable assets like never before, FIS, in collaboration with Equifax, has created a new defense against those attacks. With the positive responses, we have received with the first few clients, FIS and Equifax are looking to expand our solution’s reach, to allow it to reach the hands of more financial institutions and retailers.
In bullet-list form, briefly summarize up to ten (10) of the chief features and benefits of the nominated product or service (up to 150 words).
-Compatibility with iOS and Android mobile devices
-A secure communication channel between OnlyID and user mobile devices that separates business entities from consumer information to ensure true out-of-band security
-Secure and convenient consumer identity authentication and management at multiple financial institutions and merchant
-Users can search for participating banks and businesses in the digital identity network from the OnlyID application
-Context-based, smart identity authentication
-In-app activation/deactivation of banks and businesses in the digital identity network
Financial Institution Benefits
-Improved identity verification in financial interactions by leveraging predictive analytics
-Unique digital identities simplify account access, improve security and enhance fraud protection efforts
-Reduced chargebacks and losses from fraud and greater numbers of completed payments transactions
-A trusted communication link to the consumer
-Secure identity verification with financial institutions and businesses without usernames and passwords
-A single login for access to accounts across multiple platforms
-More secure electronic financial interactions