In September 2018, CREALOGIX launched a digital banking authentication solution based on a mobile app-based push procedure from Entersekt. Since then, the SaaS application has been used over a million times.
Digital and mobile banking services offer consumers great convenience, but convenience must not come at the expense of security. Almost 18 months ago, as part of a joint project with Entersekt, CREALOGIX launched a solution that enabled banking customers to authenticate themselves quickly and easily, and thereby make payments and other transactions more securely.
In June 2020, champagne corks popped to celebrate the milestone that users had confirmed their identity with this push-based (or PushTAN) authentication solution over a million times! The figures show a high demand for the solution with a solid increase in usage over the past months, and the trend continues to point upwards.
Everything in one app
To log in and complete a transaction, users simply confirm a pop-up message within the mobile banking app. With everything happening in one application, we minimize the risk of data misuse. Other methods such as those using SMS and separate authentication apps do not offer this protection. The fact that our solution is being offered worldwide shows that awareness around security in digital banking is growing.
In addition to security and convenience, this form of authentication comes at a much lower cost. Users save on SMS charges, which increases satisfaction with their provider. Financial service providers can meanwhile implement the procedure with minimal effort and purchase it as a SaaS solution at a very low cost. It can be used for all CREALOGIX’s digital banking products says Stéphane Martignoni, head of indirect sales and partner management at CREALOGIX. “Our cloud solutions, tailored to the Swiss financial sector, can be used in many ways and are based on established security and compliance standards.”
More than a security feature
Rising transaction figures confirm that push-based authentication has allowed us to overcome one of the biggest hurdles in digital banking: by improving the customer experience, banking customers are using their banking application more often – to make transfers, manage standing orders, and check their account balance. As more services are used, a bank generates higher profits and drives customer loyalty. Choosing the right authentication method can therefore represent an important competitive factor in retail banking.
Have a look at these resources if you’re interested in knowing more about mobile security and authentication:
