Considerations for Deployment of Passkeys by Financial Institutions

October 17, 2023

Session Details

There is no need to insist on the benefits of passkeys in terms of UX, security and even cost reduction. Together with their widespread availability on all kind of platforms, it is a no brainer that any digital service provider should jump on to implement support for them.

A different question is how. For financial service providers, this question is particularly relevant. Among the many things to consider are:
-the critical nature of the assets they protect
-financial regulations they need to comply with
-legacy authentication solution that passkeys will have to replace or coexist with
-the scale of their deployments
-diversity of their user base in terms of approach to technology and channels available to access their services
-their adjacent technologies for fraud reduction
-integration with their CIAM infrastructure.

Financial institutions (FIs) should embrace passkeys wholeheartedly, but there are many legitimate questions on how to do so. Based on our talks with FIs of all sizes worldwide since passkeys were announced mid last year, this presentation intends to address some of these questions.