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Challenge

In the EU, PSD2/Open Banking regulations now require all payment account providers to apply strong customer authentication (SCA) in order to increase the security of electronic payments. For financial services brands differentiating their product through service and customer experience, SCA introduces some potential friction in the user journey. Adding more steps during the authentication process to achieve compliance can negatively impact the customer experience and user engagement.

Tandem Bank — an app-only savings bank formed from Tandem Money’s acquisition of Harrod’s Bank in 2018 — wanted to not only satisfy the Open Banking SCA regulatory requirements, but also implement secure, effortless authentication across multiple channels, including their app and contact centre.

As a fully digital consumer financial services provider, Tandem Bank had a strategic mission to drive mobile app adoption and increase engagement with their customers via digital experiences. In a time where compromised credentials are responsible for over 80% of all breaches, Tandem required a passwordless solution that secured users and their financial data while providing a smooth customer experience.

Solution

“Like all UK banks, Tandem is required to comply with Open Banking, including the provision of PSD2 SCA,” said Nick Bennett, COO, Tandem Bank. “Tandem selected Trusona as their passwordless solution is SCA compliant, but more importantly because they share our passion for providing a seamless customer experience, and their technology was quick and easy to deploy.”

Using a single, easily integrated mobile SDK for all customer journeys, Trusona empowers Tandem to continue to delight their customers by removing passwords, banking IDs, pins and codes from their mobile app as well as security questions from the contact centre. The passwordless authentication solution reduces user friction, promotes app engagement and makes digital self-service simple.

“Tandem has always been driven by providing an excellent customer experience and we wanted to be able to extend that to the passwordless Strong Customer Authentication experience across all our channels and customer journeys over time,” said Bennett.

Trusona enables Tandem to extend those SCA capabilities to their mobile app and contact centre, ensuring secure and consistent PSD2-compliant authentication across both channels in lieu of legacy authenticators with varied — and potentially convoluted — journeys. By removing the largest cyber threat vector of static credentials, Trusona eliminates common attacks from keylogging, phishing, credential stuffing and more. The bank can be confident knowing their customers are enjoying a dependable SCA experience that will aid in maintaining an exceptional financial services offering in the modern age.