Barry O’Donohoe, Co-Founder & Partner
We live in a hyper-connected world that shows no sign of slowing down. Customers now expect and demand a great “mobile first” experience and a flawless service to manage and consume their products. A study by Capgemeni indicates that over the next three years, digital payments will grow globally at a rate of 12.7 per cent a year. Today, the services that customers choose is determined by how well those services fit into this new, accelerated digital economy. ‘Does my bank integrate with my favourite retailers, allowing one-click payment? Can I use money-transfer services to move digital cash instantly to a friend’s e-wallet?’ If the answer is no, then customers immediately start hunting for alternatives that support seamless connectivity to the services they need. The key to ensuring that companies do not end up on the wrong end of this question is effective management of digital identity.
However, securely authenticating and authorising the digital identity of customers as they pass from one service to the next, or using inter-connected services can be difficult, cumbersome, and frustrating for organisations as well as customers. Anyone who has ever had to enter a PIN and then a passphrase several times knows this. No one will want to be the customer of a company which cannot enable one-click purchases on popular e-commerce platforms or cannot give plug-in access to a range of complementary fintech-led financial offerings. As a result, to fully participate in this new marketplace, all players— banks, retailers, service providers and others—must be able to seamlessly and instantly verify the identity of their customers. This requires an identity process that seamlessly and securely supports and recognises them, knows their preferences, can transition across all digital devices and adapt to their needs. In practice, offering a good customer experience in a connected economy means authentication and authorisation should be as near to instantaneous as possible. With an identity-centric strategy, organisations can create a rich and loyal relationship with their customer base.
As digital identity specialists, RAiDiAM use modern technology to unleash the power of the connected economy. The London-based company is on a mission to empower modern businesses through the cultivation of digital identity excellence by providing a trusted network for secure and seamless transactions. “We help our clients deliver a positive impact and generate growth in an open economyby creating ecosystems of trust while delivering exceptional customer service,” says Barry O’Donohoe, Partner and CIO of the company.
We help our clients deliver a positive impact and generate growth in an open economy by creating ecosystems of trust while delivering exceptional customer service
Its vision is to enable organisations to utilise customer data in a compliant manner and unlock the hidden value for maximum gain—all while delivering enhanced customer experience.
The Right Ingredients for the Perfect Identity and Access Management Solution
RAiDiAM helps clients build the right architecture for an identity-focused approach, setting them up for the future of the customer relationship. “Our flexible and agile approach means that we provide these services on an ‘as you need’ basis, depending on the stage of a client’s digital transformation,” says O’Donohoe. Should a client need to rebuild it’s customer identity management infrastructure from scratch or develop a system already initiated by the client, RAiDiAM brings an unrivalled blend of digital identity advisory, systems implementation and support expertise to help fill the gaps. “At every stage, we devise a tailored programme to help clients reach a series of milestones which serve their end goal: enriched customer experience and optimal conversion and retention rates.”
RAiDiAM offers a wide range of knowledge-driven services encompassing architecture, engineering, design, implementation, and support services for companies striving to achieve Open Banking and PSD2 compliance. The aim is to create for them a multi-channel solution that offers a mobile-first digital presence, leading to improved customer interactions and better outcomes. “Our approach is based on interoperability, scalability, modularity, and agility principles. The solutions we create are secure by design and secure by default supporting internet-scale service,” says O’Donohoe. The solution is then delivered across the web, mobile and API channels using modern DevOps techniques and agile delivery methodologies that continuously demonstrate value for clients.
The company is excited about its RAiDiAM Connect proposition, which is a collection of digital identity enablers and accelerators that are key to building the capabilities necessary to engage with customers, partners, and third-party companies in the connected economy.
Major banks in the UK and in Europe, as well as financial regulators globally, rely on RAiDiAM as their trusted partner to address key challenges covering digital transformation, digital identity, open data and payments. Furthermore, fintech companies leverage their expertise to deliver connected digital services. For example, one of the largest banks in Scandinavia sought to re-platform their mobile banking offering. RAiDiAM architected, designed, and built the API security platform integrating a native app with multi-factor authentication leveraging cloud and the best-in-class financial-grade API standards. Post-launch, the bank observed increased take-up and usage of the new digital experience which has been widely recognised. Enhanced security and seamless log-in experiences have enabled the bank to deliver additional services to their customers with ease.
The Rich Expertise
Founded in 2016 by a group of fintech and payment experts, RAiDiAM partners with enterprises, regulators and people to build standards, protocols and processes tailored for the connected-economy. The company’s experts have contributed to setting the security standards for Open Banking by designing the Trust Framework and building the EcosystemTrust Platform (Directory) for PSD2 alignment and eIDAS support. They have also played a leading role in shaping the U.K. Open Banking Policy and standards for PSD2 alignment. RAiDiAM’s experts share their experience of open APIs to drive competition, openness and seamlessness across all sectors and offer exploratory discussions and advisory services to authorities embarking on the open API journey. “Our team consists of market-leading subject matter experts that encompass all aspects of our clients’ business, from senior strategy and policy through to technical service delivery,” adds O’Donohoe. RAiDiAM has also been working with the OpenID Foundation to develop a robust Financial-grade API (FAPI) standard for secure API interactions in payments. At the crux of its industry participation, the company’s goal is to uphold customer data privacy amid the blurring lines between the physical and digital lives of the global population. By building trust with customers, businesses can deliver relevant and personalised services in a cost-effective and convenient manner.
RAiDiAM has also has successfully delivered quality digital identity services to the Aerospace, Automotive and Government sectors. The company is resolute in helping global businesses and governments meet growing customer expectations through new and innovative services. “We are the trusted partners to help businesses understand identity, create optimal customer satisfaction through technology and prepare for a ‘mobile first’ future,” notes O’Donohoe.