Identity Solution Enhancement for a Leading Financial Services Firm

Company Overview:

A prominent player in the financial sector, recognized for its top-tier Transfer Agent services and Client Loyalty, embarked on an Identity Solution transformation to elevate its operational efficiency and user experience. With a global clientele of close to 7,000 clients and having served over 30 million shareholders, the firm excelled in vital services such as Transfer Agents, Equity Plan Solutions, Corporate Action, and more.

Problem Statement:

The firm’s commitment to shareholder engagement throughout the company lifecycle prompted the need for an advanced approach to Identity and Access Management (IAM). The existing Oracle Access Manager-based system presented challenges including outdated technology, hindrances in scalability, regulatory compliance issues, and a suboptimal user experience. High renewal costs, data inaccuracies, and security vulnerabilities were further concerns, impacting the firm’s operational prowess and customer satisfaction.

Objective of the Project:

The primary objective was to implement a comprehensive and modern Single-Sign-On (SSO) and Multi-Factor Authentication (MFA) based transformation to address the challenges posed by the existing IAM system. The transformation aimed to enhance security, operational efficiency, compliance, and user experience while positioning the firm for future growth.

Challenges

The transformation process encountered several challenges:

• Replacing the outdated Oracle Access Manager with a modern IAM platform that supports OAuth 2.0, OIDC, SAML-based SSO solutions.
• Migrating over 750,000 identities and nearly 30 applications across multiple business lines.
• Ensuring seamless integration and minimal disruption during the migration.
• Establishing a centralized authentication portal for enhanced security and compliance.
• Reducing incidents and service tickets while optimizing resource utilization.
• Minimizing costs associated with renewal expenses and maintenance.

Solutions

Collaborating with Ping Identity and implementation partner TechDemocracy, the firm executed a well-structured transformation approach:

1. Migrated and Modernized:
   Replaced Oracle Access Manager with Ping Identity’s modern IAM platform, including the migration of identities and applications. Adopted contemporary standards for integration.
    
2. Partner Expertise:
   Leveraged TechDemocracy’s IAM domain expertise for smooth migration and minimal disruption.
    
3. Enhanced Security and Compliance:
   Implemented Ping One Advanced Services and Email-based Multi-Factor Authentication for centralized authentication, improved compliance, and audit readiness.
    
4. Operational Efficiency:
   Achieved an 85% reduction in incidents and service tickets within the initial two months, optimizing resource utilization.
    
5. Cost Efficiency:
   Reduced costs through the replacement of the legacy system, lowered maintenance expenses, and improved ROI.
    
6. Risk Mitigation:
   Addressed over 850 vulnerabilities and re-engineered non-standard integrations for heightened security.
    
7. User Experience:
   Transformed login and registration processes for an enhanced user interface and engagement. 
    
8. Future Preparedness:
   Positioned the firm for growth and innovation with adaptable IAM systems and industry best practices.

Benefits

The transformation delivered substantial benefits:

• Improved security, compliance, and operational efficiency.
• Enhanced user experience and engagement.
• Significant reduction in incidents and service tickets.
• Cost savings through minimized renewal and maintenance expenses.
• Elevated ROI and resource utilization.
• Preparedness for future growth and innovation.

In conclusion, the strategic Identity Solution transformation, empowered by Ping Identity and guided by TechDemocracy, effectively addressed complex business challenges. The modernized IAM infrastructure improved security, compliance, and operational efficiency, propelling the firm toward continued success and growth in the ever-evolving financial sector landscape.