Banks need to invest in consolidating identity management across the enterprise so that end-users can have a single sign-on across all product systems, channels and locations in order to facilitate and simplify identity management. This is one of the conclusions in a report just published by independent market analyst Datamonitor (DTM.L), “IT Security and the Role of Technology in Retail Banking Security.”

“It is critical that banks use strong identity management for both customers and employees to ensure they can monitor and analyze who is accessing which systems and data and when, says Clare Buckmaster, financial services technology analyst with Datamonitor and author of the report. “Banks must control every aspect of identity management from user IDs, passwords and authentication to controlling access levels and monitoring usage.”