Rabo eBusiness – the world’s first bank-led Digital Identity Service Provider – a partnership between Rabobank, a financial institution, and Signicat, a leader in verified digital identity solutions has been recognised by Celent as the winner of the Model Bank award for Identity Management.
The Model Bank Award for Identity Management recognises the top technologies that are improving customer identity management and authentication. The winner of the award, Rabo eBusiness, gives banks, financial service providers, and any other multi-national business that needs to verify its customers’ identity, a singular service for identity authentication. It brings together Rabobank’s experience with large, multi-national enterprises, and Signicat’s digital identity technology.
KYC and AML regulations demand that financial service providers identify and authenticate their customers, while still delivering a convenient service. Rabo eBusiness is a single, cross-border method for digital on-boarding, login, signature and archiving that avoids a cumbersome UX for consumers and high manual costs for enterprises. This means consumers can use their existing digital IDs to use services and enterprises can roll-out a product across multiple markets using a single API. Focused on energy, telecom and insurance companies, healthcare institutions and financial services providers, Rabo eBusiness has already saved its enterprise customers over €1.5m this year.
“The Celent Model Bank Awards are one of the most well-respected industry awards and we are excited that our work with Rabobank has been recognised by Celent,” said Gunnar Nordseth, CEO at Signicat. “As established financial institutions come under threat from challengers, existing services are fast becoming commodified and disintermediated. Conversely, consumers and businesses – in the age of password fatigue and hackers – need a new way to build mutual trust and ensure that the business is legitimate, and the customer is genuine. As trusted entities, banks are in pole position to take their brand equity, customer data, and position in the value chain to provide digital identity services to improve the speed, security and utility of commerce.”
“We’re grateful and proud to receive recognition for our work with this award,” said Nico Strauss, Chapter Lead, Shopping and eBusiness, Rabobank. “Moreover, it’s a confirmation for us that we’re on the right track and that we’re creating synergies together with Signicat in order to become more relevant for our customers in new lines of business. Authentication online is still a burden for most customers and companies. We are determined to turn this around and want to contribute to a safer and convenient way of identification for services.”
Celent’s annual Model Bank Awards recognise the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.
“The Model Bank Awards recognise how banks are using technology to change the face of banking,” said Zilvinas Bareisis, Senior Analyst at Celent. “These banks should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Rabobank ad Signicat clearly demonstrated this.”
Download a case study detailing why Celent chose Rabo eBusiness here: https://resources.signicat.com/celent-model-bank-award