They need IDM services that meet those challenges. Below is a brief overview and comparison of several top IDM services suitable for financial services firms.
Gartner listed SailPoint as a Leader in the Gartner Magic Quadrant in 2013 and 2014. It is considered one of the fastest growing IDM companies. SailPoint’s IDM solution is very popular with banks and financial institutions because it emphasizes a governance based approach.
Unifying data into a single identity repository allows you to implement common policies for risk management to all identity management activity. This centralized, enterprise-wide control allows you to comply more effectively with the financial industry and government regulatory mandates.
SailPoint provisioning tools are designed to boost usability and productivity while cutting costs.
CA Identity Manager
CA Technologies Identity Manager stresses automating identity-related controls in enterprise and cloud environments. CA automates user provisioning, allows user self-service, provides delegated user administration, and features a user interface designed for easily creating policies and generating compliance reports.
It integrates with most common enterprise systems and applications, and custom applications can be configured for provisioning through a wizard. More than half the Global Fortune 500 and many of the 20 top global banks use CA solutions.
Oracle Identity Manager
Like the previous two IDMs, Oracle Identity Manager is designed to manage access privileges across all of your enterprise’s resources, throughout the entire lifecycle from request to deprovisioning.
A key feature of Oracle’s IDM system is its flexibility, which allows it to integrate without necessitating large changes to your existing infrastructure or policies. Its design saves costs by avoiding customization other IDMs may require for that integration.
Another key feature is the ability to provide mobile device security without compromising user privacy or data. A sign of Oracle IDM’s stability, reliability, and success is evident in its huge installed user base.
It’s Win-Win-Win for Financial Services Firms
All three of these identity management products are especially suited for the needs of the financial services firms. By stressing security and compliance, the IDM solutions help you maintain the confidence of your clients, the productivity of your users, and protection of your assets.
Each of these IDM services has excellent features and can do the job. You just need to find the one that best suits your needs.
Do you have a particular IDM solution you prefer for your financial services firm? Let us know your thoughts in the Comments box below.
And to follow-through on the tips introduced in this short article, be sure to download your free Financial Services CIO Guide to IT Security and Identity Management.