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Informative Article | Financial Management | India | Volume 10 Issue 9, September 2021 | Popularity: 5.4 / 10

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A Comprehensive Review on Identity Management Methods and Frameworks in Financial Services

Priyal Borole, Chezian Elamvazhudi

Abstract: In the era of digital transformation within the financial services sector, this review examines the crucial role of identity management. Safeguarding financial information and countering fraud are paramount concerns in an increasingly digital landscape. This study navigates the significance of identity management and its pivotal contribution to securing digital environments for financial institutions and clients alike. Exploring a spectrum of identity management methods, the review emphasizes biometric authentication for its precision, tokenization and encryption for securing transactions, and Multi - Factor Authentication (MFA) for enhanced security. Additionally, the study scrutinizes blockchain - based identity management for decentralized solutions. Within identity management frameworks, focus areas include OpenID Connect for simplicity and widespread adoption, Security Assertion Markup Language (SAML) for improved authentication, and OAuth for impact on user consent and data protection in financial transactions. This review contributes essential insights for industry practitioners, policymakers, and researchers. In a concise format, it outlines key methods and frameworks, addressing the urgent need for robust identity management solutions in the evolving landscape of financial services. Keywords: identity management, financial services, biometric authentication, blockchain, OpenID Connect, cybersecurity.

Keywords: Identity Management, Digital Transformation, Biometric Authentication, Tokenization, Multi - Factor Authentication (MFA), OpenID Connect, Security Assertion Markup Language (SAML), Oauth

Edition: Volume 10 Issue 9, September 2021

Pages: 1745 - 1748

DOI: https://www.doi.org/10.21275/SR24301005246

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