Provision IAM

Provision: Foundational Access Control for Financial Institutions

Businesses in many different industries can benefit from the automation and access control that an Identity Access Management (IAM) system provides, but perhaps none more so than financial institutions. The reason? Banks and credit unions have to manage access permission for all of their employees to multiple business systems, while at the same time complying with frequently changing requirements from federal and state regulatory agencies.

Provision is an IAM that was specifically developed for community banks and credit unions— a segment of the financial industry with an unmet need for a single source of provisioning records. While facing the same compliance regulations as larger institutions, they often lack the budget and IT resources for many of the off-the-shelf enterprise products currently available.

How does Provision benefit financial institutions? IT teams can be overwhelmed with requests for access to systems for new employees, making changes to access when required, and de-provisioning access as necessary. Without an automated tool, this is an impossible task as community banks and credit unions can have hundreds of systems to consider. Provision is a “single pane of glass,” or interface, for tracking every system data access point and integrating information into one source. Every financial institution needs this foundational control to ensure system access control to enforce adequate cybersecurity policies.

Provision provides both enhanced security and increased productivity with role-based, policy-driven permissions. When personnel changes occur, permissions are automatically updated. Many IAM systems provide sampled data, but Provision efficiently produces a complete audit trail with full documentation and reporting, allowing internal auditors and regulatory agencies to quickly see everything that has happened across all of your systems.

IAM systems allow businesses to eliminate tedious by-hand account provisioning and instead the work the IAM system will automatically provision accounts in real time. All changes are logged for auditing purposes.

Community banks and credit unions now have access to a system that integrates legacy systems seamlessly via state-of-the-art API connectors. While other IAM software connects to enterprise systems, Provision is the only IAM that can connect to your most critical financial systems.  And, Provision’s rapid deployment maximizes efficiency and minimizes IT team disruption. With other providers, an IAM can be a massive implementation that takes several quarters. Provision can be deployed in 90 days.

The next version of Provision IAM, scheduled for release later this year, allows more banks to implement Provision faster by adding graphical interfaces, automating environment creation, and easy linking to readily available system connectors.

We don’t know what the new normal will look like in the financial industry post-COVID-19. However, there is no doubt the future includes enhanced attention toward digital transformation and a sustained increase in remote workers. The time to focus on better systems that improve security and operations is now.

Exclamation Labs has a highly skilled Provision implementation team. If your financial institution is ready to see what an IAM solution can do for you, we would be happy to set up a demo of the system.

Bonus: Download “10 Steps to Take Before Pulling the Trigger on an Identity Management Solution” here!
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