Thought Leaders in Financial Technology: Hakan Nordfjell, Senior VP of eBanking and eCommerce at Gemalto (Part 2)

Sramana Mitra: Across your activities within Gemalto, where do you think you’re providing the maximum leadership as far as financial technology is concerned.

Hakan Nordfjell: The thought leadership that we provide is within the online banking security and actually how you drive that into a new domain. Securing access from a person to a bank perspective might be interesting. It’s very important for a bank. While doing this, we are looking much further at how we can actually create a digital landscape.

By having the right security within the end users’ hands in some sense and empowering them better, we want to create a community where you can access all services that is provided by the government, banks, and enterprises to build up a digital community.

If I am using my device and I am authorized or logged in within my bank, you could have the bank to be some sort of ID broker. That authentication or that security measure can then be used across the board so that I can log into my government services.

With the same security, I can access my bank. That could also allow you to access whatever enterprise service you want. That is very convenient for the end user. It’s convenient for the society. The end user would only need to take care of one type of security. You make the security strong enough so that it can be accepted by several parties. Then you can nurture building services around this.

We also see the PSD2 in Europe. It’s a new payment regulation where you should be able to get access to financial services more easily and the one providing that access needs to make it more secure. It has the vision that you have one type of security and you can access services that require strong security. The PSD2 also nurtures the fin techs.

The fin techs should then be able to provide services to the end user. It could be banking services meaning that the fin techs would need to connect directly to the bank. Then there needs to be an API that needs to be provided by the bank between the service provider and the bank itself. It always comes back to who trusts who and how you can make that security landscape trustable. The vision is great.

In this case, for PSD2 and open banking, who is then trusting who? That’s where we try to come in and make sure that whoever is accessing is identified and secured on the bank level and can be populated around to various services.

This segment is part 2 in the series : Thought Leaders in Financial Technology: Hakan Nordfjell, Senior VP of eBanking and eCommerce at Gemalto
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