Kleinwort Hambros Bank Limited
Summary of issues/requirements
Kleinwort Hambros were using an internet banking solution that had become increasingly difficult to support and adapt to changing customer and regulatory requirements. The bank specifically needed a solution that would enable compliance with new regulatory requirements and that could be implemented within a short timeframe.
Delivering a compliant internet banking solution using their previous supplier was not feasible given budget and time constraints.
As Kleinwort Hambros had an existing relationship with VEGA Solutions, they asked VEGA to prepare a proposal based on the requirements and timelines. After review, it was decided that VEGA Solutions could deliver a solution on deadline and within budget.
At first, VEGA implemented a tactical eBanking solution to remedy the bank’s predicament in the short term. The solution achieved the desired outcomes, allowing Kleinwort Hambros extra time to complete necessary changes on their existing internet banking solution.
However, after a successful pilot, Kleinwort Hambros decided to migrate all their customers onto the new internet banking platform provided by VEGA Solutions and decommissioned their previous service. The tactical solution exceeded expectations and provided a superior service in comparison to their previous solution.
In addition to meeting regulatory requirements, the new solution from VEGA provided better functionality, improved customer engagement rates, and increased the number of customers using internet banking as well as the frequency of internet banking activity.
The new platform also leveraged multiple security capabilities, including user-friendly two-factor authentication from VEGA’s partner OneSpan. Through OneSpan’s Mobile Authenticator Studio, the new internet banking application leveraged a highly secure authenticator app. As a result, rather than relying on static passwords, clients now received one-time passwords delivered via push notification to their phone. In addition, the authenticator app was protected with built-in app security known as app shielding or RASP, which protects the bank’s customers by hardening the app against the latest mobile threats. Both the app shielding and push notifications were quick to implement – and the push notifications were well received by clients.
Once migration from the previous internet banking solution was finalised and legacy services were decommissioned, VEGA’s internet banking application became a strategic, long-term, customer-facing platform. Throughout this journey, Vega Solutions has proven to be a flexible and reliable partner, from the implementation period to day-to-day support after the application was deployed.
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