BNY MELLON SHAREOWNER SERVICES

Identity verification enables BNY Mellon Shareowner Services to deliver secure online access

AT-A-GLANCE
Key Requirements Accurate, real-time fraud/threat detection with minimal impact to user experience Strong identity-authentication solution that is interoperable with existing applications Reduced cost per transaction Solution Knowlege-based authentication solution that provides real-time confirmation of customer identities Solution is able to configure and tailor authentication layers to satisfy business and security needs Results Positive shareholder reaction to the real-time authentication option and the convenience of immediate account access in a secure environment Reduced costs due to lower call center volumes, increased call agent productivity

After implementing RSA Identity Verification, we experienced a significant reduction in our call center volume, which has offered us tremendous cost savings. In addition, we have been able to greatly improve customer satisfaction, with the new authentication process providing shareowners with real-time and secure access to our self-service website.
MARC LIBRIZZI, CIO

The Bank of New York Mellon Corporation is a global financial-services company focused on helping clients manage and move their financial assets, operating in 37 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations, and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1 trillion in assets under management. Additional information is available at www.bnymellon.com.

KEY REQUIREMENTS
With the increase of transactions over the Internet and concerns about online security and privacy, BNY Mellon Shareowner Services, a division of The Bank of New York Mellon, decided to eliminate using shareowners Social Security numbers as identifiers for authenticating online access to their accounts. It replaced the Social Security number with an Investor ID and established an online account authentication and activation process that required the user to logon to the self-service website and input their Investor ID and establish a PIN. This process initiated a mailing to the shareowners address providing them with a one-time user authentication code to complete the activation of online account access. This new process proved to be cumbersome and inconvenient and caused call center volumes to spike as clients were continually seeking the status of their authentication code. Conducting business through the call center instead of online is much more costly. The need to provide a positive customer experience while reducing the cost per transaction drove Shareowner Services to seek a new authentication method.

CUSTOMER PROFILE

SOLUTION
Shareowner Services evaluated a number of vendors that offered identity-verification solutions, and soon discovered that many relied largely on credit-bureau information. Based on the nature of the indirect relationship with callers and concern about shareowner privacy, this was not an optimal choice for Shareowner Services. Ideally, they sought a partnership with a vendor offering a cost-effective authentication solution that could be easily integrated into Shareowner Services current applications, ultimately providing the end user with a positive experience. Additionally, the solution would need to meet the strict risk-management requirements that Shareowner Services business applies to its vendor partners. Shareowner Services ultimately chose to implement RSA Identity Verification, a knowledge-based authentication (KBA) solution that provides real-time confirmation of customer identities, because it enabled Shareowner Services to configure and tailor the authentication layers to satisfy business and security needs. The RSA Identity Verification solution presents shareowners with a series of top-of-mind questions utilizing relevant facts on the individual obtained by scanning billions of public records. RSA Identity Verification is supported by a highly intelligent questioning technology that incorporates actual non-financial customer data to authenticate the customer in real time, while simultaneously protecting the customer and enhancing the overall user experience. As a result of this instantaneous matching and because the answers to the questions presented are not easily found by searching the Internet, the ability for someone other than the genuine user to guess correct responses is greatly reduced. Additionally, because data maintenance is not required, Shareowner Services is able to manage costs while still ensuring shareowners have an additional layer of security.

RESULTS
It was a high priority for Shareowner Services to ensure that the identity-verification solution would be well received by their clients and shareowners alike. To confirm, Shareowner Services conducted focus-group sessions with both audiences, and the feedback was overwhelmingly encouraging. Based on the positive response, Shareowner Services proceeded with a two-phased implementation of the solution. In January 2007, their call center representatives began using the new knowledge-based authentication tool to authenticate shareowners with requests for their Investor ID or PIN. In March 2007, Shareowner Services rolled out the solution to its shareowner self-service website. To date, feedback has been very positive. With data security and privacy top priorities, clients and shareowners are satisfied with the real-time authentication option and the convenience of immediate account access in a secure environment. In addition, BNY Mellon has drastically reduced call center volumes, thereby helping to reduce costs and increase call agent productivity.

CONTACT US
To learn more about how RSA products, services, and solutions help solve your business and IT challenges contact your local representative or authorized reseller or visit us at www.RSA.com

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2007 EMC Corporation. EMC, the EMC logo, RSA, and the RSA logo are trademarks or registered trademarks of EMC Corporation in the United States and/or other countries. All other products or services mentioned are trademarks of their respective companies. MELLON CP 0907