Modernizing Security in Financial Institutions

Banks and financial institutions have long relied on traditional physical access control security measures like keycards, badges, and legacy biometrics to protect sensitive assets. However, these outdated systems are vulnerable to theft, loss, and fraud, posing significant security risks. Many of these institutions are now in a position to review their security roadmap for the present and future and with so many options, they’re looking for partners they can trust.  

To address these challenges, many financial institutions are transitioning to mobile wallet credentials and digital identity management solutions, enhancing security, streamlining compliance, and providing scalable access control to mitigate evolving threats. Some are also taking a phased approach to their upgrade, prioritizing critical components first and expanding as budgets allow.

A Global Bank’s Need for a Scalable, Cost-Effective Security Solution

A global bank with several corporate offices worldwide and thousands of remote retail locations faced similar security challenges. Their goal was clear - a secure, cost-effective solution to keep up with rapidly evolving security threats, easy and secure management of mobile wallet credentials for a large, dispersed workforce, all while balancing security needs with employee convenience and productivity. This had to be done across both physical assets—such as perimeter access and internal office space—and digital resources, including secure document printing, email, and terminal access.

Replacing the existing security system entirely exceeded the bank's capital expenditures budget, yet robust security was essential. The ideal solution had to be a proven and reliable access control solution that was easy to integrate with existing security systems and could be migrated over time without impacting the facilities. Furthermore, the bank sought to manage costs by implementing a phased upgrade strategy, beginning with the replacement of critical system components and gradually rolling out additional upgrades as funding became available.

Seamless, Interoperable Access Control with Wavelynx

To modernize its security, the bank partnered with Wavelynx, gaining access to their extensive ecosystem of partners. Through this ecosystem, the bank was able to upgrade its physical credentials from a legacy proximity solution to highly secure mobile wallet credentials. The bank streamlined access control by consolidating physical and logical access into a single credential, enabling employees to use just one credential for everything—from the parking garage and elevators to their computers.

To enable this seamless experience, Wavelynx deployed access readers that:

• Support mobile wallet credentials for both physical and logical applications
• Integrate with existing access control  infrastructure
• Offer scalability and future-ready technology 

The phased upgrade began with high-security areas, ensuring compatibility with existing access cards while enabling new functionalities. Employees could use NFC wallet access control through their mobile wallets for secure access, enhancing flexibility, and preparing the system for future mobile technologies.

To date, Wavelynx has deployed within the bank:

• Over 20,000 access control readers
• Tens of thousands of  print readers
• And hundreds of thousands of credential cards, all mobile-ready for future wallet functionality

The bank standardized using Wavelynx for all devices and encrypted key management, implementing a comprehensive migration strategy for access control, print security, mobile wallet credentials, and logical access. IT and security teams also collaborated closely, ensuring a smooth, disruption-free transition while laying the foundation for long-term security growth.

Interoperable, Unified Access for a Secure Future

Leveraging Wavelynx’s flexible ecosystem, the bank introduced a single credential for employees to access doors and physical spaces, printers, IT systems, and multi-factor authentication platforms. This move not only streamlined access control but also positioned the institution for a seamless transition to mobile wallet credentials in the future. 

Wavelynx’s commitment to interoperability enabled the bank to address current security risks while ensuring adaptability to future challenges.

Enhanced Security with Encryption, Mobile Credentialing, and Biometrics

The new system introduced advanced security measures, including:

• Encryption for stronger data protection
• Mobile credentialing for flexible, secure access
• Biometric authentication to prevent unauthorized entry

By integrating mobile wallet credentials, employees gained a convenient, omni-access method, reducing reliance on physical access control keycards while enhancing security.

Protecting What Matters Most

By modernizing its access control system, the financial institution:

• Reinforced its commitment to data security and operational efficiency
• Streamlined internal processes, reducing administrative burden
• Enhanced customer trust, showcasing its dedication to protecting client assets

Evolving for the Future of Secure Banking

The partnership between Wavelynx and the financial institution marks a pivotal step toward next-generation access control systems. By implementing a scalable, accessible security solution, the bank effectively balanced budget constraints and security priorities, ensuring the system can evolve alongside emerging technologies and threats.

This initiative highlights the critical role of modern access control solutions in safeguarding both physical and digital assets, strengthening security, and reinforcing customer confidence. 

As financial institutions continue to demand advanced, interoperable security systems, this bank positions itself at the forefront of a broader industry shift—prioritizing security, efficiency, and future-ready solutions in an increasingly digital world.

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