Identity management solutions are a set of tools or softwares that allows secure management of digital identities which can be both users and devices, their authorization, authentication and access to a specific system.
Gone are the days where strong username and password would just do fine. A lot more today is required for maintaining utmost security and identity management solutions and products with the addition of multi-factor authentication has proved to change the game. On top of it they are very cost effective solutions for banking systems.