Financial institutions now have the opportunity to stay at the forefront of their customers’ digital lives by providing secure solutions for accessing, managing and recovering digital assets. Giesecke+Devrient (G+D) is empowering financial institutions to capitalise on this evolving market with a new innovative offering, Convego TruSafe.
According to the “Next Generation of Digital Wallets Report”, secure custody services for digital assets can be highly lucrative for financial institutions. They have a unique opportunity to attract new customers and develop recurring revenue streams. However, the rapid growth of digital assets, such as crypto, presents challenges. Many users face a steep learning curve and fear losing their investments if they lose their access keys. Onboarding to a cold storage wallet, typically with a USB or physical device, which stores keys offline, can be daunting. Managing one’s keys ensures true asset ownership but risks permanent loss if the recovery mechanism, typically a 12/24-word seed phrase, is lost. Therefore, solutions that are easy to use and protect against credential loss or theft are in high demand.
The new development offers such a modular solution for secure management of digital asset credentials, combining a digital interface with a cold-storage wallet in the form of a secure smart card. This innovative solution empowers financial institutions to offer a secure and convenient customer experience in this emerging market. To develop Convego TruSafe, G+D collaborated with eSignus, which brings specialised digital asset capabilities to the partnership.
From the bank customer’s perspective, Convego TruSafe is easy and familiar to use thanks to the combination of an app and a trusted card form. Users can securely access and manage their digital assets and use additional services from their financial institutions. Most importantly, it provides a safety net against loss of access to assets. The unique recovery mechanism allows end customers to navigate the digital asset space with confidence. Even if the card is lost, they can swiftly order a new one, authenticate through the mobile app and effortlessly activate the new card to regain access to their digital assets.