Binod Singh, in conversation with ELETS The Banking and Finance Post
Access management makes things much more secure in today’s world, where people are logging in from anywhere, anytime and from any device. To know more about cloud services becoming popular and the challenges faced by the organisation, Nidhi Shail Kujur of Elets News Network (ENN), talked with Binod Singh, Founder President & Chairman, Cross Identity.
Please take us briefly through your brand so far?
The core idea behind it was to provide cyber security services, and later we also stepped into the area of identity and access management which was getting to be known in the world. In India, we wanted to make a place for very high-end security services at the time we started in the year 2000.
What are the strategies of growth adopted by the key players in identity as a service market?
So, identity as a service came when cloud services became popular, and various organisations who are offering identity as a service are essentially offering nothing but a subscription service for their monthly subscription.
We use a very different model, called pay-per-use model. It is a different model where a customer has to pay almost 1/10 of the normal cost to start the services, and then he pays based on how he consumes the service, so it is a different kind of model which enables the customer to start with small investment.
What are the challenges that you’re facing currently?
People of some countries still have some reservations in purchasing the cloud technology, as they think that cloud is perhaps not as safe as compromised implementation installation, which is not the fact.
The United States has completely gone for cloud technologies, but in countries like India, it is going at a slower pace, so that is the first challenge we have faced so far.
The second challenge is the subscription-based model, as cloud turns out to be very expensive in the long run for a customer, but we have solved this challenge by introducing the pay-per-use model, where the investments are very small.
The third challenge is for identity management, and the whole process for identity management is not easy, and the customers, even after purchasing the software struggles to implement
What are your product offerings and value proposition?
Our product is called compact identity and the value proposition belongs to a category of products called converged identity.
The advantage of converged identity management is that all the functionality of identity and access management are converged on one single code basis. Otherwise, for doing the same thing with the same functions, you need to purchase multiple pieces of software and you have to integrate them, and then you have to continue to work with multiple pieces.
In our case, there is just one product which has been built on one single code base, and that product is able to do everything for the customers.
The second is the pay-per-use model, where you don’t pay as per the subscription, but you pay on consumption basis, which is quite convenient to the customers.
The final proposition we have is we have made it much easier for the customer to implement software like ours as compared to anybody else in the market.
Tell us about your current customer portfolio and plans of growing customer base.
We have close to 4000 customers in the world and in India, some of the prominent clients would be Paytm Bank, JSW Steels, Titan, DCB bank, HDFC bank, etc. Currently, we have more than 150 prominent customers in India.
Why do you think customers implement identity and access management?
He said it depends on the banking customers, as RBI now has made it compulsory for apps to have a lot of features of identity and access management systems.
Access management makes things much more secure in today’s world, where people are logging in from anywhere, anytime and from any device.
Another reason people are buying is because of cost saving, and in return on investment, identity management is almost 500 per cent, and it is a very cost compelling proposition too.
What would be your road map for 2022 and beyond?
We have changed our model to pay-per-use model, and we are aspiring to become number 1 in the world in the mid-market space, and our software is well tailored for that because it has a much less entry cost and all the advantages, I talk about makes it possible for the smaller or the mid-size customers to embrace it.