Digital Identity in the post-COVID era – How Banking can help

Even before the pandemic, digital identity—various forms of authentication and identification such as passwords, pins, facial recognition, etc.—had become an integral part of our everyday life. COVID-19 has accelerated the need for businesses and governments worldwide to rethink their approach to enabling remote-identity verification over digital channels to facilitate day-to-day interactions.

Financial services (FS) providers have long established their trusted position in the realm of identity protection and confirmation. There are successful examples where banks and governments have come together to drive adoption of digital identity.

In today’s world, FS firms perform a series of complex checks to validate a customer’s identity to deliver any financial service or product. These checks are repetitive and not necessarily streamlined to be reused across multiple business areas within the same organisation. As a result, the customer’s identity attributes are created repeatedly but remain largely unexploited. Exposing these attributes over secure open APIs with the consent of the customer will not only facilitate data sharing within the organisation, but also enable cross-industry use cases such as age verification from which other businesses can benefit.

As the Open Banking digital-identity capabilities mature over time, they can unlock multiple benefits for all parties.

Benefits for customers include:

Seamlessly prove identity to access any financial or non-financial products and services without needing to go through yet another onboarding process or to present a physical identity document.

Be in control of which identity information to share with whom, sharing only the personal-identity data they choose based on their comfort levels around security and privacy.

In our webinar on 9th December we will be discussing how COVID-19 acting as a booster for digitalization. This panel session will include Patricia Tripar, Managing Director Transaction Banking Santander USA, Tomá? Reytt, Director of Sales & Distributional Channels CZ & SK mBank, Czechia and Stefan Stign?s Head of Exploratory Banking & Strategic Partneships, SEB, Sweden.

You can get more information on this webinar here - https://avlantegroup.com/event/digital-identity-and-digital-onboarding-for-banking-2nd-annual/