The pandemic has accelerated the trend for service providers to move their product online or risk going out of business, making traditional ID methods of onboarding customers more challenging. But what does the future hold for a post-pandemic world?
Will we see a return to paper documents, or will Digital ID become the new normal? Proponents of Digital-ID see it as an effective solution, streamlining and speeding up identification processes, reducing the cost of onboarding, managing customer risk, and preventing fraud.
But just how inclusive is Digital-ID? Does it increase or decrease access to financial services, including for people who have previously struggled with formal ID requirements? What are the downsides, regulatory and technical hurdles of introducing Digital-ID?
The Financial Inclusion Forum, a UK-based network raising awareness and sharing best practice on financial inclusion, are hosting a webinar on February 25th, focusing on international experiences of digital ID. An international panel will be sharing their insights on how digital identity can balance the goals of inclusion and security.
Speakers at the event will include Florian Marcus, Digital Transformation Advisor at e-Estonia and Shrikant Karwa, Country Relationship Manager at MOSIP, India. Dr Sarah Walton, Digital ID Consultant, will share new research into a financial inclusion segmentation of the UK.
Sian Williams, member of the board of Director’s at the Financial Inclusion forum, noted that the webinar will feature, “how global Digital ID programmes are bringing services to excluded customers, followed by a discussion about what the UK can learn from initiatives elsewhere.”
Sian will be also moderating a panel at FTT Identity, coming up on March 17th. This session will also explore the link between digital identity and financial inclusion, featuring representatives from Omidyar Network, United Bank Pakistan and the G20 Global Partnership for Financial Inclusion.
In the midst of the continuing global impact of the pandemic, the need to provide accessible financial services to reach underserved and vulnerable populations is critical. If implemented properly, Digital ID can act as the first step towards financial empowerment and a critical enabler for poverty reduction – opening the door to secure transactions, retrieval of aid and benefit payments, access to mortgages and the opportunity to invest for the future.
Continue the conversation at FTT Identity – register for free today!