In an increasingly digital, experience-driven banking landscape, one of the biggest challenges facing financial institutions remains how to be certain of a customer’s identity.
As face-to-face identification declines, transactions grow in volume and complexity, and customers expect even more seamless, real-time services. Meanwhile, regulatory requirements become increasingly demanding and the risk of data breach or identity fraud continues to rise.
Many valuable solutions have emerged across the digital identity landscape, but ultimately our digital economy continues to rely on physical proof of identity, slowing innovation in FinTech. Without an ecosystem to link distinct, identity management systems together, consumers have to keep track of multiple credentials to identify themselves with different service providers.
Identity remains the missing piece of the FinTech puzzle.
Banks and governments need to develop a framework around digital identity. Which international standards and principles will foster trust, compatibility and interoperability, as we determine the path forward for ID applications in financial services?
FIs must be able to establish the identity of their customers - accurately, securely and seamlessly, while meeting evolving regulation. With a growing demand for remote services, will new solutions deliver on their promise to replace physical identity checks?
Are banks uniquely placed to close the gap on identity? They perform KYC and AML functions in daily operations, have a regulated use of customer data and higher than average consumer trust. What role do FIs play in building a global standard for digital identity?
Identity systems are increasingly being attacked by fraudsters. Do new approaches promise improved detection and prevention of financial crime? Which solutions offer the strongest alternative to password-based systems – granting confidence in the security of identity data.
PSD2 not only ushered in Strong Customer Authentication, but the promise of Open Banking through APIs. By connecting identity data from multiple sources, Open Banking could deliver more reliable verification and improve customer experience. But how close is this goal to being realised?
Digital ID should enhance privacy and consent, granting users control over how their personal credentials are shared. Will financial services embrace a decentralised ID model? What about the role that blockchain will have to play in identity?
As a financial institution, how do you know that a customer is who they say they are online and not a fraudster? In this keynote, iProov Founder and CEO Andrew Bud discusses digital identity in its current state, plus how it could evolve in the future. Key challenges and threats will be presented, followed by emerging trends including how onboarding and authentication are merging and the future impact of verifiable credentials.
Which entities will act as the guardians of users digital identity – Will responsibility fall to national governments, or will Big Tech take a leading role?
With heavily regulated data usage, established KYC functions, and higher than average consumer trust, are banks uniquely placed to close the identity gap?
How can banks, governments and technology providers come together to create an Identity framework for the future?
How can banks on-board/off-board customers both securely and seamlessly, while meeting evolving regulation.
With a growing demand for remote identity proofing, which new solutions promise to replace physical checks?
An estimated 1 billion people lack official identity and millions more have forms of ID that cannot be reliably verified, resulting in economic exclusion.
How can Digital ID play a key role in enabling inclusion and supported underbanked individuals globally?
Identity systems are increasingly being attacked by fraudsters – many businesses have been tackling rising threat amid the international pandemic.
Which innovations promise improved detection and prevention of financial crime, without compromising the customer journey?
Can financial institutions make use of insights from beyond the sector such as data held by mobile networks?
Will the financial services sector embrace a decentralised model of identity, or government issued digital IDs?
How can we ensure to build Digital Identity which enhances privacy, trust and consent, granting users control over how their personal credentials are shared?
Are users ready and willing to take control of their personal identity data?
How Shawbrook Savings listened to our customers in 2020, adapting technology for better identity tracking and account security, by focusing on our customer demographic.
Which systems offer the strongest alternatives to password-based systems – balancing user experience with trust in the security of identity data?
How can secure authentication be ensured across the digital economy, including in e-commerce, direct debits and other business transactions.
What considerations need to me made regarding adoption, ensuring systems are inclusive and address the issues faced by a broad customer base.
Technology alone will not solve the issue of digital identity – the hurdles of governance, borders and business are yet to be overcome.
Which global standards and principles will foster trust, compatibility and interoperability as we determine the path forward for ID applications?