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Could a Unified Approach to Digital Identity Disrupt Banking Industry?

Digital identity

OLU OJO PHILLIPS

Digital identity could be the key to opening up new products and services for the banks, research produced by Finextra, the world’s leading specialist Fintech news and information source, in collaboration with Ping Identity, has affirmed.

Amongst others, the research seeks to address issues around how digital identity could disrupt the banking industry and more, by speaking to identity managers at leading institutions for their views and bringing to the fore a major aspect of the change afoot within the global banking industry.

Digital identity is fast becoming the next frontier within the new economy and financial institutions are at the forefront of these developments.

Increasingly the banks are recognising that a unified approach to digital identity can achieve more than simply data security and compliance with regulatory requirements.

It could also hold the key to enhancing the customer’s digital experience and kick-starting bank’s digital transformations.

Digital identity, the body of information or unique identifiers and user patterns that detect individuals online and on their devices could become the most valuable commodity for the citizens of the future, Google chairman, Eric Schmidt, said back in 2013.

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It is also a source of both huge opportunities and significant challenges for banks and other financial institutions.

The banks must ensure they are able to correctly verify identities, have control over how the information is used and ensures that they provide the right service to the right the person in the right context.

But should the banks meet these challenges, the benefits are clear, and these include greater volumes of customer participation and transactions, the ability to generate and access huge volumes of data, and the chance to create a seamless and intuitive customer experience.

Digital identity, the research informed, could also be the key to opening up new products and services for the banks.

As the concept of identity as a commodity or currency gains traction, the banks are uniquely positioned to act as the trusted holders of individual’s identity information and to manage the consent sought by other entities to access that data.

Ping Identity envisions a digital world powered by intelligent identity.  It helps enterprises achieve zero trusts, identity-defined security and more personalized, streamlined user experiences

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