Blog

Digital Identity: The Missing Piece of the FinTech Puzzle?

In today’s increasingly digital, experience-driven financial landscape, one of the major challenges facing any financial institution is how to be certain of a customer’s identity. Accurately, securely and seamlessly, while meeting evolving regulation.

As transactions grow in volume and complexity, customers expect ever more streamlined experiences, regulators demand greater insights, and the risk of identity fraud continues to rise. Today’s identity systems are slowing innovation in financial services.

PSD2, GDPR and Open Banking are catalysts for improvement, while promising new technologies such as biometrics, eID, liveness detection and blockchain can offer stronger alternatives to password-based systems. The right innovation would grant users more control over their identities and confidence in the security of their data.

There are now many valuable systems and solutions in the digital identity landscape, but still no ecosystem to tie them all together. Consumers must spend time and resources keeping track of multiple credentials to identify themselves with multiple service providers. Privacy and data risks increase with every new identity created. Regulations and policies have not advanced drastically enough to move the digital economy away from reliance on physical proof of identity.

FTT Identity will consider the role financial institutions could play in building a global standard for digital identity. Banks perform KYC functions as a key part of business and have a strictly regulated use of customer data, together with a higher consumer trust than many organisations. Are financial institutions uniquely placed to close the identity gap?

Visit the FTT Identity website to view our agenda and find out which financial institutions, governing bodies and technology experts will be attending on 17th March.

To join us, register for your free ticket today.