Banks explore benefits of bank assured identity

Banks explore benefits of bank assured identity

As companies seek to improve digital identity in the UK, financial services firms are exploring the benefits of bank assured identity.

Digital Identity: Resolving the dilemma of trust | S Ganesh Kumar | Business Banking Dialogue |

Is digital identity something to simply support digital onboarding, AML/KYC compliance, fraud reduction and digital transformation programmes within the financial service providers? Or it is much more? Are we entering an era of person-centric digital identity or self-sovereign identity?

Listen in Mr. S Ganesh Kumar, Chairman- IFTAS, in our #BusinessBankingDialogue as he traces the evolution of digital identity and how it resolves the issue of trust between providers of digital public goods and its users.

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The Role for Banks in Digital Identity

Banks must adhere to strict regulations regarding verifying a customer’s identity.

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Digital Identity in Banking // A Scott Logic webinar

In this webinar, Natwest Group’s Martin Ingram (Product Owner – Identity and Access Management) offers an introduction to the latest thinking and developments concerning digital identity assurance in banking.

As Martin explains in the video, he is talking as a private individual on this webinar and his views should not be construed as those of NatWest Group or its affiliates.

He covers how banks are working together to shape standards and processes by which they can build trust in customers via digital means, and illustrates this with several use cases. He also explores how sectors across the private and public realm could work together to reduce friction for customers in proving their identity, and how this has the potential to improve inclusion.

00:00 Introduction
01:13 How Martin got involved in working on digital identity
03:08 How are banks building trust in customers as digital replaces paper IDs?
05:48 How might digital identity reduce friction in wider customer journeys?
07:22 Use case 1: Remortgaging your house
08:36 Use case 2: Renting a car
09:47 Difference to customers and companies?
12:12 Difference to the UK economy?
13:09 Why are banks working together on digital identity?
16:19 How will the approach address inclusion?
18:21 The main challenges
20:57 Roadmap and good practice
24:21 Will there ever be a single approach?

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