Digital Identity And The Future of Banking: How digital identity can slash the costs of onboarding and regulatory compliance by up to 70% for banks and open a window into previously untapped revenue opportunities

Executive Summary

Efforts to realize the full benefits of digitization within the banking industry are being stymied by inefficient identification processes. Digital ID solutions can help solve these pain points for consumers—and banks that successfully implement them can tap new revenue streams as Identity-as-a-Service (IDaaS) providers.

Three Key Questions This Report Will Answer:

  • What can banks gain from providing effective and widely-used digital ID solutions?
  • Which successful bank-led digital ID schemes help lay that groundwork?
  • What key trends will shape the future of the digital ID space going forward?

WHAT’S IN THIS REPORT? In this report, Insider Intelligence defines digital ID, discusses the technologies used to deliver the solution, and lays out the case for why banks have a compelling reason — and are best suited — to take the lead on digital identity. This report will illustrate how these players can go about developing scalable and effective digital ID solutions to solve genuine pain points in their own business and take advantage of the opportunities that digital identity infrastructures open up.

Here’s what’s in the full report

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authors

Mekebeb Tesfaye