Lack of a strong, universal digital identity solution limits innovation and delivery of efficient, secure, digital-based Fintech offerings. Financial services institutions should drive the development of such a solution.
With the rise in digitalization and innovation the issue of digital identity has become more important than ever before. A universal digital identity solution would benefit everyone–making it easier for all individuals to securely buy a house, cash a check, or purchase alcohol; or a company to securely trade financial assets. Identity theft, fraud, and data breaches are common occurrences which everyone fears.
This report from Deloitte and the World Economic Forum looks at what exists today in the world of digital identity. We consider all aspects of a digital identity solution and how they should all engage with each other. There are many solutions which exist, but they would need to be connected in order to be more comprehensive and scalable.
In this report we outline why we believe that financial institutions should lead the charge in developing a comprehensive digital identity solution. We also sketch a blueprint for a future state of a successful digital identity solution.
Where do you fit into the digital identity ecosystem? What can your organization do to help the cause?