Report: The digital drive to replace the passport in financial services
FinTech Futures launches a new report on digital identity.
Despite the onward march of technology, especially in the financial services sector, methods of authentication and identity confirmation appear to be falling behind the curve.
While biometrics may be making in roads into the industry, the passport and the paper document remain the dominant way that many organisations authenticate their users via know your customer (KYC) checks and controls, which have become an ever-more important factor in a banks’ success.
Information accuracy is critical for banks, brokers, intermediaries and lenders and regulators stand ready to lay massive fines at the door of non-compliant companies.
FinTech Futures has produced an industry report exploring the future of digital identity in financial services. Featuring expert commentary from industry participants, it seeks to answer the following questions:
- What is digital identity?
- What is the problem with replacing paper and passports?
- What are the regulatory concerns?
- What are the technical solutions to identity management?