Banks Want to Own and Control Identity & Authentication Systems [Global Trend]

The increasing focus on digital services that businesses and institutions provide has created a growing need for certainty about the identity of their online customers and users. There are several parties involved in the process of providing a financial service to a single customer, starting with the government, banks and alternative providers, the customer himself, authentication service providers and other organizations that are involved in a monetary relationship with a person. All involved parties have the same concern when it comes to providing a digital service involving money transactions: security. To ensure a customer’s and the organization’s security, there's a necessity for a reliable identity verification through the digital channel. It is a matter of time when financial institutions and governmental organizations will come to a point where they join hands to smoothen the digital experience of a customer and service user without compromising security. A unified digital identity is certainly a growing cross-industry trend. Taking a step back, let's take a look at some benefits a unified digital identity can provide to ...

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