The transformation of society presents financial institutions with the challenge of further advancing the digitalisation of their products. This increases the need for verified digital identities that can be used instead of providing physical IDs when concluding a contract.
Whereas up to now, the presentation of an ID has ensured the identity of a person, in future this process should also be carried out digitally and allow unambiguous and legally secure legitimation without media discontinuities.
The connection of ID providers is one option. If, on the other hand, financial institutions themselves appear as identity providers, they open up new business areas, for example by using available customer identities that are already compliant with the Anti-Money Laundering Act (AMLA).
In the PPI whitepaper "Digital identities – Banks are positioning themselves as identity providers", we have compiled comprehensive information on digital identities in the banking network for you.