Whitepaper Digital Identities: how financial institutions can position themselves as ID providers

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.

Why banks should act as digital ID providers

  • The need for secure identification procedures will increase in the foreseeable future.
  • In addition to sovereign procedures, the number of commercial ID providers continues to grow.
  • Many current ID solutions are silo solutions, while interoperable procedures are needed.
  • Consumers are unsettled by the multitude of providers and fear for their data.
  • Financial institutions would be ideal identity providers: consumers trust them to handle sensitive data.

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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.