The Future of Personal Identity: Opportunities and risks for banks

The Future of Personal Identity: Opportunities and risks for banks

As Google and Facebook come under increasing scrutiny over consumer data privacy issues, Finextra's Future of Personal Identity 2019 report reveals new opportunities for banks to rebuild trust and take on the threat from Big Tech giants.

Data underpins every aspect of today’s society and as a result, banks are leveraging the importance of protecting customer information as a catalyst to digitise products in order to better compete with new, less secure players.

With public awareness about the data rights having increased, financial institutions are reinventing their businesses and strategies to rebuild trust and position themselves against Big Tech in the data equality world.

In 2019, digital verification is playing a large part in banking. Social media and mobile phones have provided more with access to financial services and in turn, other ways of validating consumers but problems arise when these systems are compromised.

Despite this, there are an estimated one billion people in the world who cannot prove who they are, and governments, regulators, corporate companies and banks are attempting to manage authentication, data security and policy issues as a result.

Finextra’s The Future of Personal Identity 2019 report will explore the challenges and opportunities for banks in the current environment and examine their technology options for a future being reshaped by a range of change drivers.

Download here or pick up your copy at Money20/20 Asia.

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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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