Source: Mobey Forum
Mobey Forum, the global industry association empowering banks and other financial institutions to shape the future of digital financial services, today announces the formation of the Digital ID Expert Group.
The group, co-chaired by Jukka Yliuntinen, Vice President at Giesecke+Devrient Mobile Security and Simon Austin, Director at UBS Innovation Lab, will define the role of banks within the identity management ecosystem, explore the key market drivers and opportunities, and analyse the feasibility of potential business models and revenue streams.
“Truly convenient, secure and scalable digital identity solutions have proved elusive to date,” comments Jukka. “The rapid pace of digital transformation, coupled with the ongoing impact of massive data breaches, means many industries are still playing catch-up when it comes to establishing and verifying identity for online and mobile services. As social media platforms and tech start-ups, for example, converge on the identity ecosystem, the question over who creates and manages digital identities is growing in importance.
“The good news is that digital ID plays to the core strengths of banks. Banks are trusted institutions with a proven record of establishing and verifying identity to protect assets and transactions. And as banks already create strong digital identities for their own services, they have the regulatory know-how and established processes in place to play a key role within the identity management ecosystem. There are huge opportunities for those who get it right, and banks may be best-placed to capitalise.”
Elina Mattila, Executive Director at Mobey Forum adds: “There are of course challenges to consider. The identity ecosystem has become fragmented and complex, with too many solutions of limited applicability creating both confusion and vulnerabilities. Developing strategies to deliver interoperable identity, therefore, should be a central consideration.”
Mobey Forum’s Expert Groups provide members with exclusive insights, strategic evaluation and unparalleled opportunity to establish relationships with international experts in a non-commercial environment. By exchanging ideas, mapping the technologies and exploring the potential business models, the Digital ID Expert Group aims to enable banks to both address the challenges and seize the opportunities presented by this evolving market.”
The Digital ID Expert Group will be meeting at Mobey Day Europe in Vienna, 04-05 December.