Lead author Amin Khairy (IIF) and contributors Brad Carr (IIF) and Conan French (IIF) discuss the three-part series on digital identity and how financial institutions can help responsibly and inclusively grow digital identities.
The first paper, Embedding in AML Frameworks, explores how digital identity can play a critical role in enhancing Anti-Money Laundering (AML) Frameworks; the second paper, Responsible Digital IDs, looks at the impact of digital identity on financial inclusion; while the third paper, The Business Opportunity of Digital Identity, highlights the commercial prospects of digital identities. We discuss the key findings in the series and highlight the important role financial service providers can play in the emerging digital identity ecosystem.
We identify some of the challenges of responsibly and sustainably growing digital identity and the positive impact digital identity has on financial service providers. We particularly highlight the potential business impact of digital identity on increased customer engagement, better risk mitigation and enhanced operational efficiency for financial service providers. We also examine evolving digital platforms and benchmark case studies such as Marcus by Goldman Sachs.