With digital identity becoming an increasingly critical enabler for e-commerce and the digital economy, there are profound opportunities for banks and insurers to leverage their role as trusted custodians of customer data and their substantial KYC/AML investments. Norway’s BankID is one of the most successful developments to date, and Katinka Jussie Brurberg and Jessica Broström of Vipps International outline its key features, success stories and international potential.
Katinka and Jessica highlight BankID’s 99% penetration rate among users age 20-59, who use the service an average of 198 times per year, and with an incredibly low fraud rate. Significantly, they also highlight the integration between various commercial and government services, demonstrating how a successful ID function could be accessible across all walks of life, and not something that financial services can develop or operate in a vacuum.
Please also see the accompanying charts from Vipps, and further information on this topic is also available at BankID and Open Digital Trust Initiative.