The latest session of the IIF’s DataTalk focused on digital identity. This note provides a summary of the key themes that emerged, noting that the conversation was conducted under the Chatham House Rule, and comments are unattributed. For context, DataTalk is IIF’s community of practice, held in partnership with knowledge partner the Oliver Wyman Forum, to bring together data officers and experts for interactive sessions on key data topics in financial services.
Reliable and trustworthy digital identity services are a crucial enabler for integration into the digital economy. The technology holds great promise in contributing to financial inclusion, financial crime prevention, and improved customer onboarding experiences. It also presents financial institutions with a unique opportunity to leverage their existing positions as trusted data custodians and their large KYC investments. Moving forward, it will be vital to make digital identity "smart", and stakeholders from both the official and private sectors will need to prioritize creating standards that enable interoperability across sectors and borders.
The DataTalk series continues later this month when we will discuss decentralized finance.
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