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A new report from European payments solutions experts Nets sets out the factors financial institutions should consider when implementing a digital ID solution.
A previous blog reviewed the trends that Nets argue are making digital ID essential, including rising competition, increasing regulatory demands, improved user experiences, lower fraud and new horizons in product innovation made possible by comprehensive e-ID solutions.
Nets’ report also explains the benefits of digital ID at both an institutional and systemic level, and uses case studies from Denmark and Norway to demonstrate how e-ID helps to improve access to services, deliver great user experiences and reduce fraud.
McKinsey & Company estimate that between 3% and 13% of any country’s GDP could be unlocked for growth through the introduction of digital ID solutions, and the new report provides examples of digital ID in action.
The new study also sets out those factors that are crucial to getting e-ID right, including working with a partner that has the scale, capabilities and experience to deliver fully-functioning e-ID solutions.
Nets argue that any fit-for-purpose digital ID solution must be fully compliant with the EU’s latest regulatory requirements and standards, and include the capacity to handle digital signatures, digitalized onboarding, authentication and identity verification.
Roland Eichenauer, Vice-President of Digital ID and e-ID solutions at Nets, says: “digital ID product portfolios should be modular, allowing customers to pick and choose the components they need or to create a full end-to-end experience for users.
It’s also important that authentication platforms should support a wide variety of physical tokens and include a mobile app.
Such features enable financial institutions, governments and others to readily achieve end-user registration and ID verification, authentication at onboarding and during the user experience and more – all while securely managing the data from their digital ID systems and authenticator apps.”
As the global economy experiences a period of rapid and continuous change, this wide-ranging study sets out how e-ID solutions can make a real difference to societies – whether that be users of banking and payments services, or those accessing government services, healthcare or education.
To ensure the successful implementation of a complete e-ID solution, financial institutions, governments and others should partner with providers that have the depth of experience, knowledge and expertise to deliver across the entire digitalization journey, from onboarding through to service delivery.
Download a free copy of new report from Nets now to learn more about the successful implementation of digital ID systems.
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