Photo: Joyseulay

Should Banks Lead the Charge for Digital IDs?

– TechHQ

Why banks are uniquely placed to lead the development of new digital ID systems

Jia Jen Low argues that banks could help support the development of digital ID systems, incentivized by the desire to provide efficient and effective online products and services.

"Banks have a lot of skin in the Digital ID game – many are exploring various technologies (including blockchain) to create these systems. If they can make authentication more efficient and more secure, they can make it quicker and easier for customers to open accounts and start transacting."

Low goes on to note that banks could be a powerful partner in the design of universal ID systems - usable across the government, consumer, and banking sectors - by providing verification services for users.

With the development and authentication of these universal digital IDs in good hands with banks... governments and other organizations can use them for interactions with their own services

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