The idea of a digital ID system is, slowly and belatedly, gaining traction in the UK.
For many years, a handful of outriders and advocates for digital ID technologies have struggled to focus public attention on their potential benefits. The prospect of greater security against fraud, modernised public services and more efficient customer journeys was frequently drowned out by an (often sensationalist) focus on privacy concerns.
But popular opinion is slowly coming round to recognising the benefits of a digital ID. People’s changing relationship with their money will have played a major role in this shift.
Our financial services landscape has become increasingly fragmented. Where people and businesses previously had one bank account and debit card, today they have multiple. That means more time spent going through onerous onboarding processes. Combined with a greater regulatory burden, it means ballooning compliance processes and costs for financial institutions. And it means that no one bank or financial services provider has a holistic view of their customers’ needs, leading to ill-informed decisions and potentially higher costs for consumers....