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The development of digital identity in the Financial Service Industry: From an element that enables digital transactions to a new strategic asset for business
Journal of Digital Banking,
6
(1),
57-65
(2021)
Abstract
This paper aims to illustrate how digital identity has become an important element of business transformation in the financial sector and how digital identity is evolving from an asset to support business in a new revenue stream. In an increasingly digitised world, the trusted digital identity assumes the important role of enabling the legal validity of any type of digital transaction. This centrality has attracted huge investments by companies to make the onboarding of online customers and the release of digital credentials to their customer base increasingly effective and frictionless, while preserving compliance and user experience. We illustrate the main models adopted in the current context in which a progressive transfer is taking place from identification processes helped by specialised staff to completely unattended processes. Finally, we show how the digital identity evolution is moving to a new paradigm that will revolutionise the approach to digital identity management. Thanks to the development of Blockchain technologies, digital identity is evolving even further. In the self-sovereign identity (SSI) vision, digital identities will no longer be merely an element to support commercial transactions but a new strategic asset to leverage in order to generate new business. This new paradigm will offer a new business opportunity to banks that will allow them to capitalise their information assets securely in full compliance with the privacy protection regulations, General Data Protection Regulation (GDPR). In the new SSI paradigm, digital identity management of the customer base represents the asset around which financial institutions must leverage to create new value, develop new business models and generate new revenue streams.
Keywords: Digital identity; digital trust services; self-sovereign identity; digital onboarding
The full article is available to subscribers to the journal.
Author's Biography
Michele Guido Mario Lavizzari , Chief International Development Officer, InfoCert, is Senior Executive Manager with considerable experience within the ICT industry. He is in charge of InfoCert’s business expansion across EU and LATAM markets. In addition to his technical and commercial background, he has strong financial and managerial skills, developed on the job in an international multicultural environment over the years and by attending multiple training courses, most of which were held at the Ashridge Management College of Berkhamsted.
Marco Di Luzio is Chief Marketing Officer for Tinexta Cyber. He oversees the marketing unit in Tinexta Cyber, Tinexta S.p.A. BU, operating in the cybersecurity market. His mission is to position Tinexta Cyber as the leading company in the field of cybersecurity solutions for large enterprise markets and define the value proposition for vertical segments. Marco is in charge of developing the coordination for all marketing activities at the group level, managing communications and event and media planning for the domestic and international markets. He is responsible for the products evolution road map and new business development.
Claudio Tommasino is Digital Communication Specialist at InfoCert. In his role he supports InfoCert’s marketing and communication department with the aim of positioning the InfoCert brand as a European leader in digital trust services. He is in charge of the management of the company’s social channels and digital communication activities, including content creation and digital ADV.
