Today’s consumers are interacting with online services in a variety of methods, including web browser, mobile browser and smart device apps, and have come to expect a consistent experience across all channels. Poor user experience has been shown to directly impact an organisation’s financial performance, as consumers quickly choose to go elsewhere if presented with unacceptable barriers to accessing a service.
At the same time, the increase in cyber fraud is requiring greater levels of customer verification and ongoing assurance of a customer’s identity. In turn, this is creating further potential barriers to customer acquisition and retention.
With the launch, and increasing take-up, by citizens of the UK Government’s digital identity, GOV.UK Verify, there is an opportunity to reuse this digital identity to access non-government, commercial services in a more efficient way.
This report looks at the commercial business case for financial service providers to accept digital identities that meet Government standards and answers the key questions:
- Can a digital identity enable a frictionless and secure customer experience for financial service providers?
- What are the key considerations for the financial sector in the acceptance of digital identities?
- What are the next steps to deliver a digital identity service for the financial sector?
The report concludes that reuse of a Government endorsed digital identity can modernise online customer verification for financial services. The top financial sector needs to bring this to fruition are detailed along with an actionable set of next steps.