Opening & Transferring a Savings Product – Concluded
Customers wishing to open savings or investment accounts with UK financial institutions have to undergo cumbersome identity verification processes. A number of digital public services are being rolled out that will require users to establish a digital identity to a standard defined as ‘Level of Assurance 2’ (LOA2) in the government’s Good Practice Guide 43: Requirements for Secure Delivery of Online Public Services. Over the next months, millions of people in the UK will create a digital identity that meets these standards. If it were possible, these people would choose to use their LOA2 digital identity to meet identity verification requirements when opening and / or transferring a savings or investment account.
If consumers had an easy to use and trusted way of opening a savings product and transferring their savings, using a digital identity, people would be inclined to save more and manage their money better? This project tested the above hypothesis through a number of rounds of qualitative research with users from the agreed target demographic.
Learn about the project and its results in the White paper.