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Analysis & opinionJune 24 2021

Digital ID has a vital role to play in banking

Banks must handle vast amounts of personal data to comply with regulations, and a high level of trust is needed to protect customers.
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Digital ID has a vital role to play in banking

The internet has created more opportunities than we could have ever imagined. But one thing we are yet to fully solve is how to establish trust over who we say we are online. This is a challenge that a digital identity (ID) could help solve and could become a vital tool for the UK economy, and other economies around the world.

In simple terms, a digital ID is a way to prove who you are, while providing personal details such as your age digitally, instead of using traditional documents such as a passport. Digital ID is not about tracking people or data collection; rather it is about security, convenience and privacy, and could even minimise the amount of data customers need to share.

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