Source: Information Security Buzz
European eID schemes provide 69% of ID information needed to digitally apply for financial services
3 European eID schemes provide all the necessary information
Digital Identity Service Providers (DISP) are the key to bridging the gap
Oslo, Norway, New research launched today by Signicat, the world’s first and largest identity assurance provider, shows that through electronic identity (eID) schemes in Europe, consumers are closer to being able to apply for financial services 100% digitally, although gaps still exist. The report, “The Rise of Digital Identities”, is based on exclusive Innopay research and looks at how eIDs are currently used to onboard consumers to financial services across seven European countries.
On average, European eID schemes provide 69% of the information that financial institutions need in order to onboard a customer wholly digitally, and three schemes provide all the necessary information. These existing schemes could provide the vital staging point to develop digital identities that enable a truly digital financial services landscape.
Banks are under pressure to reduce costs, increase profits and to comply with ever more stringent regulations. Their customers have, at the same time, moved to embrace digital channels, meaning banks can reduce the number of branches and better target these customers to reduce costs and increase profits. However financial institutions are missing a vital link in the digital chain – onboarding. 40% of consumers have abandoned a bank sign up process because of the time and effort needed. This, combined with the upcoming eIDAS regulation means that financial institutions need to be able…
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