GLOBAL DIGITAL IDENTITY COULD SOON BECOME A REALITY AS TISA COMPLETES LATEST TESTING PHASE
The Investing and Saving Alliance (TISA), the cross-industry financial services membership body, has completed the proof-of-concept phase of its Digital Identity Programme to assess the viability of its new Digital Identity system.
In this phase, the Digital Identity Programme tested real-life user journeys, including using a digital identity to open a new account. 84% of participants successfully used the service to open an account, demonstrating how the Digital Identity System would improve the onboarding rates for financial services and reduce AML costs.
The objective of TISA’s project is to create a Digital Identity that allows consumers to securely identify themselves to Financial Institutions. This can then be used when applying for financial products and services, such as opening a new bank account, transferring a pension or applying for a mortgage. Financial services providers can easily verify and then authenticate a customer’s Digital Identity. The Digital Identity is controlled by the user and works across multiple organisations.
The testing phase included building and implementing a test platform. Financial services such as Fidelity, MoneyHub and Profile Pension tested the connection with identity providers, such as the Post Office, Yoti, Digidentity and OBid. Identity providers create, maintain, and manage identity information.
84% of users were able to successfully use a Digital Identity to apply for financial products and services. TISA also found that consumers were open to setting up and using a Digital Identity in the future. 80% of those tested wanted to use their Digital Identity to access their products following set up and found it easy and straightforward to do so.
Customer experience was improved through the reduced cost of opening a bank account and reduced risk due to better fraud notification capabilities. Consumers also found that the range of products available to them increased due to digital product innovation. The financial service industry found it quicker and more cost effective to onboard customers through digital identity. Like consumers digital identity reduced the risk of fraud due to robust fraud controls. They also found it resulted in a more effective know your customer (KYC) process, further improving consumer experiences.
Harry Weber-Brown, Digital Innovation Director at TISA said: “It’s really exciting to see all the benefits that this phase of testing has bought to consumers, including reduced costs and a wider range of services. Consumers feel really comfortable in using digital identify because of the reduced risk of fraud and the financial service industry is also benefiting from this. After the success of the proof-of-concept phase we’re really looking forward to the “Live Pilot” phase, which will bring us one step closer to the wider role out of our world-class Digital ID scheme.”
Join TISA’s next Digital ID open meeting on the 13thOctober
13.30-15.30, to hear about the consumer
research findings and details of the technical testing from the Government
funded Proof-of-Concept
phase. The team is now planning a Live Pilot, which will create the first
Digital Identity live operation, enabling firms to use the scheme to immediately
onboard new customers. The team wishes to ensure it adds value to your
business.
Please register for
free here:https://www.tisa.uk.com/product/tisa-digital-id-open-meeting/
GET INVOLVED
The next phase is the “Live Pilot” where TISA will connect identity providers to live onboarding processes using a Live Hub and a single API. TISA wishes to run the live test with financial services of all sizes. Those who would be interested in a demo of the service, hearing about the research results and discussing the next steps can register their interest here: harry.weber-brown@tisa.uk.com.
-ENDS-
For more information:
Kuba Stawiski
Cicero/AMO
07856031906
kuba.stawiski@cicero-group.com
Notes for Editors
Please find the link for the update project page here: https://www.tisa.uk.com/tisa-groups-projects/digital-id/.
The Investing and Saving Alliance (TISA) is a unique, rapidly growing membership organisation for UK financial services.
Our ambition is to improve the financial wellbeing of all UK consumers. We do this by focusing the convening the power of our broad industry membership base around the key issues to deliver practical solutionsand devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues.
TISA membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
As consumers, the financial services industry and the economy react to and recover from the effects of the pandemic, the importance of the three key pillars of work that TISA prioritises has never been more apparent:
- Strategic policy initiatives that influence policymakers regarding the financial wellbeing of UK consumers & thereby enhancing the environment within which the industry operates in the key areas of consumer guidance, retirement planning, later lifetime lending, vulnerable customers, financial education, savings and investments.
- TISA is recognised for the expert technical support provided to members on a range of operational and regulatory issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations covering MiFID II, CASS, ESG/RSI, operational resilience, Cyber Risk, SM&CR and a range of other areas.
- Digital transformation initiatives that are driving ground-breaking innovation and the development of industry infrastructure for greater operational effectiveness and revenue promoting opportunity for firms. TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives – TISAtech (a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation) and TURN (TISA Universal Reporting Network – a digital platform providing a secure data exchange for financial services using blockchain technology) – alongside projects Digital ID and Open Savings & Investment. This reflects TISA’s commitment to open standards and independent governance.