What is the future of digital identity? While the industry is still in the early stages, the recently announced partnership between Trulioo and Refinitiv offers insight. The goal is to enhance and expand access to digital identity solutions to help foster financial inclusion and fight financial crime.
In this State of Identity podcast episode, host Cameron D’Ambrosi speaks with Zac Cohen, general manager at Trulioo and James Mirfin, Global Head of Digital Identity and Financial Crime Propositions at Refinitiv, about the partnership, the digital identity industry, and what it all means for businesses, consumers and regulators.
The digital identity space is rapidly evolving as new technology, regulations and consumer demands create new opportunities and interesting challenges. Modernized Know Your Customer (KYC) processes enable more seamless and frictionless onboarding experiences. But how can these new processes be implemented in a manner that works with legacy systems and provides the necessary trust and safety that assuages compliance teams and regulators?
The way forward is successful integration, combining services and capabilities into an invisible stack that delivers custom requirements without massive overhead or complexity. Large-scale interoperability is not here quite yet. But the combination of best-of-breed information and analysis from multiple vendors promises to deliver a future identity framework that is adaptable, scalable, secure and accurate.
Digitization for better outcomes
It is only the start of digitization in financial services. Combining deep identity knowledge with robust risk intelligence makes it easier to spot bad actors and opens up whole new realms of business that were unthinkable before. With improved ways to assess and analyze financial profiles, new financial services and products are being modelled, integrated and launched at an unprecedented rate.
In the end, it’s about delivering better outcomes. Better outcomes for the unbanked, who can save money, smooth out cash flow or build a credit profile. Better outcomes for businesses, which can sign up customers more easily, without incurring additional risk. Better outcomes for consumers, who can partake in fintech innovations that help them achieve their financial goals. And better outcomes for compliance officers, who can mitigate risk without hiring huge numbers of new staff or clamping down on new projects.
Learn more about the future of digital identity: