A new Podcast recently launched and its mission is one close to Trulioo’s heart: The very concept of who you are — in both a digital sense and a real-world way — is at a crossroads that will define society for decades to come. As we navigate through this decisive moment, State of Identity is here to bring you up to speed with some of the biggest names and influencers in the industry, delving into the latest news and providing cutting edge analysis.
It’s no wonder then, that they invited Stephen Ufford, Trulioo’s CEO and Founder, as their very first guest. Joining Stephen was Google Senior Product Manager Filip Verley and the host, Cameron D’ambrosi. It was an engaging discussion; the core topic was human impact, how identity technology actually affects people in their day-to-day lives.
To set the scene, some numbers that show the extent of unbanked or underbanked individuals. According to an FDIC study, 7% of US citizens lack even basic banking functionality, while 20% don’t participate in a full-range of banking services. If we look at numbers worldwide, there are over two billion people who are unbanked.
Why are those numbers so high? One explanation is the lack of data capture of consumer data for these people. They have, in effect, never been registered in the financial system, so it’s difficult to enable them now. The techniques to capture that information and report it is antiquated or non-existent. In the US, while systems do exist, they have not been upgraded to the digital-era possibilities, while internationally, in many cases they were never created.
While a huge problem, there is hope. The emergence of mobile offers a potential solution, both in terms of collection and reporting. The potential to use mobile data as identity offers wide-spread coverage, a unique personal identifier and an increasingly robust data set.
It’s a very intriguing topic and if this first podcast is an indication of what State of Identity is all about, it’s definitely one to subscribe to!