You show it at the airport to get on an international flight. You give it to a hospital if you need to access health services. And you use it at the bank to make transactions.
Proof of identity issued by trusted sources—governments and financial institutions, for example—has long been the gold standard for verified identification. That hasn’t changed now that the world’s moving online. It’s just more complicated. Especially when it comes to protecting a person’s privacy and personal data as they make purchases, file taxes, forms, and more in the digital world.
That’s why an interbank network recently engaged Deloitte to help develop a common digital identity strategy for Canadian financial services institutions (FSIs) and an implementation plan.
Apart from their interest in keeping pace with regulatory challenges, customer expectations, cybersecurity risks, and pressure for operational efficiency, the stakeholders wanted to unlock the many opportunities and benefits a digital ID system can bring the finance sector. These range from modernizing payments, lowering costs, and improving the customer experience to upgrading security, better managing risk, and shoring up the protection of privacy and user data.
Our primary challenge? The FSIs around the table are competitors, so we needed to help them reach consensus on the various aspects involved in the one thing they all sought: a common digital ID system that would allow their verified personal customers to move as seamlessly and securely as possibly between the institutions and payment systems.