Published: 28 June 2023
Proliferation of payment methods and a global push for stronger digital identity management present new challenges and opportunities to banks. Financial services leaders can use this research to counter potential disintermediation and monetize existing abilities to offer new products and services.
When it comes to digital identity management, banks are considered trusted custodians of customers’ personal information. This, along with payments expertise, better positions banks to play a leadership role than some governments, major tech players and other service providers such as telecom companies.
Banks already have the required processes and infrastructure to verify and store customers’ identity credentials (for know your customer and anti-money-laundering regulations). Banks have an opportunity to monetize these capabilities by offering identity as a service to other businesses that wish to verify the identity of a customer.
Data collected through these payments ecosystems would allow savvy
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