In a digital age, and as more of our banking is carried out online, via apps and mobile phones, customers expect to be able to open new products and services with financial institutions through digital channels. But increasing internet identity fraud and a rapidly changing regulatory environment make it difficult for banks to be able to offer a simple and secure identity verification process for their new customers.
The UK Government has created GOV.UK Verify as a new way to safely and securely prove who you are online. Originally deployed as a means for an individual to identify themselves when seeking to access a range of government services, the financial services industry is now beginning to look very seriously at the possibilities of customers being able to utilise digital identities in establishing relationships with banks, building societies and other financial service providers.
To help to better understand the potential benefits and challenges in using a GOV.UK Verify identity as part of an non face-to-face on-boarding process, PwC were commissioned by the BBA to undertake objective research in two parts: firstly to survey a range of banks on the methods they currently use for the identity verification of their customers, and secondly to compare their existing requirements against an assertion of a digital identity that meets the currently implemented government standard, Level of Assurance (“LOA”) 2.