Report explores digital identity success in the Nordics
Report reveals banks as the key to digital identity success.
Digital identity is also an opportunity to solve banking’s existential crisis.
by Eloïse Margrethe Langaker, Heidi Gjersø Thaulow,
Kim Catherin Kasch & Frank Wunderlich
WE GET RESULTS
USAGE OF e-IDs (DIGITAL IDENTITY)
WHAT IS AN e-ID?
An e-ID system is the digital counterpart to a physical identiﬁcation method in the offline world such as a passport, ID-card or driver’s license. It provides the credentials necessary to trust that a person is who he/she claims to be online.
SUCCESS FACTORS FOR e-IDs - EXPERIENCES FROM THE NORDICS
BENEFITS OF e-IDs
High savings: paperless contracts save time, material and postage costs
Faster contract closing: customers authenticate and sign contracts within minutes
Decreased drop-out quota
Higher sales: 24/7 Service offering
Improved customer experience
INTERVIEW WITH FRANK WUNDERLICH
A new report launched today by strategy advisors Arkwright examines the success of digital identity in the Nordics, and explores how other countries can learn from this model.
The report, federated e-IDs as a value driver in the banking sector based on experience from Nordic markets, shows that banks in the Nordics not only make use of re-usable digital identity but also become digital identity service providers, enabling digitalisation and new business models within the public and private sector. Using these providers, citizens and business users can access their services of choice quickly, easily and safely. With identity a key component of establishing mutual trust, there exists a multi-billion-dollar global market opportunity for those willing to take it.
“There are many failed and failing digital identity schemes around the world, and a handful of successes that can be a blueprint for success,” said Frank Wunderlich, Associate Director at Arkwright. “Four of these successful digital identity schemes are close neighbours in the Nordics—it makes sense to examine these closely to discover what makes them tick and where they have learned from each other.”
“Digital identity services could be the centrepiece for banks’ shift toward trust rather than transaction providers,” said Heidi Gjersø Thaulow, Director at Arkwright. “Right now, the strict KYC and strong customer authentication (PSD2 STC) processes they need to follow are merely a cost, but they could be the key to a new business model based on digital identity.”
The report is available for download below.