A newly released UK government digital identity ”trust framework” sets out proposals for the future use of digital ID in the UK and heralds the start of a new era in digital ID verification.
- As the digital revolution continues to transform every aspect of our lives, consumers are increasingly demanding streamlined, digital solutions to identity verification.
- Moreover, digital ID verification boost efficiency, lowers costs, and – perhaps most importantly of all – delivers a more favourable customer experience.
- The UK government has published draft rules relating to the future use of digital IDs, to help drive increased adoption of remote onboarding and digital identification services.
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Establishing customer identity is a fundamental requirement in the financial services industry.
Businesses need to establish relationships with new customers on an ongoing basis – and they need the process to be smooth, efficient and secure. They must strive to deliver an optimal customer experience, and at the same time, keep costs in check.
The reality, however, is that identity verification is all too often characterised by tedious, inefficient processes, multiple requests for hard-copy documentation and spiralling levels of customer frustration.
Using digital ID to enhance identity verification
As the digital revolution continues to transform every aspect of our lives, consumers are increasingly demanding streamlined, digital solutions to identity verification.
Moving away from traditional, paper-based methods of establishing identity offers a host of immediate and tangible benefits. Not only are turnaround times improved, but levels of accuracy are enhanced as manual keying errors are removed. This is turn improves compliance.
Moreover, digital ID verification boosts efficiency, lowers costs, and – perhaps most importantly of all – delivers a more favourable customer experience.
Against this backdrop, the UK government has published draft rules relating to the future use of digital IDs, a move which is designed to create a more consistent and standardised approach and is likely to drive increased adoption of remote onboarding and digital identification services.
The trust framework
The UK digital identity and attributes trust framework sets out the requirements for companies that provide or use digital ID services, and delivers an initial outline of what is expected to be enacted into law.
The long-term aim is for digital ID to enjoy the same levels of trust afforded to traditional paper-based identity documents such as passports and bank statements.
In his foreword to the policy paper, Matt Warman MP, Minister for Digital Infrastructure, says: “I want the trust framework to help facilitate a clear understanding between people using identity products, the organisations relying on the service and the service providers, letting each party know data is being used appropriately and kept safe.”
The proposed approach includes a variety of technology and services, including document authentication, biometrics checks and data verification against trusted sources.
The government’s stated next steps include incorporating feedback and publishing a second iteration of the framework.
Watch: Refinitiv Qual-ID is a unique digital identity solution
Leveraging our digital capabilities
In line with the approach and scope of the trust framework, Refinitiv’s Qual-ID offers a holistic solution to verify identity using trusted sources, proof legal documents, and screen for regulatory and financial risk (such as sanctions, PEPs and adverse media) in one transaction, via one API.
The solution uses our World-Check Risk Intelligence data to help organisations pinpoint potential financial crime-related risk.
Refinitiv welcomes this latest government initiative on digital ID and remains committed to leveraging our extensive digital capabilities to empower financial services providers to deliver optimised customer experiences, uncover identity fraud and fight back against financial crime.