UK consumers skeptical about ‘common digital identity’

The idea of ​​a ‘common digital identity’ (CDI), which would allow access to a variety of services, offers enormous benefits to financial institutions by providing better, faster and more reliable controls for consumers.

Consumers themselves, however, are less convinced. A survey conducted by RegTech Associates to name PassFort finds that only 17 per cent of UK respondents say they are strongly in favor of the CDI.

While 34 percent are cautiously in favor and 31 percent are skeptical about it, at the other end of the scale, six percent say they are strongly against having a CDI.

The UK government carried out a inquiry about CDI earlier this year, however, only 15 percent of those surveyed said they felt well informed about it. Younger respondents are more aware of the debate around digital identity, yet only 36 percent consider themselves “well informed” about CDI.

“In banking today, we see that seven out of 10 people use a unique ID and password to identify themselves. About 67 percent use a security question. While these methods have worked well in the past, there are security limitations. that these techniques provide. Biometrics, or a digital identity, provide a higher level of security. Interestingly, 21 percent of the people we surveyed have used biometric data. And of those who have, 80 percent said the The experience was ‘excellent’, “says Donald Gillies, CEO of PassFort.

Research also shows that customers who feel they have had a better than expected compliance onboarding experience are more likely to recommend their vendor (77 percent) and more likely to buy more products (62 percent). So it’s easy to see why the industry is eager to streamline the process. But given that only 27-37 per cent of respondents of all ages say they know anything about the UK digital identity debate, it seems like consumer acceptance has a way to go.

“Given the obvious benefits of a common digital identity in fighting fraud, financial institutions have a keen interest in helping explain these issues to their clients,” says Rob Stubbs, head of research at RegTech Associates. “This could not only help stop the growing wave of financial crime in the UK, but together with the latest developments in biometrics, it can also help provide better, faster and more reliable compliance checks for consumers, which is of interest to all.. “

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