TechUK Digital ID Summit Synopsis - Digital ID Adoption

Chris Lewis, our Head of Solutions, was invited to join a panel discussion with industry leaders in Digital ID to discuss how to drive and accelerate the adoption of Digital IDs.

Hosted by techUK, Chris was joined by One ID, Condatis, Mvine and SQR.  The leading experts discussed how can public trust can be built into Digital ID and How benefits of Digital ID can be communicated to consumers and other industries?

Here are some key takeaways from the discussion

Digital ID is revolutionising verification processes across industries, delivering tangible benefits:

• Fraud Reduction: The beta trust framework has been consistently achieving lower-than-average fraud rates in Right to Rent and Right to Work checks from our data providing services to certified IDSPs
• Business Efficiency: According to Adrian Field from our partner OneID, Digital IDs using open banking have demonstrated an increase in conversion rates of up to 50% for some use cases

In terms of consumer benefits, we have demonstrated the possibility for more affordable car insurance by reducing 'quotability gaps' and streamlined age verification at self-service checkouts.

However, there are a few key challenges that still remain like regulatory frameworks particularly KYC for financial services need updating. There’s a need for more focus on compelling business cases. Feedback from the OfDIA public dialogue revealed the desire for transparency in digital ID, people want to know what exactly firms will be doing with their data and what remediation processes will be put in place if something goes wrong. 

A few points on where can government and digital ID work together were raised:

• More details are needed on international interoperability – not just high-level standards, the market will need actual technical details.
• Is discretionary adoption of discretionary standards enough to make the market move.

The future of digital identity isn't about technical complexity - it's about creating seamless, friction-right secure experiences that add real value.

Talk to our Digital ID experts about how you can drive digital ID adoption by using innovative  GPG45 ready Digital ID verification solutions.