Russ Cohn, IDVerse’s Go-to-Market SVP, took part in a panel “The Digital Identity Roadmap: Priorities and Strategies for Businesses” at the recent Future Identity Festival to discuss the challenges and developments in the digital ID landscape. What follows is Russ’ overview of the discussion.
In the ever-evolving realm of technology and data, the imperative to verify individuals’ identities online is transforming the way businesses operate. 63% of UK organisations are either using or planning to implement digital identity solutions, which prompts an exploration into how management teams are navigating emerging innovations.
The panel discussion looked into critical questions, addressing inclusivity, global interoperability, the struggle between government, technology, and banks, and the role of artificial intelligence (AI) in identity verification.
Inclusivity & interoperability
The first challenge discussed was whether digital identity solutions would be inclusive for everyone residing in a given area. An audience member highlighted the difficulty in obtaining a bank account within the first six months of living in a new place. This concern touches upon the need for diverse documentation options and a framework that caters to a variety of individuals, ensuring that digital identity solutions are accessible to all.
Interoperability emerged as another critical issue, especially on a global scale, and particularly within the European Union. The panel acknowledged the challenges posed by the conflicts between banks, tech giants, and governments. Achieving global interoperability requires collaboration rather than confrontation. The discussion underscored the necessity for a unified approach to digital identity that involves all stakeholders.
Jostling for credential ownership
An additional major theme in the conversation was the ownership of credentials and the ensuing question of trust. As digital identity becomes more pervasive, the battle for control over personal data has intensified.
The panel debated the balance between government, technology companies, and traditional banks in asserting ownership of credentials. Establishing trust in this context is crucial for the successful adoption of digital identity solutions.
Data “nutrition labels”
Artificial intelligence took centre stage in the discussion, with a call for “nutrition labels” akin to those found on food products. The idea is to provide clarity on the origin of AI used in identity verification processes, ensuring transparency and ethical standards.
The nutrition label framework, developed by IDVerse, aims to standardise ethical practices in the identity verification industry. It promises zero bias and a commitment to safeguarding personal identity. Furthermore, it envisions a future where individuals’ faces are not merely commodities, but personal signatures deserving of protection.
The need for robust biometrics—especially facial recognition—was therefore emphasised as a powerful tool to combat fraud. The panel also recognized the importance of developing AI tech to stay ahead of perpetrators of fraud.
Banks taking a unified approach
A case study on the Lloyds Bank Digital ID app highlighted the importance of collaboration among banks to ensure a seamless experience for customers. The panel explored the challenges of onboarding individuals without access to digital documentation and the need for a concerted effort by banks to secure a large market share, ensuring the widespread success of digital identity solutions.
Overall, the panel discussion provided valuable insights into the complexities of implementing digital identity solutions. The path forward requires collaboration, transparency, and a commitment to inclusivity to ensure that the digital identity landscape evolves ethically and efficiently. As businesses navigate this terrain, the promise of a standardised and transparent framework offers a beacon towards a future where digital identities are secure, inclusive, and trustworthy.
About the post:
Images are generative AI-created. Prompt: A person holding a digital compass under bright nebula starry sky, in the style of cryptidcore, star and moon visible, nebula view, complexity theory, circuitry, consumer culture critique, David Hockney. Tool: Midjourney.
About the author:
Russ Cohn is IDVerse’s Global SVP for Go-To-Market. He has over 25 years of experience delivering successful growth strategies in the online media, SaaS, e-commerce, and data-driven technology industries. Cohn brings a deep understanding of how to support and scale operations at international technology companies and has a passion for marketing development, startup growth, and identity.