Tisa completes proof-of-concept phase of its Digital Identity Programme

The Investing and Saving Alliance (TISA), the cross-industry financial services membership body, has completed the proof-of-concept phase of its Digital Identity Programme to assess the viability of its new Digital Identity system. In this phase, the Digital Identity Programme tested real-life user journeys, including using a digital identity to open a new account. 84% of participants successfully used the service to open an account, demonstrating how the Digital Identity System would improve the onboarding rates for financial services and reduce AML costs.

The objective of TISA’s project is to create a Digital Identity that allows consumers to securely identify themselves to Financial Institutions. This can then be used when applying for financial products and services, such as opening a new bank account, transferring a pension or applying for a mortgage. Financial services providers can easily verify and then authenticate a customer’s Digital Identity. The Digital Identity is controlled by the user and works across multiple organisations.

The testing phase included building and implementing a test platform. Financial services such as Fidelity, MoneyHub and Profile Pension tested the connection with identity providers, such as the Post Office, Yoti, Digidentity and Ardent. Identity providers create, maintain, and manage identity information.

84% of users were able to successfully use a Digital Identity to apply for financial products and services. TISA also found that consumers were open to setting up and using a Digital Identity in the future. 80% of those tested wanted to use their Digital Identity to access their products following set up and found it easy and straightforward to do so.

Customer experience was improved through the reduced cost of opening a bank account and reduced risk due to better fraud notification capabilities. Consumers also found that the range of products available to them increased due to digital product innovation. The financial service industry found it quicker and more cost effective to onboard customers through digital identity. Like consumers digital identity reduced the risk of fraud due to robust fraud controls. They also found it resulted in a more effective know your customer (KYC) process, further improving consumer experiences.

Harry Weber-Brown, Digital Innovation Director at TISA said: “It’s really exciting to see all the benefits that this phase of testing has bought to consumers, including reduced costs and a wider range of services. Consumers feel really comfortable in using digital identify because of the reduced risk of fraud and the financial service industry is also benefiting from this. After the success of the proof-of-concept phase we’re really looking forward to the “Live Pilot” phase, which will bring us one step closer to the wider role out of our world-class Digital ID scheme.”

With thanks to Finextra. The full story is here: https://www.finextra.com/pressarticle/89555/tisa-completes-proof-of-concept-phase-of-its-digital-identity-programme

Find out how The Identity Organisation can help you onboard Digital Identities, Avoid Fraud and Keep Data Secure with AcuantGo

PS: Don’t like to click on redirected buttons? Cut & Paste this link in your browser: https://mailchi.mp/8b5c8353e419/acuantgo-rfi