Digital transformation is impossible without digital customer identity. Digital identity is becoming a foundation of the technology-based and data-driven organization and economy.
Recent news from the Council of the European Union and the European Parliament about reaching an agreement on the 2030 “Path to the Digital Decade” Program shows a clear message – EU citizens should use a digital identification solution!
As of the end of 2021, 30% of the banks in the CEE region implemented digital customer onboarding for business customers, while the rest of the banks require a physical visit of the customer to the branch to verify the customer’s identity (based on the Online Banking Study 2021. CEE Region).
This year we saw several implementations, so at the end of 2022, the percentage of the banks which implemented digital identity in the region will increase (to get access to the full data, sign up for SME Banking Club membership).
Implementation of the digital identity due to the increasing number of the solutions on market is becoming less costly. The challenging decision here is the change of the customer journey from a traditional process into a digital one. Banks should consider digital identity, not as a cost but to look at the identity as an enabler of the digital transformation and becoming a data0driven company. Because digital identity can be built as a standalone channel. And this opens new opportunities for receiving new revenue streams, bringing more efficiency to the process because in that case, banks can use digital identity with several third-party applications.
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