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Report

EBA - Opinion Paper on Digital Identity: 'From check-out to check-in'

Research Type: Overview
Published: 28 Jun 2014
Pages: 29
File Type: PDF
Size: 6832kb
Analysts: EBA
Geographic Scope:    Europe
Editions: Digital Identity, Security & Online Fraud
Topics: Company, Market, Online-Payments, Product, Services
Companies: EBA

Controlling one’s digital identity is the tool through which true customer centricity can be realised

The internet has irreversibly changed the way we look at commerce. Separation of time and location between buyers and merchants is the new normal, introducing a whole array of new digital players, risks and opportunities also in the banking world. One ‘basic ingredient’ for the future growth of online business (both in the private and public domain) is a reliable digital identity of buyers and merchants, offering tremendous opportunities for both incumbents and new players.


Businesses and public services look for comprehensive solutions that enable ordinary people to authenticate themselves towards merchants and towards each other. The sharing of personal data in a private, controlled, secure and convenient way without having it spread all over the internet, is another crucial pocket of value to be unlocked. Offering such services to enable commerce with minimal loss of customer conversion rates at merchants is of great value and defines a whole new market.


This paper expresses an opinion about the value of digital identity services to banks, the contenders in this new market, why this is the right time to seize this opportunity and finally why the collective European banks are so well positioned to offer this service to their customers and monetise this opportunity.


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