Setting the scene 

On Tuesday, 8 October 2024, UK Finance held its highly anticipated Digital Identity: Unlocking Growth and Innovation conference, with over 115 participants, including industry leaders and policymakers. The conference was an important milestone in shaping the future of digital identity, highlighting the need for greater collaboration, innovation, and leadership across the financial services and the public sector. 

The day began with an exclusive member breakfast led by Surash from Telesign, who discussed how to reduce financial fraud while improving customer experience. Phillip followed with a formal opening, and Bob delivered the keynote address, stressing that digital identity is essential for a strong digital economy. He referenced global leaders like India and Brazil, urging the UK to move quickly to remain competitive. Bob also highlighted how the financial services sector is well-placed to lead on digital identity, building on the success of initiatives such as open banking. 

Panel discussions: Exploring trends and threats 

The first panel, moderated by Phillip, focused on “Digital Identity Trends – Current Landscape and Strategic Insights.” Speakers included Marion from Open Banking Limited, Ezechi from CFIT, and Prakash from Davies Consulting. The discussion emphasised the fragmented approach to implementing digital identity across sectors and regions, with a call for greater coordination to scale these efforts effectively. Marion shared open banking’s success, with 11 million active users, while Prakash outlined the societal benefits, such as reducing fraud and increasing efficiency in government services.

The second panel, “Digital Identity Threat – Navigating Deepfakes, Identity Fraud, and Implications for Digital Verification,” tackled growing concerns around identity fraud and deepfakes. Moderated by Dianne from UK Finance, the panel explored how verification technologies like biometrics and AI can combat these threats. Panellists stressed the need for robust regulatory frameworks and public-private collaboration to build systems that are both secure and accessible.

Spotlight on innovative solutions 

Solution Spotlight Sessions provided insights into cutting-edge technologies addressing real-world challenges in digital identity. Lorraine from LexisNexis® Risk Solutions presented the “Four Pillars of Digital Identity,” while Danny from Telesign shared innovations in fraud detection through mobile phone number intelligence. These sessions gave practical insights into improving verification processes to make them faster, more secure, and user-friendly. 

Case studies and industry collaboration 

A notable case study presented by Hannah from Lloyds Banking Group showcased the success of the Smart ID app, which simplifies identity verification for right-to-work and age checks. This case study offered a concrete example of how financial institutions are leading the charge in digital identity innovation, showcasing practical, scalable solutions. 

The panel on “Industry Collaboration and the Role of Select ID provided another key discussion.” Speakers from Barclays, JP Morgan, and Select ID highlighted the importance of open standards and interoperability. They discussed how collaboration among financial institutions can build trust and drive scalability in digital identity systems, with Select ID playing a pivotal role in bridging gaps between existing solutions. 

International perspectives and lessons for the UK 

A key session on “Reflections on International Perspectives on Digital ID” explored Denmark’s successful approach to digital identity, providing lessons for the UK. The panel, moderated by Phillip, also delved into other global examples, including India’s Aadhaar system. The discussion underscored the need for the UK to create an interoperable and inclusive digital identity and verification framework that can scale across sectors. Dan from the Payment Systems Regulator and Alla from EY further discussed the regulatory developments in the UK’s payments landscape and the need for cross-regulatory coordination in shaping the future of digital identity and verification. 

The road ahead: Unlocking Digital Identity in the UK 

The final panel, “Unlocking Digital Identity: Achieving Greater Clarity, Leadership, and Trust in the UK,” moderated by Jana from UK Finance, addressed the key steps needed to move the digital identity agenda forward. Steve from LexisNexis® Risk Solutions warned that the strength of any digital identity system depends on its weakest link, while Glyn from NatWest highlighted the challenges of consumer adoption. The panel emphasised that financial institutions, regulators, and technology providers need to collaborate to push forward the digital identity and verification agenda. 

Call to action

Jana closed the conference by thanking the participants, stressing that collaboration and innovation across sectors are critical to advancing digital identity in the UK. As we continue the journey to develop digital identity and verification solutions, we invite all stakeholders to stay engaged and share their insights to help shape a secure and scalable future for digital identity.