On June 02, SME Banking Club, together with Monet +, organized a webinar on digital identity as the enabler of digital transformation.
Digital transformation is not just a wave anymore, this is the way the whole world is heading, and there is no dilemma about whether to digitalize or not. The task is to do it more sufficiently: with lower costs and quick monetization.
Digital identity is the basis for digital transformation, and Václav Mladěnka during the webinar talked about how to build a digital identity solution and rebuild infrastructure to have it as a standalone product and get the benefits of the reusable architecture.
After that, Václav Mladěnka presented the evolution of the internet banking login. He noted that even 5-7 years ago the available option to log in was the filling in such credentials as username and password (which is still popular now). In practice, this method does not seem convenient now, because the customers often forget the above data, which causes them stress. The next step was implementing the OTP code instead of the permanent password.
QR-code, as a more convenient option, can be used as a second factor. All these steps related to logging into a banking account demonstrate constant development and security concerns by banks and developers.
In the next part of the webinar, Václav Mladěnka told about the concept of one ID for all online services. He also outlined the concept of digital identity as a standalone product for saving accounts, cards, insurance, deposits, lending, and treasury. Václav Mladěnka noted that online identification is widely used in everyday practice. For instance, when before logging in to one site, the customer is invited to log in to the page using an existing profile.
Can it help to generate new business?
- It changes the cost stream to revenue.
- It accelerates the strategic partnerships (cross-selling / up-selling opportunities).
- There are new use-cases beyond banking (a connected economy).
Nowadays, these solutions are widespread among governmental services as they are fast, accessible, and, above all, safe for citizens.
To learn more, watch the full webinar below: