Can digital identity cut through the complexities of KYC?
In November 2017, five representatives from Australia’s digital identity and online payments industries came together to discuss whether digital identity could resolve the complexities of KYC (know your customer) and how to capitalise on its opportunities.
The panel discussion was part of the inaugural Intersekt FinTech Festival in Melbourne and wrapped up with a consensus among the panellists around four broad statements:
- Australia can learn a lot from countries that have already trialled a digital identity model
- Collaboration between private and public sectors is critical in the design of a digital identity framework
- Biometrics is the future of digital identity
- The right digital identity solution could unlock up to $11 billion in economic value for Australia
What Australia can learn from other countries
Cameron Gough, Australia Post’s General Manager of Digital iD™ said that important work in the area of digital identity and verification has already been done overseas. However, he believes that Australia can learn from the experience of countries and skip several evolutions of technology.
“It’s like how some countries started off with no telephone network and bypassed the landline to go straight to mobile. Norway and Sweden were heavily involved in key fob-style identity for a while. Australia doesn’t need to do that. We can leapfrog that straight away.”
Victoria Richardson, Chief Strategy Officer of the Australian Payments Net