Digital Identity and the Future of Finance
Know Your Client ("KYC") is a critical part of compliance for every bank and financial firm, and for many that don't immediately look like financial firms (e.g. estate agents, lawyers, auction houses). But it is a heavy burden and there is little shared effort involved. Each firm does their own KYC due diligence. Each client has to send the same paperwork to everyone they deal with. Innovative Fintech start-ups have to build compliance departments before they can take on a single client.
At the same time, digital identities are starting to become common. Sign-up/Login with Facebook or Twitter, use your Estonian e-residency or just your phone number. But who should an individual trust? What information do they share with which entity, and how can they control what is done with that information? And which business models will support a secure, effective and efficient digital identity service?
The UBS Future of Finance Forum: Digital Identity
On 6 September 2016, UBS held its first UBS Future of Finance Forum in London. This conference saw experts from the financial industry, fintechs, academia and regulators come together to discuss the future of Digital Identity and start to build a common understanding of what a successful approach would look like.
You can find out more by watching the keynote speech by Steve Pannifer, which gives a great overview of the issues, and the "three minute pitches" by some of the conference attendees, which outline their individual points of view.
Watch the videos
Later in the year UBS will publish a white paper on digital identity, bringing together our firm's views and learnings from the UBS Future of Finance Forum. Meanwhile, you can also follow this and other UBS innovation news on twitter at #ubsinnovate or by signing up for our newsletter.