The Investing and Saving Alliance has warned the government to tread cautiously over digital identity, highlighting the “systemic risks”, and not to turn off financial services to the plans that overall they fully support.
The group had input following a Cabinet Office consultation on how digital ID could transform financial services. It raised the point to instill confidence in users to trust the systems, which could unlock innovation, switch to easy onboarding and minimise barriers such as a lack of photo identification.
A digital ID system will “reduce friction, promote inclusion and unlock innovation that benefits consumers and improves their financial journeys” said Steve Latto, policy executive at Tisa.
“To deliver this, the Government needs to build a secure, scalable foundation that leaves room for the industry to innovate and develop services that directly benefit consumers. It is critical that all risks are fully understood in order to build public confidence and trust in the system”.
