The World Economic Forum (WEF) has released a report on the importance of digital identity for financial institutions.The report argues financial institutions should drive the development of digital identity solutions, and discusses the landscape of identity solutions.It also provides recommendations on the construction of identity systems, and discusses the suite of benefits that these systems would bring to stakeholders.In the report, the WEF calls on financial institutions to lead the charge in developing robust digital identity solutions that would bring benefits to users, financial institutions, and society as a whole.Some of the critical steps outlined in the report include studying and understanding the user group, engaging with the public sector, and determining the technology backbone needed for the identity system. The WEF has said that while not intended as a roadmap, that its report should serve as a foundation for entities wishing to understand and ultimately act on the identity challenge.
WEF releases 'blueprint’ on digital identity
