Lloyds Bank embarks creating a reusable digital ID owned by banks as fraudsters continue to target customer onboarding and verification processes.
Yoti proudly promoted their collaboration with Lloyds Bank where they have been appointed as supplier for delivering a digital identity solution.
The banking sector has long been pushed into creating a single digital ID to authorise and manage identity access for customers. The initiative, which is bringing reusable ID to in-branch transactions in Jersey, attracted comments on the impacts of optimising operational efficiency in terms of reducing costs and time and automating end-to-end verification processes.
A CEO and founder of a secure messaging platform, which protects customer interactions with providers like banks, waded in on Yoti’s announcement of the partnership commenting that acceptance of digital identity by banks would “starve off big tech assuming this position”.
The Lloyds Bank Smart ID App will be accepted as a form of identification in Jersey branches after a 4 week trial ends and approves the functionality of other digital ID apps, including the Yoti ID.
