Solving the issue of trusted identities online has become one of the most compelling problems faced for UK online growth.
The UK economy has a fragmented approach to online identity, with many different regulations, requirements and methods. This makes the experience for users complex and users have very little control over how their personal data and identity is managed. For organisations it means they often try to solve the issue of online identity in their own industry sector, but fraud levels are still rising and there are segments of the population that cannot be verified online, this creates operational inefficiencies and increases cost.
We were asked by the Open Identity Exchange to run a project aimed at understanding if there is an appetite for collaboration across private and public sector to solve the issue of online identity in the UK. A collaboration of this type would aim to solve identity across sector, rather than in sector silos, and would ensure that no-one entity public or private sector owns the UK citizen’s identity, putting consent and control back in the hands of the citizen.
80 UK organisations responded to the survey from across many sectors including banks such as Barclays and HSBC, the fintech community, pensions providers, online gambling companies, the sharing economy and others. The financial services sector had the most respondents, overall followed by the sharing economy, identity providers and online gambling.
Respondents provided answers to questions about the market, standards, certification, privacy and brand, as well as understanding the appetite to work collaboratively to solve some of the issues around identity.
The main finding from the project is that there is significant appetite to pursue a cross industry collaboration to identity assurance needs, with 81% of organisations that responded to this question wanting to move forward with cross industry approach.
The recommendations from this report are for a cross sector collaborative approach to set the rules of engagement, policies and legal frameworks to fully address the challenge of online identity in the UK. Based on the feedback this work should start in the financial services sector due to the high degree of interest.
To download the full report please click here