10/11/2021
What digital identification means for consumers, and the economy
Implementing a robust digital identity verification process can positively impact the economic opportunities of those excluded from gaining financial services. Creating opportunities for these types of individuals can:
1. Provide a means for those looking to open a bank account. The use of digital identity documents can also enable them to meet documentation and KYC requirements easily.
2 Put to use already established digital footprints and alternative data like utility and telecom bills to support proof of identity and address verification.
3. Allow those financially excluded to pursue new opportunities like setting up a mortgage, bank account or even gain business ownership.
4. Provide financial institutions with the means to identify more potential customers. With millions of consumers who are excluded and lack appropriate means of identifying themselves, altogether there are large revenue opportunities out there.
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