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Identity is the new money (very short for banks)

An aide-memoire for the three short stories I used to illustrate the point that digital identity should be central to bank strategies.

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Identity is the new money (very short for banks)

  1. 1. Identity is the New Money (for Banks) The bank should be the place where you store your identity. You can store your money anywhere. Dave Birch Global Ambassador, Consult Hyperion NetFinance Interactive San Diego, December 2014 1 Version 1, 3-Dec-14 Attribution-ShareAlike 3.0 The electronic money world looks much more like the neolithic world economy before the invention of money than it looks like the market as we have known it in the past few hundred years Jack Weatherford Social Anthropoligist
  2. 2. Who are Consult Hyperion? Practical and independent expertise TfL Future Ticketing Strategy Enabling open-loop payments in London transport Mobile payments Deep involvement in mobile payment programmes around the world Payment schemes Technical authoring and consultancy on EMV payment specifications, strategy, training & certification requirements. Mobile POS Enabling card payment acceptance within a new category of Merchants . Please copy and distribute
  3. 3. Las Vegas Our identify infrastructure is a mess that results in security theatre not security
  4. 4. London Identity should be foundation for co-operation across channels and applications and contexts
  5. 5. Barcelona In the world of post-modernism, it is no longer clear that any one identity is ‘real’. Charles Raab (2004) What’s harder to forge? An exam certificate or a social media profile?
  6. 6. What do you want to keep in the bank? Good name in man and woman, Dear my lord, Is the immediate jewel of their souls; Who steals my purse steals trash; ‘tis something, nothing; ‘Twas mine, ‘tis his, and has been slave to thousands; But he that filches from me my good name Robs me of that which not enriches him, And makes me poor indeed. Othello, Act 3, Scene 3 Guildford Shakespeare Company (2014) Check out the case study of Ireland when the banks went on strike. You can find it at: http://tomorrowstransactions.com/2009/02/payments-without-banks/
  7. 7. Thank You Consult Hyperion has helped some of the world’s leading organisations to make the right technical and commercial choices around smart, mobile and contactless transactions, including payments, identity management and transit ticketing. We are a trusted advisor adding product strategy, technical, regulatory, compliance and information security expertise into project teams within organisations considering deploying innovative new payment or identity services. David Birch is an internationally-recognised thought leader in digital identity and digital money, one of Wired magazines global top 15 favourite sources of business information, a NextBank “Fintech Titan”, one the European “Power 50” in digital financial services and ranked Europe’s most influential commentator on emerging payments. Tomorrow’s Transactions: thought leadership from Consult Hyperion Read www.chyp.com/media/blog Listen www.chyp.com/media/podcasts Visit www.chyp.com Contact info@chyp.com Follow @chyppings 7 Version 1, 3-Dec-14 Please copy and distribute
  8. 8. One more thing… Birch doesn't claim to have all the answers. What he has done is produce a bold, forward thinking book that grapples with weighty issues in a concise and accessible way. Retail Systems (May 2014). “Identity is the New Money” (LPP: 24th April 2014) 144pp paperback / ISBN 978-1-907994-12-8 8 Version 1, 12/3/2014 Please copy and distribute

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