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A Blueprint for Digital Identity
Christine Robson, Deloitte
Matthew Thompson, Capital One
DELOITTE AND THE WEF BUILT A CONSOLIDATED
FRAMEWORK FOR DISRUPTIVE INNOVATION
2
3
DIGITAL IDENTITY IS FOUNDATIONAL TO INNOVATION
IN FINANCIAL SERVICES
A Blueprint for Digital Identity
WHAT IS IDENTITY?
5
1. A set of attributes
2. A collection of attestations
3. A means of transacting
THE CURRENT STATE OF IDENTITY CREATES INEFFICIENCY AND
RISK FOR INDIVIDUALS, INSTITUTIONS, AND SOCIETY BROADLY
8
9-Figure ...
9
10
1990s
On the internet, nobody
knows you’re a dog
2000s
On the internet,
everybody knows
you’re a dog
2010s
On the inter...
11
EFFECTIVE DIGITAL IDENTITY HAS THE POTENTIAL TO
FIX THESE PROBLEMS AND PROVIDE BROAD BENEFIT
Image courtesy Barclays
12
MANY MODELS OF DIGITAL IDENTITY EXIST IN THE
WORLD TODAY
14
15
WHAT SHOULD AN IDEAL DIGITAL IDENTITY SYSTEM
LOOK LIKE?
GUIDING PRINCIPLES FOR DIGITAL IDENTITY
Social good
Privacy-enh...
16
IDENTITY IS A MULTI-LAYERED PROBLEM, MAKING THE
CREATION OF DIGITAL IDENTITY SYSTEMS COMPLEX
Service Delivery
Authoriza...
17
FINANCIAL INSTITUTIONS ARE WELL POSITIONED TO
ACT AS THE BACKBONE OF DIGITAL IDENTITY SYSTEMS
Safe repositories of info...
18
FINANCIAL INSTITUTIONS HAVE A STRONG BUSINESS
CASE FOR BEING DIGITAL IDENTITY PROVIDERS
1. Improving current state proc...
23
CAPITAL ONE PIONEERED AN EXTERNAL DEVELOPER
PLATFORM IN THE US WITH A FOCUS ON ENABLING
BETTER END CUSTOMER EXPERIENCES
THANK YOU!
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
6/19 I A Blueprint for Digital Identity (CIS 2017)
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6/19 I A Blueprint for Digital Identity (CIS 2017)

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Christine Robson, Deloitte
Matthew Thompson, Capital One

In August of 2016, the World Economic Forum released a paper titled “A Blueprint for Digital Identity - The Role of Financial Institutions in Building Digital Identity,” and it said exactly that. The Open Identity Exchange released a paper not long after titled “The Use of Bank Data for Identity Verification,” which specifically highlights one of the key advantages that banks have in offering Digital Identity services, a lot of attributes linked to proofed identities. Yet banks, especially in the United States have thus far been reluctant to offer Digital Identity Services. With a focus on creating innovative products and services, Capital One is bucking that trend by externalizing its Digital Identity capabilities.

Published in: Technology
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6/19 I A Blueprint for Digital Identity (CIS 2017)

  1. 1. A Blueprint for Digital Identity Christine Robson, Deloitte Matthew Thompson, Capital One
  2. 2. DELOITTE AND THE WEF BUILT A CONSOLIDATED FRAMEWORK FOR DISRUPTIVE INNOVATION 2
  3. 3. 3 DIGITAL IDENTITY IS FOUNDATIONAL TO INNOVATION IN FINANCIAL SERVICES
  4. 4. A Blueprint for Digital Identity
  5. 5. WHAT IS IDENTITY? 5 1. A set of attributes 2. A collection of attestations 3. A means of transacting
  6. 6. THE CURRENT STATE OF IDENTITY CREATES INEFFICIENCY AND RISK FOR INDIVIDUALS, INSTITUTIONS, AND SOCIETY BROADLY 8 9-Figure Deals Lift Cybersecurity Investments To An All-Time High -Forbes, February 2016 Cybersecurity top on government agenda -Times of India, February 2016 In Today’s Era of Data Breaches, Are You Sure Your Data Is Protected? -Security Intelligence, January 2016 1 in 3 Americans Victim of Healthcare Data Breach in 2015 -Information Management, February 2016 FCA fines Barclays ₤72 Million for poor handling of financial crime risks -Automated Trader, November 2015 U.S. presses retail banks to help millions of ‘unbanked’ Americans -Reuters, February 2016 How to Fight Tax Identity Theft -Huffington Post, February 2016 Compliance department errors cost UBS $1.7M in OFAC fines -The FCPA Blog, August 2015 Raymond James to pay $17M fine for Anti- Money Laundering Lapses -The Wall Street Journal, May 2016
  7. 7. 9
  8. 8. 10 1990s On the internet, nobody knows you’re a dog 2000s On the internet, everybody knows you’re a dog 2010s On the internet, anybody can fool us into thinking they are your dog “Total anonymity” “Cookies and tracking” “Personal data, easily accessible”
  9. 9. 11 EFFECTIVE DIGITAL IDENTITY HAS THE POTENTIAL TO FIX THESE PROBLEMS AND PROVIDE BROAD BENEFIT Image courtesy Barclays
  10. 10. 12 MANY MODELS OF DIGITAL IDENTITY EXIST IN THE WORLD TODAY
  11. 11. 14
  12. 12. 15 WHAT SHOULD AN IDEAL DIGITAL IDENTITY SYSTEM LOOK LIKE? GUIDING PRINCIPLES FOR DIGITAL IDENTITY Social good Privacy-enhancing User-centric Viable and sustainable Open and flexible
  13. 13. 16 IDENTITY IS A MULTI-LAYERED PROBLEM, MAKING THE CREATION OF DIGITAL IDENTITY SYSTEMS COMPLEX Service Delivery Authorization Attribute Exchange Authentication Attribute Collection Standards Providing efficient, effective and seamless services to users Provisioning what services users are entitled to access based on their attributes Providing mechanisms for exchanging attributes between parties Providing mechanisms for linking users to attributes Capturing and storing user attributes Developing standards to govern system operation Goals Inefficient or unsuited service delivery Complex authorization rules and relationships Insecure and privacy- compromising attribute exchange Weak or inconvenient authentication Inaccurate or insufficient attribute collection Lack of coordination and consistency Problems
  14. 14. 17 FINANCIAL INSTITUTIONS ARE WELL POSITIONED TO ACT AS THE BACKBONE OF DIGITAL IDENTITY SYSTEMS Safe repositories of information and assets Rigorously regulated Established intermediaries Stores of customer attributes1 Verified user information2 Discerning collectors of information3 Proven executional ability4 User coverage5 Multi-jurisdictional operations6 Structural Positioning 1 2 3
  15. 15. 18 FINANCIAL INSTITUTIONS HAVE A STRONG BUSINESS CASE FOR BEING DIGITAL IDENTITY PROVIDERS 1. Improving current state processes 2. Maintaining a relationship with the customer in a disrupted market 3. New regulations and the push to ‘platform’ banking models 4. New business model based on existing capabilities
  16. 16. 23 CAPITAL ONE PIONEERED AN EXTERNAL DEVELOPER PLATFORM IN THE US WITH A FOCUS ON ENABLING BETTER END CUSTOMER EXPERIENCES
  17. 17. THANK YOU!

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