Banking and Financial Services (BFS) firms are looking to create a secured, ubiquitous, personalized, easy, and responsive stakeholder experience. The pivot to digital-first transactions is pushing the BFS firms to invest in modernizing their IT infrastructure. One of the key considerations in orchestrating the digital-first model of transactions is to enable secured access to data and services through digital channels. This is where a digital identity comes into the picture – a theme poised to play a significant role in securing transactions as well as enabling digital transformation for banks. The digital Identity ecosystem is expanding with startups and traditional technology providers as well as government institutions providing services and technologies to make DI solutions more secure and accessible. However, as a proprietor of customer identities, BFS institutions find themselves in a unique position to offer digital identity solutions backed by their platform and data to unlock new business models and revenue opportunities.

In this research, Everest Group assesses digital identity in terms of its market size, role as a digital transformation enabler, evolution of digital identity, technology enablers, and initiatives taken by BFS firms and government agencies. It also includes key takeaways for BFS enterprises on how to embrace digital identity to accelerate their digital transformational journey and create new business models.

Scope of this report

• Services: Digital identity services
• Geography: Global
• Industry: Banking and financial services

Contents

The research covers the following topics:

• Market trends and size of the digital identity market
• Role of digital identity in enabling digital transformation for BFS firms
• Current state of investments in digital identity market by BFS firms
• Implications of digital identity trends for BFS firm

Membership(s)

Banking & Financial Services (BFS) - IT Services (ITS)