The BFSI industry is undergoing rapid digital transformation, increasing the need for secure, seamless, and compliant digital identity solutions. Financial institutions must navigate an evolving regulatory landscape, counter sophisticated fraud tactics, and enhance customer trust, making digital identity a fundamental pillar of Financial Crime and Compliance (FCC).
Rising cyber threats, fraud, and data breaches are driving the demand for AI-powered authentication, biometrics, blockchain, and decentralized identity solutions. With stricter oversight from PSD2, GDPR, eIDAS, and other global frameworks, banks and financial institutions must implement robust identity solutions that ensure security and enhance user experience.
In this report, we examine digital identity solutions in the BFSI industry, analyzing technology advances, market trends, and regulatory challenges. The report highlights how financial institutions can leverage identity verification, authentication, fraud prevention, and compliance automation to improve operational efficiency and regulatory adherence. It offers strategic insights for providers and technology firms seeking to leverage the growing opportunities in the digital identity landscape.
Scope
- Industry: Banking and Financial Services (BFS), with a specific emphasis on FCC
- Geography: global
- Services: digital identity, FCC, payment business processes, and IT
- Data sources: Everest Group’s ongoing market intelligence and assessment and public domain research
- Exclusions: digital identity solutions outside the BFSI industry
Contents
In this report, we examine:
- The evolving digital identity solutions’ role in fraud prevention, Know Your Customer (KYC), Anti-money Laundering (AML), and compliance operations
- Key technology innovations shaping the digital identity landscape
- Opportunities for providers and technology firms in the future of digital identity
- Market trends and competitive dynamics of digital identity solutions in the BFS space
Membership(s)
Financial Crime and Compliance
Sourcing and Vendor Management
