Trade body launches Digital ID to benefit consumers and fintechs

The Tax Incentivised Savings Association (TISA) has launched a project that aims to help consumers have better control over their finances and boost their financial well-being.

The trade body, which focuses on improving the financial well-being of people in the UK, is now piloting Digital ID, which the association believes is a revolutionary project that will benefit consumers, fintech firms and the UK economy.

Digital identities

TISA will pilot the Digital ID project for six months, during which the association aims to develop prototype consumer “digital identities” to test several customer verification methods. This project will enable customers to have better control and access of their finances, allowing them to transfer money easily between their accounts and improve their communication with providers.

According to TISA, the Digital ID project will follow a set of standards to help the UK’s financial services industry take on the new project.

In addition to helping consumers to better manage their finances, the technology will also benefit financial services providers by helping reduce the cost of taking on new customers. This will boost protection against identity fraud for consumers, while also creating a new source of revenue through new products and services that make use of the digital identity technology.

Economic benefits

Commenting on the benefits of the project, David Dalton-Brown, TISA’s director general, said: “We see the Digital ID providing a vital foundational component in the digitisation of UK financial services. This will benefit consumers, product providers, fintech firms and deliver considerable economic benefits to the UK.”