By focusing on universal standards and staying ahead of regulatory changes and technological advancements, solution providers and banks can help create a secure, efficient, and user-friendly digital identity ecosystem. 

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Summary

Recent breaches and rising fraud levels highlight the need for multi-layered security, combining policies, technology, and human factors. Solution providers and banks can help create a secure, efficient, and user-friendly digital identity ecosystem by focusing on universal standards and staying ahead of regulatory changes and technological advancements. This will enhance security and compliance and pave the way for new business models and products.

Digital identity services are evolving

For many years, only a few overarching standards or protocols governed how fintech companies or large banks create their technology stacks and choose which solutions to use. Therefore, it was up to them to develop their own proprietary systems in-house or partner with third-party vendors. Today, digital identity services designed to verify, authenticate, and manage digital identities across different platforms, applications, and other use cases are vast and include authentication services and digital identity wallets (Figure 1).

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