Episode 035: 08‐01‐2024 The Next generation of Open Banking and Bank ID is beginning - GluuFederation/identerati-office-hours GitHub Wiki
Title: The Next generation of Open Banking and Bank ID is beginning
- Host: Mike Schwartz, Founder/CEO Gluu
- Guest: Darrell Geusz, Product Lead, PingOne Neo
- Co-Host: Adrian Doerk, Co-founder Lissi
Description
The increased mobility of users and their demand for personalized, unified omnichannel access experiences has stretched federated IAM beyond its limits. Meanwhile, the need for organizations to collaborate more to compete, and build communities of trust and value for those same users affordably and securely, cannot be met by existing federated IAM solutions. Learn how banks are embracing the new paradigm of decentralized identity (DCI) to improve existing experiences and create the opportunity for new, valuable user experiences and increased levels of engagement and collaboration with business partners across multiple jurisdictions, without the need to replace their infrastructure. Simultaneously, understand why starting their journey now, enables banks to future-proof their ecosystem to rapidly support the EUDI and official digital credentials that will become available. Get a glimpse into the solution architecture being deployed at banks and an understanding of the benefits and how they can be communicated to executive leadership and business partners. Learn how DCI can also solve today’s problems in a practical way, including fighting fraud from adversarial and generative AI, and work in harmony with existing IAM systems enhancing existing federation platforms, and still set the banks up for the art of the possible tomorrow.
Homework
- Reducing Fraud with BankID and Verifiable Credentials
- The Decentralized Identity Journey has Begun in Financial Services
- Customer Futures Perspective: I don’t just want my bank to fight fraud - I want my digital wallet to help too
Gluu Takeaways
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Citizens like the experience of using bankid in countries where it's available, like Canada or Sweden. However, there has to be a better way then a big proxy, for which the privacy implications are non-optimal.
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Banks mobile applications will transform into wallets. A Verifiable Credential (VC) issued to a bank wallet can be presented internally at the bank, or to third parties. But credentials are paired to a device--end users who have a lot of devices will have to sync VC's to each device? This may lead to a situation where VCs are sprinked over many devices. One privacy solution raises another.
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For most countries (not Singapore or Estonia...), compared to the government, banks are more capable of authenticating a person and probably do a better job at identity proofing. Although banks obviously can't provide foundational identity.
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Banks will both consume and issue verifiable credentials--that is certain. But into which wallets, aligning with which trust federations, and tech stacks? TBD... And then the end user culture needs time to learn these new identity rituals.