The Swiss authorities are launching an electronic identification solution – e-ID. For banks, the e-ID is a chance to digitize client onboarding, reducing the cost of KYC and AML demands. The biggest opportunity however, comes from being a proactive ‘shaper’ of the emerging electronic innovation, as the authorities are deliberately leaving design choices open for the industry to come up with standards. So, where do you begin?
The Swiss e-ID ecosystem is designed to distinguish four main roles and banks should consider becoming an identity provider to capitalize on their inherent strengths and advantages over non-financial players. Here banks will benefit from a three-stage approach to successful adoption of the e-ID. This involves developing a value proposition and launching a minimal viable product, before expanding the network of partners and scaling.
We know some banks will ignore the opportunities offered by Switzerland’s e-ID, while others will choose to become followers. But it’s the proactive movers who will be rewarded for their pioneering efforts by influencing design choices to their advantage.
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