UK consumers unsure of common digital identities

Most UK consumers are hesitant about the implementation of a common digital identity, according to a new survey from RegTech Associates and PassFort.

Its findings claim that 17% of Brits state they were in favour of the service, while 34% said they are cautiously in favour and 31% were sceptical about it. Despite this, only 6% said they were actively against a common digital identity.

This uncertainty could be driven by a lack of understanding around the technology. The survey found that only 15% of Brits believe they are well informed on the subject. Whereas 52% of respondents said they were either not well informed or knew nothing about the issues surrounding it.

It is the younger generations that are better informed on the subject, with 36% identifying as well informed, compared to those over 65 where only 1% believed that way.

A common digital identity is system that lets consumers have their own online passport that can be used to verify themselves at online service providers. This method is designed to replace passwords and other security measures.

The UK government recently finished a consultation on the common digital identity and released an updated framework. The aim of the system is to offer clear standards to protect people from digital identity fraud and remove legislative and regulatory barriers from the use of digital identities.

Over 65s were particularly unaware of the technology, with 19% claiming to know nothing on the debate.

There is some education around a common digital identity making it to consumers. The report states a stable 27-37% of respondents of all ages claiming to know something of the debate.

Education around the technology is vital and how it can help improve experiences. With 77% of respondents more likely to recommend their provider if there was a better-than-expected onboarding experience and 62% of people likely to buy more products, a streamlined experience is something people want.

PassFort CEO Donald Gillies said, “Currently, in banking we see 7 in 10 people using a unique ID and password for identification. Some 67% use a security question. While these methods have worked well in the past, there are limitations to the security these techniques provide. Biometrics, or a digital identity, provide a higher level of security. Interestingly, 21% of people we surveyed have used biometrics. And of those who have, 80% said the experience was ‘great’.”

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.