Securing growth: the digital verification opportunity

The UK is at a pivotal moment in its journey to becoming a world-leading digital first economy. Digital verification (DV) is the foundation of a seamless, secure financial ecosystem, with DV technologies essential for ensuring that individuals and companies can securely prove their identities and credentials in the digital age. 

Securing growth: the digital verification opportunity puts forward a plan to create a scalable digital verification service (DVS). It focuses on verifying individual consumers who use financial products and services. 

The research shows that a secure, scalable, DVS could unlock huge economic value, boost security, reduce fraud, and streamline financial services. 

Key Takeaways:  

• A secure DVS could unlock £1.8bn in economic value by 2031. 
• Stronger verification measures could reduce fraud losses by at least £3bn. 
• Investing in digital infrastructure will drive further innovation and funding. 
• Establishing an independent service, to act as a trusted mid-point, would enable information to be shared securely between customers and institutions.
• The report recommends this entity is created in partnership between the public and private sectors.
• Clear regulations under the Data (Use and Access) Bill will provide industry certainty. 
• Faster, more secure onboarding and compliance will improve efficiency and customer experience. 

Potential Benefits of DV adoption in the UK

Why should the UK adopt DV now?

Produced in collaboration with EY.