Finance
Reliable data for simpler financial services
Help customers manage their financial affairs with fewer separate documents. Digital credentials let them share the information you need about their identity and financial circumstances, while you can verify its origin digitally.
Discuss your servicesCustomer relationships change. Information needs to keep up.
“The EDI wallet can create value for both consumers and financial service providers through faster, more consistent and safer customer processes.”
For a bank account, financial advice or a credit application, banks and advisers need information about the customer. Depending on the service, this may include identity, income and financial commitments. Customers gather documents; staff check where the data comes from and which period it covers. A new application or a change in circumstances can mean repeating some of that work.
A digital credential contains information confirmed by an organisation, with an origin you can verify digitally. Customers can keep these credentials in a wallet and share the information needed with organisations that accept them. Where suitable credentials are available, this can reduce repeated collection and retyping. Your organisation decides which sources it trusts and whether the information is up to date and complete enough for the assessment.
The value for financial services
Making financial affairs easier
Customers can use available digital credentials for an application or a follow-up request. Reducing repeated data collection and form filling makes it easier to manage their financial affairs, even when information from several organisations is needed.
Services that work together
Customers can share the same credentials with their adviser and a financial services provider, if both accept them. Their origin and meaning remain verifiable. This lets the parties build on the information supplied and identify what is still missing.
More control over financial information
Customers can use their wallet to share specific information for a financial service. A suitable credential can contain the information needed without sharing the full underlying document. This reduces unnecessary sharing of personal and financial information.
These benefits require available credentials and agreements on meaning, how up to date the information must be, and acceptance. The source remains responsible for its statement. Your organisation decides what additional information and checks are needed; digital verification does not replace customer due diligence or financial assessment.
Existing connections to data sources remain the starting point where they already provide the information needed. Digital credentials add value when customers also want to use information with other service providers.
Use cases in financial services
These examples show where digital credentials can help. What is possible depends on the credentials, wallets and system integrations available, and the agreements on their use.
Opening a bank account
When applying for a bank account, a customer can share the required identity information through a wallet. The bank uses a sufficiently reliable identification method and checks the information received. It determines what further customer due diligence is needed before the customer can use the account.
Applying for a mortgage or loan
A customer can share available credentials about income and other financial information with an adviser and lender that accept them. The source and the relevant period remain verifiable. The lender assesses the information alongside expenditure, financial commitments and the customer’s wider circumstances.
Updating customer information
When circumstances change or information is requested again, an existing customer can share a suitable, up-to-date credential. The institution checks its origin and uses the information to update the customer’s file. It determines which information is needed again and what further enquiries follow.
Bring digital credentials into your customer processes
With the Ver.iD platform, you can request data from digital credentials through supported wallets. The platform handles the exchange and performs the supported checks on origin, digital signatures and validity. Ver.iD manages the associated keys and certificates and delivers the result to your connected application.
With our guidance, you define which data you need, which sources you accept and how to handle missing or conflicting information. Your team or software provider connects your own systems. Source owners and issuers remain responsible for their data and statements; your organisation assesses the result and makes the decisions about its services.
Request only the information you need and explain to customers why it is needed and who receives it. Your organisation establishes the legal basis, what it retains, who has access and the retention periods. Confirmation in a wallet does not replace that legal basis. Agree who helps correct inaccurate data, and provide assistance and another way to submit information for customers who cannot or do not wish to use a wallet.
Start with the service you want to improve
Tell us where customers, advisers or staff get stuck. Together, we will explore the role digital credentials could play and a suitable first step.