Digital identification documents such as mobile driver’s licenses (mDLs) have arrived, with several states running pilot programs and moving to production. With consumers’ growing dependence on online banking technologies (open banking[i], ATMs, bank mobile apps, financial consolidators[ii]), it makes sense for financial institutions to accept digital forms of ID to verify customers’ identities.
Three possible banking use cases include at the ATM, at a financial center, and remote banking access. The current strength and usability of remote identity proofing technologies make it difficult for banks to roll out some functionality. mDL can potentially unlock what is necessary to open an account at an ATM, with a greeter at a bank lobby, or online.
“Know your client” (KYC) guidelines in financial services require bankers to verify a customer’s identity to make sure they are who they claim to be and to capture legal name and number from a government-issued ID. Usually, the customer presents a valid driver’s license as proof of identity. However, physical ID cards can be stolen, altered or faked. Cryptographic proof of ID can eradicate fakes while strong user authentication lessens the likelihood of misuse. Considering the sensitivity of banking transactions, the highest levels of encryption and data security are important. A digital ID that resides on the customer’s mobile phone is not only more convenient, but more secure than a card.
GET Mobile ID conforms with national and international mDL standards, ensuring global interoperability. It has been tested for conformance[iii] with those standards and is a highly secure way of accepting a customer’s ID for banking transactions.
Assured identity reduces risk, enabling greater functionality and more convenience for bank customers. For instance, when a bank customer visits an ATM at a non-bank location, scans their debit card, enters their PIN, and deposits a check, the ATM typically informs them that their funds will be available in 48 to 72 hours unless they can submit proof of ID. With GET Mobile ID, a customer can accurately verify their identity with a single tap of their mobile ID on the ATM’s NFC pad, allowing instant availability of funds.
Opening an account at an ATM is also possible when identity is more assured and KYC requirements are met. This does not exist today because of the cost and accuracy of equipment to authenticate the different document types from around the world. With mDL, verifying the issuer signature can be done on any computing device and bears only the cost of getting the proper issuer certificate for verification.
When opening a new account at a financial center, a customer can tap their GET Mobile ID to the banker’s tablet to verify their identity and confirm their intention to open a new account. GET Mobile ID will transfer the required identity data that meets KYC requirements to the bank tablet after ensuring the consent of the mDL holder.
In the future, a new customer could even remotely set up an account through a bank’s phone application using their GET Mobile ID. With a quick face match to ensure consent and identity, they could digitally transfer PII data directly to the bank application for quick processing. This could alleviate some of the hassles of lighting and network speed when attempting to upload physical identification documents. Banking transactions have the potential to grow exponentially with the addition of mobile ID technology.
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