OCTOBER - 20198MY OPINIONINWhether you shop online, engage e-services or post on social media channels, everyone has a digital identity that represents you as a unique individual, usually based on your, email, national ID or mobile phone number. At the same time, what distinguishes you in the physical world is generally irrelevant to how you are identified in the digital world.Therein lies the challenge for banks, technology companies, and governments ­ how to make it easier and safer for people to identify themselves online, whilst at the same time allowing them to have control over and give consent for the use of their own digital identity.These days, you are asked to create a new login when you apply for each new service, whether it is online shopping or food delivery. So, you potentially have to log in your details a few times a day and remember multiple passwords. A universal digital identity for everything would make life much more convenient. In a scenario where everyone has a universal digital identity, passports, driving licenses, birth certificates ­ documents that identify us in the physical world will no longer be necessary. A business trip or vacation would be a seamless experience, where passport control may no longer be required, and banking services such as overseas transfers and the opening of accounts will be a breeze because of robust and trustworthy KYC (know your customer) processes.Some governments have already taken the lead on this as part of their development of digital economies. With Singapore's roll out of the MyInfo one-stop database of personal data, citizens can apply for government services or open a bank account without having to fill up multiple forms or provide supporting documents. It is convenient for consumers and efficient for banks and government agencies.India's ambitious Aadhaar project provides a unique ID to each of the country's 1.2 billion citizens so they have access to vital healthcare services, education, and government subsidies. It is a key driver of socio-economic development and ensures UNIVERSAL DIGITAL IDENTITY-HOW TO GET IT RIGHT?By Dr. Michael Gorriz, Group CIO, Standard Chartered Bank
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