The Challenge
Liminal was engaged with a large financial institution to evaluate several banking-focused identity business models to determine the bank’s five-year horizon strategy and digital identity point of view.
The assessment provided a high-level perspective on new ways to acquire customers leveraging existing technology within the bank, as well as technology that can be acquired.
Social login efforts have been pervasive for many years. Aggregators have taken up this role in the Fintech sphere using bank data to authenticate users to a new wave of apps / experiences.
Financial institutions and EWS (Early Warning Systems, a consortium owned by the banks) have an opportunity to create an alternative identity network.
Despite the consortium approach, the financial institution believes there is a leadership opportunity in this space, starting with the onboarding experience.
The Action
- Extensive current state assessment across 5 business units
- Competitor offering and opportunity analysis
- Business use case development and strategic recommendations
Liminal provided extensive due diligence on people, process, and technology, across various identity offerings, consortiums, and networks including:
The Outcome
Our client received a detailed report covering over 30 unique identity business models currently being evaluated by other financial institutions, tech firms, and governments, across people, process, and technology. As a result of our efforts, the client determined their digital identity strategy, which has since been activated within the Bank.
