Identity Disrupted 2021 – the future of digital ID
There seems to be a general opinion that today’s BankID was the end of the innovation journey in digital ID in Norway. But lifting the lid off Pandora’s box, you will soon realize that the ID services of the future will interact in a way that will revolutionize user experience and accelerate the pace of innovation. The financial industry will be the first in line.
Last year, Signicat was acquired by Nordic Capital, a private equity fund. This acquisition has provided resources to start one of the most exciting internationalization journeys in the Norwegian technology industry. At the same time, Quesnay launched its compliance solution for anti-money laundering with features like onboarding, signing and document handling, tailored to European regulations. While we both are seeking outside of Norway for new markets to conquer, we similarly want to take these international experiences home again as well.
We are therefore in the process of planning the next Disrupted conference called Identity Disrupted. Psst! Sign up for the newsletter at the bottom of the page to get Early Bird offers and information first.
BankID has provided Norway with a digitalization advantage that millions of users benefit from every single day. Both public and private sectors are saving billions every year due to this technology. The product is so good that we have not been aware of the debates around open identity standards, distributed blockchain solutions, and that Azure Active Directory – which has almost gained a monopoly – can be used for far more than stand-alone solutions in each company.
In light of Covid-19, electronic ID verification has become more important than ever (surprise!). It is safe to say that nearly all providers offering ID and signing solutions have felt the pressure the past few months. Although there are many decent solutions out there already, we still have a long way to go to realize the full potential. Knowing and verifying a person’s identity isn’t enough anymore. You now want to automate the process of confirming the person’s role and power of attorney in a company or for another person. And you want to receive a notification when this relation is no longer valid, for example when their work contract has been terminated. Today, only Altinn has a good digital overview of this, but Altinn does not cover all needs for the private sector. Additionally, we must accelerate the digitalization of ID, roles and power of attorneys across borders in order for B2B businesses to really be able to become more efficient.
With new standards, high adoption of Azure AD and tools from suppliers such as Quesnay and Signicat, you will be able to experience a total change in how we interact in the corporate market and across national borders. Norway is sitting on unique technology in this field, and the million-dollar question is how we can be a driving force for the transformation, and how Norwegian business can be the first to reap the benefits. We will discuss this further at Identity Disrupted 2021.