2017 has been a year of rapid growth, momentum and industry recognition for us. Regtech has taken off full force and digital identities have moved beyond a "what are those?" response to "...tell me how they can improve on our current system". We’ll have more to say about that in a follow-on blog in the New Year. However, to help you get ready for the new year, we have 10 Predictions for 2018 across a variety of topics including know your customer (KYC), anti-money laundering (AML), initial coin offerings (ICOs), General Data Protection Regulation (GDPR) compliance and more.
It’s been a busy year for Financial Institutions worldwide. And even though the regulatory landscape began to clear due to ongoing dialogues between regulators, examiners, and businesses, financial organizations still have challenges to face when it comes to bridging the gap between their brick-and-mortar operations and the newer digital channels.
Ever since we started working on Digital Identities in 2012, our focus has been knowing and mitigating the risk of transactions. There is the risk in:
- Financial transactions (payment, deposits, transfers) where there is movement of money
- Onboarding transactions (new customer) where you need to understand whether you should do business with an individual or an organization
- Activity transactions (logins, password changes) where mundane actions may indicate larger concerns
Recientemente regresamos de K(NO)W Identity Conference 2017 organizada por One World Identity, la primera conferencia enfocada principalmente en identidades digitales y sus aplicaciones.
We recently returned from the K(NO)W Identity Conference hosted by One World Identity, the first major conference focused on digital identities. For years identities have been taken for granted, while most business leaders didn’t realize that they sit at the center of every business transaction in the digital era. Our friends from One World Identity not only recognize this, they also understand that education and collaboration are necessary to unlock the value of digital identities for businesses, regardless of the industry.
With One World Identity’s K(NO)W Identity Conference just around the corner, you must be preparing to attend the conference, checking the agenda, the speakers, and the sponsors, so you can plan and make the most of it. To help you a little bit with your time management, here is a list of the absolute can’t miss sessions. This list is not by any means exhaustive, every session was well planned and thought of.
Guest blogpost by Travis Jarae, from One World Identity.
The first form of identity or individual consensus records dates back nearly 4000 B.C., with the Babylonians. We think they primarily used this for determining how much food they would need per person. Not much has changed since the Babylonians - we still use a census to determine macroeconomic decisions such as domestic social welfare needs and foreign aid.
Acquiring more customers and generating more revenue is the goal of all businesses. And, while the Internet has made this easier, not all sectors have moved forward at the same pace. For instance, ecommerce companies have led the charge, while Financial Services institutions are still catching up.
Two weeks ago we were granted a patent in our core technology, Electronic DNA™, eDNA™ for short, the engine behind the creation of Trusted Digital Identities. We are thrilled!
Traditional financial institutions and FinTech businesses are dealing with increased online fraud, and with stringent regulations that have driven compliance operational costs up. In 2014, for instance, 62% of companies were targets of payment fraud, and compliance fines by regulatory bodies in the US account for more than $10 Billion.