NAB has backed the creation of a digital identity ecosystem, which will provide Australians added protection and convenience when verifying their identity across e-commerce, utilities, banking, and other services.
NAB has played a critical role in developing the ConnectID digital identity solution, working closely with the newly-formed Australian Payments Plus (AP+) – a consolidation of domestic payment organisations BPAY, eftpos and NPP Australia – and other banks.
Through ConnectID, NAB will serve as a trusted identity provider, verifying a customer’s identity with the customer’s consent whenever they need to validate their identity online.
“We want to make life easier for our customers when they are going through a process of validating their identity online and also provide a safe way to do that which protects their data and privacy,” said Angela Mentis, NAB chief digital, data and analytics officer. “ConnectID gives customers full control to use only data that is absolutely necessary when completing identity verifications; they will be able to do things like digitally prove their age rather than passing over their driver’s license for the same purpose. When signing up for a new mobile phone plan or other service, for example, identity data will only be accessed when a customer initiates a transaction, authenticates themselves using their regular banking login, and provides express consent.”
Mentis said using digital identity would also enable customers to protect themselves from the ever-evolving threat of cyber crime.
“In online transactions, it will essentially be easier to establish that the person you’re dealing with is who they say they are, which greatly minimises the chances of falling victim to online fraud,” she said.
Mentis said ConnectID’s digital identity will also offer crucial support for the business community in Australia.
“As Australia’s leading business bank, we see an opportunity to support businesses in making their processes more efficient,” Mentis said. “Businesses will see improved data quality with data verified directly from trusted parties such as a bank, lower costs in customer onboarding and identity verification across sectors, and manual processes replaced by digital convenience. This will have flow-on benefits in terms of more streamlined business operations and trust in the digital economy. It will also reduce their risks from having to hold data that is in excess of what is required.”
ConnectID will begin commercial trials in late 2022, with all Australians to have access from mid-2023.
