Bank as society's identity utility
By 2040 banks may extract identity capability into separate businesses. Verification as a regulated utility.
Discuss Your ChallengeTrajectory
Today: bank has KYC-verified customer base, identity used internally.
By 2030: identity bridge for partners established. Bank issues signed tokens.
By 2040: identity capability may be spun out into a separate regulated entity. Trust utility shared between banks and partners.
By 2050: identity utility — public utility class. Privacy-preserving, government-supervised, used everywhere.
What banks provide
Identity verification. KYC at depth.
Risk signals. Real-time fraud, AML signals.
Beneficial ownership chains. Corporate structure verification.
Document attestation. Notarisation, contract signing.
Age / jurisdiction verification.
Business model
Per-verification fees. Partners (telecom, government services, retailers, marketplaces) pay for each call.
Subscription for high-volume partners.
Custom verification services.
Where the cracks are
Hyperscalers (Apple, Google) compete on identity layer through device-bound credentials. Banks must move quickly or cede.
Government may take direct utility role (Estonia model). Banks then are integration partners, not providers.
Privacy concerns rising. Customer consent obligations strict.
Banking response
Build identity capability as a strategic asset.
Engage regulator early for framework.
Partner with telecom, government services — early adopters.
Privacy-preserving architecture mandatory.
Related
- /en/architecture/banking-ekyc-architecture/ — eKYC
- /en/expertise/banking-identity-trust/ — identity expertise
- /en/insights/future-banking-2040/ — 2040
- /en/insights/banking-biometrics-april-2026/ — biometrics
What else is worth exploring
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