It is an accepted fact that one needs to constantly keep upgrading oneself to stay relevant in the industry and progress. Banks are at tipping point of adopting the changes happening in the industry. Digital channels have become “table stakes”, financial institutions must find different ways to differentiate themselves. Upending conventions, COVID 19 catalyzed the adoption of digital initiatives by companies and has also radically changed consumer behavior.

We live in a world where our heads are filled with security logins and pockets filled with Identity cards, but since a few years there is another rising star in the world of identity-DIGITAL IDENTITY. What is a digital ID? A digital identity is a set of verified digital attributes and credentials of a person, just like a person’s ID card for the physical world.

2020 has become the lens through which predictions for the whole decade will be forecasted. The wave of digital transformation has enabled easy availability of services from home for everyone and anyone. Some experts say that five years of digital transformation took place in six months due to the number of services and products that have moved to online access, but this has also made the market quite volatile.