Securing growth: the digital verification opportunity
Date updated: 3/04/2025Read the full report
The UK is at a pivotal moment in its journey to becoming a world-leading digital first economy. Digital verification (DV) is the foundation of a seamless, secure financial ecosystem, with DV technologies essential for ensuring that individuals and companies can securely prove their identities and credentials in the digital age.
Securing growth: the digital verification opportunity puts forward a plan to create a scalable digital verification system (DVS). It focuses on verifying individual consumers who use financial products and services.
The research is produced in collaboration with EY, and it shows that a secure, scalable, DVS could unlock huge economic value, boost security, reduce fraud, and streamline financial services.
- Economic growth potential
- Global competitiveness
- Accelerating investment in UK’s Digital infrastructure market
- Combatting increasing rates of fraud
- Streamlining the customer experience
- Shift in public perception indicates support for digital ID
- Upcoming legislation lays the framework for digital verification
- Advances in technology mean a DVS is easier to scale securely
- A secure DVS could unlock £1.8bn in economic value by 2031.
- Stronger verification measures could reduce fraud losses by at least £3bn.
- Investing in digital infrastructure will drive further innovation and funding.
- Establishing an independent service, to act as a trusted mid-point, would enable information to be shared securely between customers and institutions.
- The report recommends this entity is created in partnership between the public and private sectors.
- Clear regulations under the Data (Use and Access) Bill will provide industry certainty.
- Faster, more secure onboarding and compliance will improve efficiency and customer experience.