It is a common sight to see someone else frantically digging for their identification (ID) card as they progress to the front of a long queue in a bank. In fact, you may have experienced this small moment of panic as you realise that the queue behind you is impatiently building, yet you just cannot seem to find your ID card. Alas, we have witnessed impressive innovation to take place in the creation of IDs.
In recent years, there has been an insurgency in the usage of digital identification (ID) apps and technologies. The reasons are simple and self-explanatory: Why not create and increase the accessibility of digital IDs since it grants us convenience? Not to mention, digital IDs reduce worries since people are likely to always carry an electronic device such as a smartphone with them, whereas they may not remember to carry their IDs with them all the time.
Basic Information about Digital IDs
Digital ID, also known as a digital certificate, is a way to authenticate one’s identity through a digital channel, granting users access to government benefits, health services and banking. A national or local government or many individual entities could issue a digital ID. However, good digital IDs need to be verified and authenticated to high assurance, fulfilling both government and private sector institutions stands for initial registration and subsequent acceptance for multiple civic and economic uses.
We can best understand this through Singapore’s very own digital identity mobile application, Singpass. Singpass is managed by the Government Technology Agency (GovTech) and is one of the eight strategic national projects that drive Singapore’s Smart Nation vision. The Singpass app allows users to access personal information using a variety of ways, including fingerprint, face, or a six-digit passcode. If not, users can use Two-Factor Authentication (2FA) techniques like SMS-OTP or Face Verification after inputting their Singpass ID and password.
Benefits of Digital IDs
Overall, Digital IDs helps to cultivate economic value to society by providing a plethora of benefits including more inclusivity for its users, enhanced security measures that help to reduce fraud and promoting efficiency of services. Since most people carry a phone along with them these days, they can readily access digital IDs and this enables them to be included in differing activities. There has also been an upsurge in investment in this field.
Usage of Digital IDs
Digital IDs have many usages ranging from corporate to social, but in summary, we can understand the crucial usages of Digital IDs such as –
- Streamline KYC Services: Digital IDs can help to streamline registration and authentication services, especially for e-KYC in financial institutions.
- Enhances Digital Onboarding Procedures: When digitally onboarding new employees, using digital IDs offers a layer of security that aids in establishing a comprehensive Trusted Identity Verification.
- Facilitates Sales and Purchases: This can be especially useful in reducing instances of money laundering and cases of identity fraud, as purchases can now be traced back to users.
Digital IDs and Regtank
Under Regtank’s current protocol, it is the standard for those being onboarded to submit a copy of their government-issued ID in the original format. Contact us at firstname.lastname@example.org to better understand your customisation options!