Vision for Economic Growth — a roadmap to prosperity 29 Big move #4 Benefits • Because of the vast use cases for digital veri昀椀cation • Widespread adoption of digital veri昀椀cation solutions (see 昀椀gure 10), we expect the widespread adoption of digital veri昀椀cation solutions to have a further could deliver about £800m per annum to the UK Be internationally competitive on data and digitaleconomy, amounting to a potential £4.8bn in value catalytic impact to the UK economy, delivering 89 additional signi昀椀cant value. added from 2024-2030. • We expect a portion of the governmentʼs estimate of The UK has an opportunity to di昀昀erentiate itself through the development of the digital identity and Key actors (non-exhaustive) 85 on data. This must start with clear standards and attributes trust framework.value added by digital veri昀椀cation solutions to include More advanced digital the mitigation of fraud losses. We estimate as much DRCF members (Information Commissioners O昀漀ce [ICO], supportive regulation (see the 昀椀rst recommendation veri昀椀cation solutions can provide a customer with CMA, FCA, OfCom); DBT; DSIT; Cabinet O昀漀ce; United below). The UK must also have the infrastructure as £3bn of aggregate fraud losses could be mitigated “single sign-on” capability which avoids the hassle 90 Kingdom Accreditation Services (UKAS); HMT; The between 2024 and 2030. that will enable connectivity and data sharing to take of losing passwords or having username/password Centre for Finance, Innovation and Technology (CFIT). place in a secure way. These features will, collectively, credentials stolen. Meanwhile, 昀椀rms can bene昀椀t underpin foundational innovations that can support from lower operational costs from ongoing client the UK’s competitive approach to data use, including due diligence processes, while also protecting against Figure 10: The multiple opportunities associated with digital verification digital veri昀椀cation solutions and a machine-readable fraud. Furthermore, digital veri昀椀cation solutions company 昀椀ling system, as discussed in further detail align with the second pillar of the UK government’s here. The key actions include:86 fraud strategy to block fraud at an industrial level. • Differentiate the UK on data through clear The UK needs to accelerate progress on getting Employment standards and regulation. The UK’s existing digital veri昀椀cation solutions to market so that approach to data protection risks limiting new customer outcomes can be transformed. There must be leadership from a single entity to deliver Utilities/personal services Social media innovations that depend on secure and safe Job applications the vision and strategy (from DSIT) and strong e-learning data-sharing. The UK should di昀昀erentiate its data Subscribing regulatory coordination given the overlapping protection approach by combining high standards certi昀椀cates E-commerce regulation that touches digital veri昀椀cation. Switching Going on dates and pragmatism. Strong safeguards are necessary, providers • Develop a machine-readable company 昀椀ling “Right to work” but the cost of being overly prescriptive is signi昀椀cant. Fitness Reference checks system for the UK. This can form part of the Research Gym/昀椀tness checks Proof of age Updating Changing the UK’s existing approach to data memberships delivery and Retail Platform proposed by Rachel Kent in her Investment Logging in Creating an event payment protection could unlock new innovations, including details Research Review.87 It can also be connected to the Returning items the utilisation of NHS data for new research and Registering Book SSO for GP appointments development (R&D) initiatives. It could also help FCA’s National Storage Mechanism which is in the Buying age process of being upgraded.88 Building Posting restricted 昀椀rms leverage employee data to close the digital In the US, EDGAR is ShowingCollectaccess products an internal database that performs automated vaccination prescriptions Attending events skills gap and extend their cross-border operations. record Fitness Making a Collecting The Healthcare TechUK has o昀昀ered recommendations to support collection, validation, acceptance, and submissions Accessingtrackingpurchaseparcels “Physical” Immigration tax statements 82by companies that are required by law to 昀椀le forms e昀昀ective data use across the country. TheCityUK Commuting Log in Credit check/ Apply for loan scoring with the US securities regulator, the Securities and Claiming or mortgage has also provided recommendations for policy- Voting universal credit Making a Exchange Commission (SEC). Establishing an EDGAR- payment KYC makers to facilitate digital trade services, which Pensions Homebuying/ equivalent tool in the UK could increase transparency includes data-related policy and regulation.83 Adopting Mobility rental Paying selling and sharing student loan around the equities market for investors and 昀椀rms. Birth, Investing Further detail on developing a strategic approach marriage, Board a plane Pay bills to openness and collaboration is described in big It would give equal access to real-time 昀椀nancial Government/ certi昀椀cates Hotel check-in Access move #9.and regulatory information on public companies, Public SectorRenewing claims history drivers license Banking • Accelerate the adoption of digital veri昀椀cation. From enabling investors to assess the 昀椀nancial health, Buy/claim and payments risks, and opportunities of those 昀椀rms. It would also Vehicle rental insurance Estonia’s government-led electronic ID (eID) solution streamline the regulatory compliance process for Accommodation to digital veri昀椀cation undertakings in East Asia, booking 昀椀rms needing to submit documentation, which can Transport Insurance jurisdictions are progressing with individual digital and pensions complement the BoE and FCAʼs e昀昀orts on digital 84 identity wallets and veri昀椀cation solutions. There are multiple use cases which demonstrate how this regulatory reporting (see the next big move). For example, in the case of the Taskforce for Climate- can make peopleʼs lives easier, as highlighted in Related Financial Disclosures (TCFD), it would Figure 10 and Figure 11, and there is potential for ensure that reporting is available in real time Source: Oliver Wyman CustomerFirst Digital Identity Framework smoother and more secure experiences across and immediately comparable. a range of touchpoints in the customer lifecycle. The UK is advancing digital veri昀椀cation solutions