Banks verify prospective customers using the online identity they maintain with other banks. Telcos could do the same.
Kevin is the BDM for The ID Co., a company principally servicing the finance industry with a capability to embed identity verification tethered to their customers own bank log in details while also allowing consumers to share their bank statements directly. DirectID allows businesses to offer a single-use sign-on that leverages a user's bank credentials to prove their identity and verify transaction critical data. Businesses can eliminate fraud, replace more costly and time-intensive offline identity checks, verify income or other information to more quickly underwrite borrower applications, complete affordability testing, or process other high value transactions completely online.