To look at some of the changes ahead across the banking business year, Digital Journal canvassed the opinions of Benoit Grangé, Chief Technology Evangelist, OneSpan. This includes how ‘Banking Artificial Intelligence’ is starting to transform every aspect of the banking process, together with considerations of how financial institutions can consider the implementation of blockchain. With blockchain, this will include the use of a portable digital identity that will be controlled by each user within a digital wallet, something only the user will be able to access.
Digital Journal: Will we see banks starting to invest in roles dedicated to enabling data-driven decision making?
Benoit Grangé: We will see a rise in the creation of specific roles within banks, like the chief data officer, responsible for the delivery of the data-driven strategy within the organization. Chief Data Officers will play a critical role in the next normal. The focus will be on breaking down data silos in digital transformation teams.
DJ: Is the future of the banking sector is in the usage of more AI, machine learning, and biometrics and less passwords?
Grangé: A transformation is occurring across digital and mobile channels. This relates to the way banks engage with their customers and use artificial intelligence. Banks can combine machine learning with biometrics to create new experiences, such as facial and fingerprint verification to replace passwords, such as reading physical passports to allow for ID scanning. Banks can also utilize biometric facial comparison technologies.
DJ: Will we see an expansion of self-sovereign identity leveraging blockchain?
Grangé:The development of a decentralized identity will begin the evolution to digital identity. We will see the development of digital identity under the control of the user. Here the identity will become securely stored in a digital wallet, accessible via smartphone. This will help leverage digital ledger technology (blockchain). #
A digital identity is information on an entity used by computer systems to represent an external agent.
Through combining blockchain technology with standardization self-sovereign identities will replace today’s physical identity document.
