Amid growing interest from the financial services industry in digital identity technologies, major Spanish bank BBVA has announced it’s co-launched Veridas, a new tech company specializing in digital identity tools, in collaboration with biometrics and nanotechnology startup Das-Nano.
Veridas will focus on developing customer verification and authentication software, which will vouch for the identity of BBVA clients online using facial, voice, fingerprint, image, and document recognition technology. BBVA says such solutions will make online logins and transactions more secure and convenient for consumers, and that launching Veridas is part of the bank’s broader reincarnation as a tech- and customer-centric organization.
BBVA is in a superlatively strong position to emerge as a leading provider of digital ID. As with blockchain technology solutions, in the digital ID space, it is important for a single, or at most a very select number, of solutions to gain widespread adoption with as many players as possible, as the point of a single online digital ID is primarily convenience. BBVA is already distributing its banking services via third parties through its API marketplace, so it could use this existing supplier network, with their customer bases, to disseminate the digital ID solutions that emerge from Veridas. This would likely prove an effective way for BBVA to ensure its digital ID achieves the necessary network effect, making the bank the leading provider in this space.
- Explains why the profitability question is increasingly being raised.
- Outlines why fintechs in different segments are failing to turn a profit.
- Gives examples of just how large some fintechs’ losses are.
- Explores how fintechs are striving to solve the profitability problem.
- Outlines vital considerations for fintechs and their investors.
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