I've had some strong views over the years that banks should capitalise on the cautious trust their customers have in them and use it to offer identity-as-a-service.

This would basically involve:

• Using the bank-grand security infrastructure to also offer a consumer-facing service to store customer's identity
• Offer a simple identity protection service:
  • Scan for use of the identity and notify the customer when unauthorised use occurs
  • Broker the data subject rights embedded in legislation like GDPR and execute services around right-to-be-forgotten for the customer (i.e. can you please tell these companies to provide all information they have on me and then exercise my right-to-be-forgotten?)
  • Allow the identity-as-a-service provider act on behalf of the customer - to do simple things like changing utility provider

Interesting identity as a service initiatives

• NAB and Australia Post:

Australia Post, NAB launch new identity security venture

• Meeco:

Meeco is verifiable trust

• Hu-manity:

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Banks prepare to issue myGov compatible digital identities - Finance - Networking - Security - Software - iTnews