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Lloyds Bank launches reusable digital ID app with Yoti biometrics and liveness detection

Juniper forecasts 70B digital identity verifications next year
Lloyds Bank launches reusable digital ID app with Yoti biometrics and liveness detection
 

A new digital ID app has been released by Lloyds Bank to allow people to prove their age or identity for access to accounts or services from their phone, utilizing biometrics and other technology from Yoti.

The reusable digital identity provided by Lloyds Bank Smart ID offers limited disclosure, for instance sharing only that the holder is over 18 years of age. It is built with Yoti’s technology, which brings compliance with the ISO 27001 and 27701 and SOC2 Type II standards.

Businesses that can accept Yoti ID or the Post Office EasyID, also built with Yoti’s biometrics and liveness detection, can accept the app from Lloyds. Those apps are already accepted at cinemas and convenience stores for proof of age (except for alcohol sales). They can also be used for right to work, right to rent and criminal record checks.

Because the three digital ID apps are interoperable, they now form a network of reusable digital ID apps with 4 million downloads so far, according to the announcement. They call this network “Digital ID Connect.”

Lloyds Banking Group poured 10 million pounds into Yoti earlier this year, and tipped the launch of the digital ID app at the time.

“Built using our leading identity verification technology, Lloyds Bank Smart ID will make it easier and safer for more people in the UK to prove who they are,” says Yoti CEO Robin Tombs. “Digital IDs transform the way we share our personal data, allowing us to only share the information a business needs, rather than showing a full identity document. Digital IDs can reduce identity theft, increase the security of our personal data, and create more trust between people and businesses. I’m delighted to have the UK’s largest bank accelerate the network of reusable Digital ID apps so even more people have the opportunity to take control of their digital identities.”

Yoti, Lloyds and the Post Office are expected to announce more use cases for their digital ID apps in the months ahead.

Liminal has forecast the reusable digital identity market to be worth more than $266 billion by 2027.

Digital identity verification exploding

Juniper Research, meanwhile, is predicting that there will be 61 billion digital identity verifications this year, growing by 16 percent to 70 billion in 2024.

The “Digital Identity Verification Market: 2023-2028” report highlights the importance of passive face biometrics to provide the security and user experience the market demands for customer onboarding.

Banking will make up 53 percent of that market, according to Juniper, with digital-only banks driving growth within the sector.

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