CUA will be the first bank to trial Australia Post’s Digital ID
CUA, Airtasker, Travelex and QLD Police Service were announced as the first partners of Australia Post's digital identity verification system.
Credit Union Australia (CUA) has today announced it will be the first banking provider to trial Australia Post's new digital identification verification service, Digital ID. The credit union joins Airtasker, Travelex and Queensland Police Service as one of the first four companies to commit to trial the digital solution.
Digital ID has been under development by Australia Post for about 18 months and will use stored personal data to instantly verify a person's identity via their smartphone or online without needing to physically enter a branch or storefront. The service will enable Australians to apply for a passport online via their smartphone.
How will CUA use the Digital ID?
In the coming months, CUA will initially offer the Digital ID service to new members applying for one of its savings account products, either an eSaver Reward account or an eSaver Boost account. The service will allow these new members to apply for the products either online or via their smartphone and verify their identity within minutes, without needing to visit a branch.
Australia Post says existing identity verification processes were time consuming and cost the Australian economy up to $11 billion each year. In addition to the decreased costs, CUA chief digital officer Sue Coulter said the Digital ID solution will create a better, more streamlined member experience.
“CUA is really focused on finding ways to be available to our members 'anywhere, anytime' through digital channels. This innovation provides an opportunity to deliver a better member experience for consumers applying for CUA’s digital products and services, while introducing members to a service that could also streamline their interaction with a range of other service providers where identity verification may be required in the future," said Coulter.
“We also see this as a tool that will help us to support members’ through life’s changes, providing members who’ve been through recent life events – like moving house – with a better way to have their identity verified. Recently changing addresses is one of the most common reasons that people are unsuccessful in verifying their identity as part of an online application, so being able to tap into Australia Post’s wealth of data to increase the ability to verify those individuals is a huge step forward.”
How will other providers use the Digital ID?
Airtasker will use the Digital ID solution to allow users to identify themselves on the platform and gain an 'identity badge', giving other users peace of mind when they turn up at their house to complete a task. In February, Airtasker partnered with CBA to help users verify their identity on the platform using CBA's customer data. However, as that was only for CBA customers, the Digital ID provided by Australia Post will allow many more Airtasker users to verify themselves on the site.
The Queensland Police service will incorporate the solution into its national police clearance checks, and Travelex will use it to better verify its customers to avoid money laundering operations and illegal transactions.
- CommBank ceases to reward branch staff for product sales
- Be cautious of fake phone calls from the ATO
- New NAB platform lets customers ask Google about their banking
- How will banks cope when they have to give back control of your data?
- Bendigo Bank has the highest customer satisfaction level of the big banks