Lloyds Bank taps digital identity firm Yoti for “reusable” digital identity app
Lloyds Bank has collaborated with the digital identity firm Yoti to launch a new “reusable” consumer digital identity app.
Lloyds Bank taps Yoti for digital identity app
The app, called Lloyds Bank Smart ID, seeks to offer UK consumers a means to share their personal information with businesses that request it.
Backed by Yoti’s ISO 27001 and 27701, and SOC2 Type II-compliant technology, the offering intends to “combat the growing risks of identity fraud”, which the technology firm describes as “one of the biggest fraud threats to the UK public”.
The launch comes seven months after Lloyds Banking Group made a £10 million investment in the London-based firm, which at the time said that it would leverage the funding to develop a new reusable digital identity proposition.
Speaking on the launch of the app, James Fulker, Lloyds Banking Group’s chief digital officer, says it will connect UK consumers to “secure, digital ways of proving their identity”, and that is marks “a significant milestone following our investment in Yoti”.
Adding to this, Yoti’s CEO, Robin Tombs, explains how digital IDs “can reduce identity theft, increase the security of our personal data and create more trust between people and businesses”, without the need to provide a full identity document.
