Perhaps this is really, as Mike Tuchen of Onside said on Forbes in the spring, the year when digital identities start to become mainstream. With announcements from Apple
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Identity Friction
It has long been apparent that there is no way forward in fintech (or, in fact, pretty much any other sector) without the development of digital identity infrastructure. There’s certainly a need for action. In the U.S. (and the U.K., for that matter) there is no such “finance passport” or whatever. Every time I interact with a new financial institution, accountant, lawyer or business partner I find myself having to e-mail scans of utility bills, pictures of passports and (and this continues to astonish me) PDFs of corporate letterhead in order to get anything done. This is an incredible friction in the economy, a waste of time and money for all concerned.
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