Volume: 2 Issue: 8
Now that the UK government is beginning the procurement of a national identity card system, financial services organisations will undoubtedly have begun to plan for its introduction. It seems rather obvious that some form of national identity management system might be useful to the sector: who wouldn't want to be able to open a bank account by popping their ID card into a machine instead of taking photocopies of their gas bill into a bank branch? More radically, who wouldn't want to be able to take out a loan from the comfort of their armchair by putting their ID card into a PC? These kinds of uses will, of course, mean more efficient processes and more competition. It may be, however, that a working, user-friendly ID card scheme will have its most disruptive impact in the retail payments space.