On the internet, nobody knows you’re a toaster

Speaking to bluenotes on video, Australian Payments Network Chief Strategy Officer Victoria Richardson said building a digital-identity system in Australia was vital as technological developments forced more retail and financial services online.

“The importance of digital identity is all about building trust online,” she said. “In an open-banking environment digital identity is an enabler.”

When the internet first kicked off there was no trust, Richardson said, and as online technology has evolved the issue hasn’t been solved.  

“In an open-banking environment digital identity is an enabler.” - Victoria Richardson

“That’s inherently problematic for people and businesses transacting online,” she said.

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Richardson said while no digital identity system currently exists in Australia, the country could take inspiration – and lessons – from overseas.

“It’s really important to bootstrap what other countries have done,” she said. “There are lots of benefits in being a fast follower.”

“In many countries there’s mandated government digital identity which has enabled private-sector services to build out of that.”

In others, private and public sectors have worked together to deliver an effective system, Richardson said. But for any system to succeed, the most-import thing is securing user support, she said.  

“We have to offer a service people inherently and intrinsically want to use,” Richardson said.  

Watch the video above to find out more.

Anne Collard is Head of Payments Capabilities & Industry at ANZ