UK Finance chairman Bob Wigley has predicted the development of the “super app” that he claims will serve as a one-stop-shop for a person’s financial digital identity. The app would be capable of storing a person’s important financial information such as credit scores, ratings, and know-your-customer (KYC) data. The idea is that having all of this information in one place would simplify the process of accessing financial services and improve the speed and accuracy of credit decisions. The development of a super app could also help to reduce the risk of fraud and increase security for users’ financial information, he says, according to Reclaim The Net.
Wigley also says that the proposed super app for a person’s financial digital identity would be similar to the UK government’s NHS health app, which carries an individual’s health data. Although the NHS app initially faced opposition, it gained popularity during the COVID-19 pandemic.
And he suggests that the banking sector is taking note of the success
of the NHS app and is considering the launch of a similar app for
storing individuals’ financial data, which would make it easier for
people to access financial services and improve the efficiency of credit
decisions, the outlet noted further....<<<Read More>>>...
