Four Australian banks have adopted ConnectID digital identity solution for their customers as a secure data sharing service that preserves their privacy. Trusted banks – that already possess verified data about their customers – can provide trust assurance on their behalf to make a third-party transaction.
It offers a seamless, secure verification method for end-users through their bank, as most people in Australia have a bank account with one of the largest financial institutions in the country.
Rather than relying on passwords or other options that can be compromised by fraudulent attacks, the ConnectID scheme recognises banks as trust anchors who have the power to cross-reference customers’ trust credentials with other businesses and sectors that require efficient verification.
The banks in question that have given the greenlight to enabling easier and more secure experiences for their customers are: Commonwealth Bank, National Australia Bank, Westpac and ANZ.
ConnectID was launched in 2023 by Australian Payments Plus as the ultimate intermediary between businesses seeking user verification, big banks and identity providers. The scheme has signed up many banks and fintech leaders to date like loan matching company, Lendela,
‘Individuals trust banks – their bank in particular – not only to look after their money but also their data’ – Andrew Black, Managing Director of ConnectID, Australian Payments Plus speaking at Identity Week Asia 2023.
10 million customers are now able to verify themselves and securely manage their own data being shared via digital identity solution ConnectID® for sign-ups or transactions. ConnectID does not see or store any of the customer’s data and denies businesses, with varying levels of cyber protection, from excess permissions to their data or storing it.
The entire transaction, facilitated by ConnectID, prevents customers having to over-share their identity documents like driver licences and passports when they are not needed.
Research conducted by Kantar in December 2024 shows 72% of Australians are now aware of these digital identity services as solutions, a notable increase over the past year from 52% in December 2023.
Sujeet Rana, Chief Digital Officer, National Australia Bank (NAB), commented: “At NAB, empowering our customers is at the heart of what we do and choosing who you trust to verify you is just one of the ways we hand back control. With ConnectID, our customers can securely verify their identity and maintain visibility over where they’ve shared their data, and with whom. Plus, nothing is shared without express consent. This is an exciting milestone in Australia’s digital identity journey.”
Westpac Managing Director, Consumer Finance & Chief Digital Officer, Jason Hair, says the bank invests heavily in keeping customers safe online, with data protection a priority: “Investing in and adopting tools such as ConnectID allow us to help our customers keep their data better protected – backed by our app’s robust safety and security measures.”
