The VU panel
One of the most awaited panels by the attendees was moderated by Néstor Serravalle, CSO of VU: "The role of digital identity in virtual wallets". For a little over 30 minutes, Néstor spoke alongside Maryory Ávila Rubio, General Manager of Movii, and Eduardo Aranda, General Manager of Síntesis, who gave their views on the financial evolution of the region.
Movii works to provide the unbanked sector of Colombia's population with access to financial services through the use of new technologies. Thanks to the mobile solution it offers, millions of citizens can connect to a wide network of agents and businesses that develop products such as P2P, bill payment, correspondent banking, public transport and prepaid top-up services.
SINTESIS is an IT company with more than 25 years of experience in emerging markets. The group is comprised of technology companies that provide corporate collection platforms, transactional biometrics, e-commerce, clearing and settlement (ACH) and digital financial services (FINTECH) among others.
The panel revolved around two axes:
How digital identity helps business
"All our linkage is digital, so for us authentication tools are fundamental," said Maryory, from Movii, the first digital wallet in Colombia, which already has 1.5 million users in the country. "The sum of having a proper biometric linkage, a second authentication factor and good transactional fraud monitoring undoubtedly make these businesses possible. If this technology had not arrived, the wallets would not have arrived either," he concluded.
Eduardo, from Síntesis, commented: "The pandemic made our clients rethink their user acquisition model, forcing them to take many of their transactions from the physical world to the remote world". And he added: "Telecommunications industries, services and financial institutions needed digital identity to validate users remotely, and technologies such as biometrics to authenticate people and prevent fraud.
The impact of fraud on business
In this regard, Maryory emphasized the evolution of fraud in digital models: "With the birth of wallets, new forms of fraud are born. One of the big challenges, in which VU accompanies us, is that these solutions cannot be static: they must continue to advance".
While Eduardo highlighted: "All platforms must become more and more secure. We are exposed to more and more phishing and fraud trends, that's why we conduct tests of different types to improve our cybersecurity strategy."
Digital Identity Challenges for the Financial World
The digital future requires us to understand that the issues of validation, authentication and digital identity should be a foundation for cooperation, not competition. Technology should simplify people's lives, so having a cross-cutting identity will have a positive impact on everyday life.
That is why in the quest to improve the experience of users and customers, it is necessary to incorporate digital tools that ensure a simple, safe and frictionless financial world.
Initiatives such as Decentralized Identity, which is being carried out by Microsoft together with VU and a few partners in the world, are heading in this direction, and help to create a new paradigm in terms of privacy, security and digital identity.
For more information, visit: https://blog.vusecurity.com/
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