Australia’s largest credit union will trial Australia Post’s new digital identity verification service - Digital iD - later this year as the first banking provider to sign up to the platform.
CUA is one of four organisations which have committed to pilot the online and mobile identity verification service across banking services, foreign currency, outsourcing of tasks and police checks.
The credit union will be joined by job outsourcing site, Airtasker; foreign exchange company Travelex; and Queensland Police Service in adopting Australia Post’s identity platform, which allows Australians to verify who they are without needing multiple forms of identification.
The credit union will initially offer Digital iD for new members applying for a CUA eSaver Reward or eSaver Boost account online or via their mobile device – in theory enabling it to verify their identity online in just minutes.
CUA chief digital officer Sue Coulter said CUA had been working closely with Australia Post for a number of months to help co-develop the Digital iD solution and provide advice on opportunities for its adoption into banking and insurance.
“By leveraging Australia Post’s innovation and their expertise in identity verification, CUA is making it possible for even more members to join CUA quickly and easily, either online or from their mobile device,” she said.
“As a member-owned organisation, there is a lot of benefit in us collaborating with a large organisation like Australia Post, allowing us to use their expertise to bring innovations like this to members much sooner than if we were to develop them ourselves.”
Better member experience
Australia Post executive general manager, Trusted eCommerce Services, Andrew Walduck said existing identity verification processes were time consuming and cost the Australian economy up to $11 billion a year.
“That’s why we have developed the safe and secure Digital iD platform, so people can prove who they say they are when they are interacting online with government and private sector organisations,” he said.
“We have already integrated Digital iD with our own products and services including MyPost Parcel Collect and our Mail Redirection Service and have received positive feedback from our customers.”
Coulter added that the technology would deliver a better member experience for consumers applying for CUA’s digital products and services, while introducing members to a service that could also streamline their interaction with a range of other service providers.
“Recently changing addresses is one of the most common reasons that people are unsuccessful in verifying their identity as part of an online application, so being able to tap into Australia Post’s wealth of data to increase the ability to verify those individuals is a huge step forward.”
Travelex will use the technology as part of its Know Your Customer Checks, while Queensland Police Service will incorporate Digital iD into its national police clearance certificates process to be launched later this year.
Airtasker co-founder and chief executive Tim Fung said the success of the sharing economy was "based on the trust created between members of the community and verified identity is a huge part of building that trust".