Deutsche Bank building single sign-on digital identity for cross-platform banking & services
The largest bank in Germany announced this week that it is building a universal singular account that could access variety of online services and transactions, allowing users to ditch multiple logins on multiple websites.
The plans from Deutsche Bank are already being attempted elsewhere, most notably by social networking giant Facebook, which aims to make its login a universal service for online identification. But while Facebook has its roots firmly planted in the digital world, Deutsche Bank comes from the security-focused world of traditional banking, which could add some credibility to the forthcoming product, for both consumers and businesses who may adopt it.
Deutsche Bank has partnered with insurance company Allianz, publisher Axel Springer, car manufacturer Daimler, and online banker Postbank, all of which will collaborate on a unified online identity.
Once made available to consumers in Germany, they will be able to register for and log in to a variety of services using a single, secure master key. The parties have also pledged to make their online ID open and compatible with national and local government services, such as renewing a drivers license.
With the initiative now public, the consortium is looking to bring new companies into the fold. Cellular provider Deutsche Telekom is already in talks to participate in the unified ID program, according to Finextra.
The effort is scheduled to launch in Germany by mid-2018, and Deutsche Bank has already teased that it plans to offer digital payment and financial services.
“We Europeans must at last fully play out our strengths in digitalization,” said Deutsche Bank Deputy Chief Executive Christian Sewing. “The time is ripe for a platform initiative of this kind. It will increase legal certainty for clients and boost the European digital economy’s growth.”