The GDC Blog
I recently spent some time in Stockholm, Sweden, and Trondheim, Norway visiting partners and suppliers. This was my first visit to both of those cities and they were both interesting culturally as well as in how they connect to the global identity verification ecosystem.
The Nordics in general are on the cutting edge of digital commerce and specifically digital customer onboarding. Companies like, Klarna and iZettle have garnered huge attention from the market as they have created high growth platforms for managing digital payments. In the case of iZettle, the company was recently acquired by PayPal with one of the stated reasons behind the deal being iZettle’s ability to effectively managing global customer onboarding processes.
Walking in Stockholm on the day before the summer solstice, I was struck by the almost frenetic construction activity, mixing the old with the new. Older buildings stood alongside newer towers being built. We counted as many as 10 cranes dotting the skyline within our immediate vicinity. Equally so, our partners there were eager to discuss how we helped them access new markets such as the United Kingdom and Mexico while they provided deep coverage for their existing Nordic region markets, all through our existing Worldview platform. On one of the few taxi rides we took during the trip, we found our driver was unable to make a simple change in cash because he mostly dealt in electronic payment for his fares. This is due to the unique nature of BankID as a primary source of identity verification and payment in the Nordic region.
In Trondheim, I met with one of the companies that built the original BankID systems for the Norwegian financial services sector. Given how remote Trondheim is in relation to the rest of Norway I had to ask why the 12-year-old business was located there. The founders came together during their university years and also found that recruiting talent in the university town was much easier than elsewhere. Origin stories are always something along these lines regardless of whether I am meeting a partner in York, UK, or in Tartu, Estonia it starts with a simple connection that becomes something more.
While the concept of identity and in some respects identity verification has been around for quite some time, the global identity verification space is undergoing much of the same blending transformation that the city of Stockholm is experiencing. Traditional document verification that worked for many will not work for younger generations. Customer Due Diligence and Customer Onboarding techniques will be performed using BankID and eKYC systems instead.
At GDC we continue to grow our knowledge and understanding of the global identity market. Our approach remains that we provide access to local knowledge and local data to achieve the best results for identity in all of our offered countries. At the same time, we provide access to global markets and business to our local partners who seek to provide their existing customers with the same quality of service for other countries as they do for their local markets. Leveraging our single API platform Worldview, every participant in our consortium network can gain insight and access to global identity verification.