Yoti has unveiled its groundbreaking new Digital ID app in partnership with Lloyds Bank, called "Lloyds Bank Smart ID," offering a secure and convenient way for users to verify their age and identity via their smartphones.
Lloyds Banking Group recently invested £10 million in Yoti to support the development of this reusable digital identity app, aimed at tackling the growing threat of identity fraud, a significant concern in the UK.
Lloyds Bank Smart ID redefines digital identification by enabling users to share specific information, such as their name, date of birth, or proof of being over 18, with businesses without the need for physical identity documents or excessive personal data disclosure. The app, built on Yoti's certified secure technology, is available for free to UK residents.
Yoti has already established a presence in the digital identity sector with its ID and Post Office EasyID apps, widely accepted for purposes such as parcel collection at the Post Office and age verification at cinemas and convenience stores. These apps have received government certification for identity verification in various areas.
Lloyds Bank Smart ID joins Yoti's existing digital identity apps and forms part of 'Digital ID Connect,' the UK's largest network of reusable Digital ID apps, with over four million downloads. This interconnected network allows businesses to accept any of these Digital IDs, enhancing both convenience and security.
James Fulker, Chief Digital Officer at Lloyds Banking Group, sees Lloyds Bank Smart ID as a significant milestone following their investment in Yoti, providing UK consumers with secure digital identity solutions. Robin Tombs, CEO at Yoti, emphasized how Digital IDs can boost data security and trust between individuals and businesses.
Elinor Hull, Post Office Identity Services Director, praised the release of Lloyds Bank Smart ID and its potential to increase confidence in sharing personal data.
The release of Lloyds Bank Smart ID aligns with the growing importance of reusable Digital IDs in a world where online activity is increasingly prevalent, privacy preservation is critical, and secure verification is essential. The reusable Digital ID market is projected to reach a remarkable $266 billion by 2027.
With over four million downloads of Yoti's Digital ID apps in the UK, this partnership promises to have a significant impact on the digital identity landscape, offering users greater control and convenience in safeguarding their digital identities. Further developments are expected in the coming months as these companies explore new ways to leverage their Digital ID apps.
