Self-sovereign identity (SSI) provides members with a lifetime portable digital identity that does not depend on any central authority and can never be taken away. The benefits are far-reaching for both members and credit unions.
One of the main benefits of SSI is that the numerous and cumbersome usernames and passwords that consumers currently have become irrelevant. But, since biometrics and smartphone technologies drive the SSI platform, what happens if a person loses his or her phone, or that phone is hacked or has an injury that impedes a biometric login? Does that member’s SSI become vulnerable? This question is especially important for credit unions to consider as a recent Bankrate survey found that 63 percent of smartphone users in the U.S. have at least one financial app.