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Lloyds Bank has launched a digital identity app with tech startup Yoti, after it invested £10m in the firm
By
Karl Flinders,
Chief reporter and senior editor EMEA
Published: 04 Oct 2023 15:45
Lloyds Banking Group has launched a digital identity service in partnership with a tech startup it invested in this year.
The app, which is available free of charge to all UK residents, can be used to prove who they are through a mobile phone.
The Lloyds Bank Smart ID was developed using technology from tech firm Yoti, in which Lloyds Bank recently invested £10m.
The app enables users to provide information to identify themselves to businesses through a reusable digital ID on their mobile phone, negating the need to provide physical documents. It also means only specific information is provided, reducing the risk of identity theft.
Lloyds Bank said it allows people to share only the information needed by businesses that request it – such as name, date of birth or proof of age – “without having to show physical identity documents or share an excessive amount of personal data”.
Yoti’s certified technology underpins the app. In the UK, the tech company has already launched Yoti ID and Post Office EasyID digital identity apps. These are already accepted to pick up parcels at the Post Office and for proof of age. The UK government has also certified them as proof of right to work, right to rent, as well as for criminal record checks.
Businesses that accept Yoti ID and Post Office EasyID can now accept Lloyds Bank Smart ID, which is available to download from the Apple and Android stores. The three apps form what is known as the Digital ID Connect, a network which has over four million downloads already.
Lloyds Bank, Yoti and the Post Office plan to announce new ways people can use their digital ID apps in the coming months.
James Fulker, chief digital officer at Lloyds Banking Group, said: “Lloyds Bank Smart ID means UK consumers now have further access to secure, digital ways of proving their identity, and it marks a significant milestone following our investment in Yoti.”
Robin Tombs, CEO at Yoti, said: “Digital IDs transform the way we share our personal data, allowing us to only share the information a business needs, rather than showing a full identity document. Digital IDs can reduce identity theft, increase the security of our personal data, and create more trust between people and businesses.”
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