Roundtable Summary: Digital Identity and Financial Services: Driving adoption by aligning policy, practice, regulation and fraud prevention
On Monday 2 March, techUK hosted a roundtable bringing together regulators, policymakers, and industry leaders from digital identity and financial services. The discussion focused on identifying barriers to adoption, aligning priorities, and defining practical steps to build a secure, efficient, and trusted financial ecosystem.
Roundtable overview
Barriers to adoption: awareness, silos and regulatory ambiguity
Several obstacles to adoption were identified. Regulatory ambiguity remains a challenge, particularly where firms are hesitant to rely solely on digital certificates under existing AML requirements. Internal silos within financial institutions were noted as slowing the uptake of new identity technologies. Consumer awareness can also be limited; many believe they already use digital verification services when their engagement often consists of basic document checks.
Participants emphasised that the challenges are rarely technological. Instead, adoption depends on trust, liability, clarity, and operational alignment. There was broad agreement that providing firms with guidance and regulatory comfort, rather than simply mandating compliance, is essential to encourage adoption.
Opportunities and strategic vision: beyond compliance
Digital identity presents clear opportunities beyond regulatory compliance. Participants discussed its potential as a tool against fraud, particularly in combating scams and deepfakes, and as a facilitator for onboarding within the gig economy and small businesses. There was a consensus that interoperability with international standards, including the EU digital wallet framework and G7 approaches, will be critical for cross-border financial services. Address verification was identified as a low-hanging opportunity for rapid digital transformation, given the current reliance on paper-based documentation and the frequency with which these checks must be performed.
Discussions also highlighted the need for positive use cases to demonstrate the value of digital identity to both consumers and businesses. This included making the case for adoption of digital ID, framing it more as a cost-saving opportunity for businesses, rather than something burdensome. In the financial services use case, once digital ID solutions are enabled, integration across sectors- such as telecommunications and retail- can become much easier. However, siloed systems within these industries currently hinder broader adoption.
Participants suggested that seamless user experiences, such as moving away from passwords to “invisible” verification, could increase adoption and trust.
Key discussion themes
Clear Guidance: Adoption is feasible when firms are provided with practical guidance and operational clarity. Participants emphasised that alignment across sectors is essential to avoid fragmentation.
Positive Use Cases: Real-world examples demonstrating tangible benefits for both consumers and firms are vital to overcoming skepticism, particularly concerns with centralised databases.
Coordination: Integration with other initiatives, including emerging Smart Data schemes and the Home Office fraud strategy, ensures digital identity is embedded strategically rather than siloed. This includes the wider AI agenda in the UK, or embedded finance.
Collaboration: Breaking down institutional silos through cross-sector collaboration was highlighted as crucial for building a coherent and trusted identity framework.
Conclusion
The roundtable reinforced that driving adoption of digital identity requires a coordinated approach across policy, regulation, and practice, coupled with trust-building measures for both firms and consumers. With alignment and collaboration, digital identity has the potential to reduce fraud, improve user experience, enhance financial inclusion, and unlock new economic opportunities across the UK’s financial ecosystem.
Thank you to those who took the time to join us, and stay tuned for future work on how we can drive adoption of digital ID.
For more information or to get involved in future events, please contact the team below.
Elis Thomas
Programme Manager, Tech and Innovation, techUK
Elis Thomas
Programme Manager, Tech and Innovation, techUK
Elis joined techUK in December 2023 as a Programme Manager for Tech and Innovation, focusing on Semiconductors and Digital ID.
He previously worked at an advocacy group for tech startups, with a regional focus on Wales. This involved policy research on innovation, skills and access to finance.
Elis has a Degree in History, and a Masters in Politics and International Relations from the University of Winchester, with a focus on the digitalisation and gamification of armed conflicts.
James leads our financial services programme of activity. He works closely with member firms from across the sector to ensure innovation and technology are fully harnessed and embraced by both industry and regulators.
Prior to joining us James worked at other business organisations including TheCityUK and the Confederation of British Industry (CBI) in roles focused on supporting the financial & related professional services eco-system, with a particular focus on financial technology and market infrastructure.
Junior Programme Manager - Financial Services & SME Engagement
Lourdes de Miguel
Junior Programme Manager - Financial Services & SME Engagement
Lourdes de Miguel joined techUK in January 2026 as a Junior Programme Manager in the Financial Services and SME Engagement programmes.
Lourdes supports the financial service programme’s mission of connecting firms from across the ecosystem to ensure innovation and technology can be fully harnessed by financial services. She also assists the SME team to help members meet, network and collaborate with their peers, industry leaders and customers.
Prior to joining techUK, Lourdes gained experience in research, finance, and stakeholder engagement across several organisations. Starting off at Elcano Royal Institute in Brussels, she supported seminar creation and event organization engaging with key policymakers and industry leaders developing an understanding of European policymaking. She later joined Swift, assisting the Industry Engagement team to build connections with Central Banks and other international bodies as well as developing research on macroeconomic topics.
Lourdes holds a BA (with honours) in Politics and International Studies from the University of Warwick.
Digital identities will provide a gateway for citizens and SMEs into the digital economy. techUK members demonstrate the benefits of digital identity to emerging markets, raise their profile as thought leaders, influence policy outcomes, and strengthen their relationships with potential clients and decision-makers. Visit the programme page here.
techUK Digital ID Report
Following the UK Government’s announcement on the introduction of mandatory digital ID on 26 September, techUK has published a new report outlining a clear roadmap to support the successful and trusted rollout of digital ID across the country.
Our members develop strong networks, build meaningful partnerships and grow their businesses as we all work together to create a thriving environment where industry, government and stakeholders come together to realise the positive outcomes tech can deliver.
Sue leads techUK's Technology and Innovation work. This includes work programmes on AI, Cloud, Data, Quantum, Semiconductors, Digital ID and Digital ethics as well as emerging and transformative technologies and innovation policy. In 2025, Sue was honoured with an Order of the British Empire (OBE) for services to the Technology Industry in the New Year Honours List. She has also been recognised as one of the most influential people in UK tech by Computer Weekly's UKtech50 Longlist and was inducted into the Computer Weekly Most Influential Women in UK Tech Hall of Fame.
A key influencer in driving forward the tech agenda in the UK, in December 2025 Sue was appointed to the UK Government’s Women in Tech Taskforce by the Technology Secretary of State. She also sits on the UK Government’s Smart Data Council, Satellite Applications Catapult Advisory Group, Bank of England’s AI Consortium and BSI’s Digital Strategic Advisory Group. Previously, Sue was a member of the Independent Future of Compute Review and co-chaired the National Data Strategy Forum. As well as being recognised in the UK's Big Data 100 and the Global Top 100 Data Visionaries in 2020, Sue has been shortlisted for the Milton Keynes Women Leaders Awards and has been a judge for the Loebner Prize in AI, the UK Tech 50 and annual UK Cloud Awards. She is a regular industry speaker on issues including AI ethics, data protection and cyber security.
Prior to joining techUK in January 2015, Sue was responsible for Symantec's Government Relations in the UK and Ireland. Before that, Sue was senior policy advisor at the Confederation of British Industry (CBI). Sue has an BA degree on History and American Studies from Leeds University and a Master’s Degree in International Relations and Diplomacy from the University of Birmingham. Sue is a keen sportswoman and in 2016 achieved a lifelong ambition to swim the English Channel.
Associate Director - Technology and Innovation, techUK
Laura Foster
Associate Director - Technology and Innovation, techUK
Laura is techUK’s Associate Director for Technology and Innovation.
Laura advocates for better emerging technology policy in the UK, including quantum, future of compute technologies, semiconductors, digital ID and more. Working alongside techUK members and UK Government she champions long-term, cohesive, and sustainable investment that will ensure the UK can commercialise future science and technology research. Laura leads a high-performing team at techUK, as well as publishing several reports on these topics herself, and being a regular speaker at events.
Before joining techUK, Laura worked internationally as a conference researcher and producer exploring adoption of emerging technologies. This included being part of the team at London Tech Week.
Laura has a degree in History (BA Hons) from Durham University and is a Cambridge Policy Fellow. Outside of work she loves reading, writing and supporting rugby team St. Helens, where she is from.
Elis joined techUK in December 2023 as a Programme Manager for Tech and Innovation, focusing on Semiconductors and Digital ID.
He previously worked at an advocacy group for tech startups, with a regional focus on Wales. This involved policy research on innovation, skills and access to finance.
Elis has a Degree in History, and a Masters in Politics and International Relations from the University of Winchester, with a focus on the digitalisation and gamification of armed conflicts.
