UK-based savings and investments membership organisation Tisa has initiated the pilot phase of its industry project to develop multiple prototype consumer digital identities.

The digital identity pilot project, which aims to transform consumer’s money and savings management procedure, was launched following the completion of consumer research and emulation phases.

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In the following six months, Tisa along with a group of financial service providers will be engaged in this pilot phase and evaluate different customer verification methods.

After completion, the test group will devise a new set of standards to develop a secure Trust Framework complying with the existing rules and anti-money laundering regulations.

Based on an open set of standards, the digital identity is expected to facilitate adoption of new technology and introduction of new services in the UK financial services industry.

It is expected to provide the customers greater control over their finances and expedite communication with their financial service providers.

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Further, the digital identity process will reduce operating cost for the financial service providers and offer better security for the customer’s personal data.

Tisa director general David Dalton-Brown said: “Too many customers are left frustrated when they are unable to complete financial processes online. That’s why the Digital Identity is vital to helping people manage their money better.

“As the Digital ID project has progressed, we have opened up the potential for a full Digital Ecosystem, allowing consumers’ data to be managed securely on their behalf.

“Both businesses and consumers will be able to take greater control of their information, in a trusted and easy to use way.”