First bank to trial Australia Post’s Digital ID

14/08/17

Credit Union Australia (CUA) has announced that it will be the first bank to trial Australia Post’s Digital ID system.

CUA will be the first banking provider to trial Australia Post's new digital identification verification service, Digital ID, but joins Airtasker, Travelex and Queensland Police Service as one of the first four companies to commit to trial the digital solution.

Digital ID has been under development by Australia Post for about 18 months and will use stored personal data to instantly verify a person's identity via their smartphone or online without needing to physically enter a branch or storefront. The service will enable Australians to apply for a passport online via their smartphone.

In the coming months, CUA will initially offer the Digital ID service to new members applying for one of its savings account products, either an eSaver Reward account or an eSaver Boost account. The service will allow these new members to apply for the products either online or via their smartphone and verify their identity within minutes, without needing to visit a branch.

Australia Post says existing identity verification processes were time consuming and cost the Australian economy up to $11 billion each year. In addition to the decreased costs, CUA chief digital officer Sue Coulter said the Digital ID solution will create a better, more streamlined member experience.

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