Deloitte examines how eIDAS 2.0 is set to reshape financial services through the introduction of enhanced digital identity frameworks across the European Union. The article explains that the updated regulation builds on the original eIDAS framework by enabling a standardized European Digital Identity Wallet, allowing individuals and businesses to securely store and share verified credentials.
The piece highlights the implications for financial institutions, including streamlined onboarding, stronger authentication, improved cross-border services, and enhanced regulatory compliance. It emphasizes how digital identity modernization could reduce fraud, simplify Know Your Customer (KYC) processes, and create new digital service opportunities.
Deloitte notes that financial services firms will need to adapt their infrastructure, governance models, and compliance frameworks to align with eIDAS 2.0 requirements while leveraging the opportunity to deliver more seamless and secure customer experiences.
