Taqanu banking could be a big help to refugees around the world if it ever gets off the ground. The idea behind Taqanu is that those without documents to prove their identity, as in those displaced by war or natural disasters, can use their digital footprint to prove who they are. This digital authentication would allow someone with no traditional ID cards to apply for a bank account or credit card.
Taqanu banking would work to authenticate profiles by contacting friends and references of users and by matching their online persona with any paperwork uploaded to the system. Such a new approach to banking is facing problems getting approval from established institutions. Taqanu banking will present its case to the G20 in summer 2017 in an attempt to get politicians and bankers on board.
Refugee-Friendly Digital Banking
Taqanu Banking Lets Refugees Without Documents Open Accounts
Trend Themes
1. Digital ID Verification - Taqanu Banking provides a possible solution to the challenge of digital ID verification in the financial industry, offering an opportunity for companies to simplify and speed up their verification processes.
2. Financial Inclusion - Taqanu Banking's attempt to allow people without traditional IDs to open bank accounts or credit cards presents an opportunity for the financial industry to include segments of the population long excluded from formal banking services.
3. Online Authentication - Taqanu Banking's use of a digital footprint to authenticate identities of users presents an opportunity for companies to create more secure online authentication processes for their own customers.
Industry Implications
1. Banking - Taqanu Banking's innovation presents an opportunity for the banking industry to expand its customer base and to offer innovative financial products and services to previously underserved segments of the population.
2. Identity Verification - Taqanu Banking's innovation presents a challenge and an opportunity for the identity verification industry to create more efficient and effective methods of verifying digital identities, particularly for people lacking traditional identification documents.
3. Fintech - Taqanu Banking's digital approach to ID authentication and financial services presents a disruptive opportunity for the financial technology industry to create innovative solutions for the current challenges of identity verification, and to address the needs of previously ignored segments of the population.