UKFS Automation Innovation for Origo

CBoxx are wrapping up the latest assignment with Origo to conduct comprehensive business case analysis and feasibility research for a series of new industry automation opportunities within the UK financial services industry. At this stage, everything is still confidential so I can only write in outline terms…

The work has entailed developing the first spark of an idea into a realisable concept, then finding and forming an industry working group of interested parties within that area of the market. Through a process of collaboration with the market and Origo experts we then find out the common needs, individual capabilities, specific challenges, business priorities and then propose a set of possible solution options. Group discussions and feedback then refine those options into a preferred approach, that is often a combination of the “best bits” of each.

A concise, costed business case is then generated and presented to the leadership team, enabling them to easily understand the business, technical and commercial parameters of each proposed project and confidently make an informed business decision within their own strategic framework.

The real excitement of this type of work is meeting and learning from experienced practitioners and experts in their field. Of course, there is “the journey” that through constant questioning, listening, revising & refining ideas, can sometimes unveil innovative new approaches to tackling industry problems that were not evident at the outset. Lightbulb moments!

Despite the turmoil of 2020, CBoxx believe that 2021 promises a great deal for Origo and the forward march of digitisation within the financial services industry.

CBoxx Briefing Paper – The Decentralised Financial Passport

This CBoxx Briefing Paper is for innovators at UK financial institutions. It takes the idea of a Decentralised Financial Passport to illustrate the concepts, opportunities and challenges around decentralised identity, then presents a roadmap for industry adoption.

Download CBoxx Briefing Paper – The Decentralised Financial Passport UKFS

Regulated financial institutions must, by law, operate expensive, time-consuming customer due diligence processes (KYC, KYB etc) to continuously understand who their customers are. Those customers are increasingly managing their finances from smartphones and soon they will be doing that without passwords, pin numbers, memorable questions or ever having to rekey their identity data. There will be no need to rely on paper credentials or overshare personal information; this will be liberating for both customers and financial institutions.

The Decentralised Financial Passport concept relies on decentralised identity technology and the open standards that are fast becoming real world infrastructure. This new global identity layer enables reputable institutions to issue portable digital identity credentials that are controlled by their customers. This streamlines onboarding, reduces complexity, reduces costs and vastly improves data security. New revenue streams and business models will emerge.

Download CBoxx Briefing Paper – The Decentralised Financial Passport UKFS