Decentralized identity solutions and fintech ops

If the companies developing them convince the public of their need, decentralized identity solutions may soon proliferate across platforms and use cases. Getting from ideation to proliferation, however, requires decentralized identity solutions to partner with fintechs and FIs, ensuring these solutions are injected into key processes.

From an operational standpoint, fintechs have to make key decisions and undertake significant preparations before rolling out these solutions.

Partnerships or proprietary tech?

First and foremost, fintechs have to decide what kind of decentralized identity solution they will deploy—if any. More likely than not, fintechs will partner with an existing solution rather than build out their own. But it’s not implausible to imagine larger players like Stripe or Wise building out their own solutions, envisioning market growth in the identity space through their existing clients.

Fintechs opting for the latter may undertake hiring pushes to poach top talent. This may require more of an up-front cost, but could generate significant returns in the long run for focused teams capable of launching and operating multiple products simultaneously.

Anticipating a transition

Fintechs launching decentralized ID workflows into their products may need to build and execute on a transitional roadmap. This entails engineering and support teams working in conjunction to ensure that customers understand how decentralized identity solutions will be deployed, and appreciate their need, before they’re rolled out.

In addition to email contact, support teams may find it helpful to build out a blog post or landing page for customers to inform themselves about these ID solutions asynchronously.

Ongoing support

And finally, post-launch, fintechs using decentralized identity solutions—whether their own or partners’—will have to structure appropriate support operations. What if a user is locked out of their account because of an aberrant ID rejection? What if a user refuses to provide biometric information?

These hypotheticals will soon become real, and will require support and tech teams to work in conjunction to ensure that proper safeguards and protocols are in place.