What the London Marathon can teach us about Open Finance and Digital Identity

This Sunday 21st April, the 44th London Marathon takes place. With a world record of more than half a million hopefuls that have applied, it has become ever important for participants to share their journey around the city’s landmarks with their friends and family. Of course, just relying on spotting a runner’s face or individual number on their chest amongst this many people would be difficult, so how do the organisers solve this problem?

The answer, of course, is technology.

techUK member and marathon sponsor, Tata Consultancy Services (TCS) have developed the London Marathon App ‘Way Finder’.

This is enabled through the timing chip worn by each runner, registered within their number, logging each time they pass over the several timing mats around the course and their all important finishing time.

But registering the chip isn’t useful unless it can be connected to an individual through their number. When this data is overlayed with their name and position on the route, supporters can track their loved-one’s progress – which is very useful!

This is similar to the challenge with Open Finance and Open Data schemes more broadly; lots of data sources that aren’t very useful unless they can be connected to an individual.

So how can financial institutions address this? Digital Identity.

Whilst digital ID might not have the razzle dazzle in many people’s eyes compared to AI – no smart data scheme can realistically exist without it. In the financial services industry, digital ID gives institutions the power to verify the identity of its customers and employees.

Like a runner’s ballot registration ties to the data generated from the chip going over a mat, digital identity enables financial institutions to pin data to a verified individual. With ever more data sources available and more, such as Open Finance, currently being developed – this is more important than ever.

So, when you’re watching those nearly 50,000 hardy souls drag themselves around the streets of London on Sunday, let it remind you of Digital ID and the crucial role it plays in our futures.

techUK is in a fairly unique position as being the trade association with a great number of digital ID companies as members. Combined with our policy work on smart data schemes -  we’re the go-to organization in this space, reflected by our seat on the Government’s Smart Data Council. To find out more about Open Finace or smart data, contact our Financial Services programme and subscribe to our newsletters.


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Andy Thornley

Andy Thornley

Head of Financial Services, techUK

Andy joined techUK in August 2022 as Head of Programme – Financial Services. His role includes leading techUK’s work in building a greater understanding of the 'technological art of the possible' in order to apply it to the reform and evolution of financial systems.

Before joining techUK, Andy worked for a number of other bodies in the financial services sector, including the British Insurance Brokers’ Association, where in addition to owning policy and public affairs, he was also responsible for fostering InsurTech in the sector.

Andy has a degree in Human Biology and holds a Certificate in Insurance (Cert CII) qualification from the Chartered Insurance Institute. Outside of work, Andy is an avid cyclist and races competitively both on the road as well as the velodrome.
Email:
[email protected]
Twitter:
@AndrewThornley
LinkedIn:
https://www.linkedin.com/in/mr-andy-thornley/

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Ella Gago-Brookes

Ella Gago-Brookes

Team Assistant, Markets, techUK

Ella joined techUK in November 2023 as a Markets Team Assistant, supporting the Justice and Emergency Services, Central Government and Financial Services Programmes.  

Before joining the team, she was working at the Magistrates' Courts in legal administration and graduated from the University of Liverpool in 2022.  Ella attained an undergraduate degree in History and Politics, and a master's degree in International Relations and Security Studies, with a particular interest in studying asylum rights and gendered violence.  

In her spare time she enjoys going to the gym, watching true crime documentaries, travelling, and making her best attempts to become a better cook.  

Email:
[email protected]

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