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The Future of Federated Identity: Consumer Markets, such as Healthcare, Deserve Bank Focus

Product Type: Market Research Report
Published by: Javelin Strategy & Research
Published: December 2007
Product Code: R3424-51
Description
Interest in federated identity, which allows for portability of a user’s authentication across multiple domains, has declined over the past five years, as the promise of creating efficiencies and revenue streams has not come to fruition. While many large financial institutions (FIs) showed an initial interest in driving federated identity solutions as a line of business, only one¯Wells Fargo—remains committed to doing so. Is this a missed opportunity for FIs? Extracting from executive interviews with banks, vendors and industry organizations, and presenting a case study of Wells Fargo’s WellsSecure, this report explores the involvement among financial industry players in federated identity initiatives, and identifies potential opportunities, the need for FI involvement, and impending changes to the landscape moving forward.

Primary Questions
  • Why have financial institutions abandoned their involvement in federated identity initiatives?
  • What factors have contributed to Wells Fargo’s role as the dominant FI player as a provider of identity assurance services?
  • Is there value for FIs¯are they missing out on a potentially lucrative revenue opportunity, even if there is no immediate pervasive return on investment?
  • What new or potentially landscape-changing technologies or initiatives exist that could resurrect financial institutions’ interest in federated identity?
Table of Contents
Overview

Primary Questions

Findings and Analysis

Federated Identity, Then and Now…Is 2003 Really that Long Ago?

What Has Spurred the Banking Industry’s Departure from Federated Identity?

Case Study: Wells Fargo Bank

Identity Federation and the Public Sector: Lessons to be Learned

Are FIs Missing Out on Unseen Value?

Ceding Control to the Individual End-User: Federated Identity for Consumers

Federated ID and Healthcare

Table of Figures

Figure 1: From 2003 to 2007, FI Interest in Federation Has Diminished Considerably

Figure 2: FIs’ Risk and Fraud Efforts Outweigh Federation Initiatives

Figure 3: Sequence of Adoption in the Financial Sector

Figure 4: Identity Federation Will Improve the Healthcare Experience
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