A top banker says that the United Kingdom is preparing to launch what he described as a “super app” that will combine a person’s digital ID with their financial data in a manner that privacy advocates and libertarians say will be used to control the population.
UK Finance chairman Bob Wigley has predicted the development of the “super app” that he claims will serve as a one-stop-shop for a person’s financial digital identity. The app would be capable of storing a person’s important financial information such as credit scores, ratings, and know-your-customer (KYC) data. The idea is that having all of this information in one place would simplify the process of accessing financial services and improve the speed and accuracy of credit decisions. The development of a super app could also help to reduce the risk of fraud and increase security for users’ financial information, he says, according to Reclaim The Net.
Wigley also says that the proposed super app for a person’s financial digital identity would be similar to the UK government’s NHS health app, which carries an individual’s health data. Although the NHS app initially faced opposition, it gained popularity during the COVID-19 pandemic.
And he suggests that the banking sector is taking note of the success of the NHS app and is considering the launch of a similar app for storing individuals’ financial data, which would make it easier for people to access financial services and improve the efficiency of credit decisions, the outlet noted further.
“This will be the year that we finally persuade the banking system that we need an economic digital identity system, just like the NHS app,” Wigley said at the New Digital Assets and Money Symposium in London. “This financial app will be personal and attached to each citizen as we need a wider fully digital economic identity program.”
“It would be something each person would carry with them and they could then connect it to any platform or financial institution that they operate with, such as banks and insurance firms,” he explained further, adding that if governments do not implement the app, the big tech behemoths will.
In an era of increasing technological advancements, digital privacy has become a significant concern for individuals, governments, and businesses alike. With the vast amounts of personal information shared online and through digital platforms, the risk of privacy breaches and cyber-attacks is ever-present.
While digital technology has revolutionized the way we live, work and interact, it has also exposed us to risks that were previously unknown. The digital age has given us the convenience of instant communication and access to a wealth of information. However, it has also opened up opportunities for cybercriminals and hackers to exploit personal information for nefarious purposes.
Social media platforms have become a primary source of concern for privacy advocates, with incidents of data breaches, identity theft, and cyberbullying occurring frequently. Users’ personal data, including their browsing history, location, and contact details, are all at risk of being exploited by individuals or organizations with malicious intent.
Another significant concern about digital privacy is the use of surveillance technology by governments and law enforcement agencies, a phenomenon that has increased exponentially within the past couple of decades, especially with the advent of the “Internet of Things.” With the proliferation of CCTV cameras, facial recognition software, and other surveillance tools, individuals’ privacy is at risk of being compromised.
Critics argue that the use of such technologies has the potential to infringe on civil liberties, enabling the government to monitor and track citizens without their knowledge or consent. There is also the fact that such technologies that are used to target everyone is also leading to discriminatory practices and human rights abuses.
This ‘super app’ is just another method for the elite to control the masses and should be roundly rejected.