While many consumers worry about protecting their digital financial identities, billions of people around the globe are concerned about not having these identities at all. In fact, 38 percent of adults throughout the world are considered to be unbanked.
Although many FinTech institutions are working to change this, their initiatives also run the risk of monopolizing identity, something Travis Jarae, who has worked in the identity verification field for companies including Citi, Deloitte and now Google, believes would be detrimental.