This executive strategy brief examined how digital identity weaknesses create major financial and operational risks for banks through fraud, ransomware, account takeovers, password resets, and regulatory exposure. Citing Oliver Wyman research, the document argued that improving digital identity systems could increase bank operating profit by as much as 35%. The brief analyzed the fragmented costs associated with fraud prevention, customer remediation, compliance, reputational damage, and call center operations while positioning digital identity as a CEO-, CFO-, and COO-level issue rather than solely an IT concern. It also proposed both incremental and enterprise-wide modernization strategies focused on onboarding, authentication, customer verification, and passwordless access. The datashee

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