eIDAS 2.0 and the Banking Sector: Challenges and Opportunities in the New Digital Identity Landscape

The European financial sector is undergoing a profound transformation driven by rapid digitalisation, growing security expectations, and increasingly sophisticated regulatory demands. At the centre of this evolution is the digital identity management, an area that has long presented challenges for banks and other financial institutions. Fragmented identification methods, complex KYC and AML requirements, and inconsistent access to trusted electronic signatures have contributed to operational inefficiencies.

The introduction of the eIDAS 2.0 Regulation marks a decisive turning point. Building on the foundations of the original 2014 eIDAS 1.0 framework, this updated regulation establishes a significantly more robust, standardised, and interoperable digital identity ecosystem across the European Union. With the launch of the EU Digital Identity Wallet and the expansion of Qualified Trust Services, eIDAS 2.0 sets a new standard for secure, user-controlled, and cross-border digital interactions.

For the banking sector, the implications are far-reaching. eIDAS 2.0 simplifies identity verification and digital onboarding, while opening the door to fully digital, legally binding, and highly secure financial journeys.

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