Family Finances

A Conversation on Digital Identity in Financial Services

Event information
Tue Jul 9, 2024
2:00pm - 4:30pm EDT
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Building a more inclusive financial system requires efficient methods of verifying and authenticating people’s identity and effective means to block bad actors. Technological advances are making that more possible than ever, but demands attention and investment to make sure our goal—improved financial outcomes for people—are met in that transformation.

Join the Aspen Institute Financial Security Program for this conversation on July 9 from 2:00 – 4:30 p.m. ET, in person at the Aspen Institute office in Washington, D.C. or via Zoom livestream, bringing together leaders and innovators exploring the transformative potential of digital identity to build a more secure financial system that works better for everyone. A short reception will follow. 

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Jo Ann Barefoot, Founder and CEO, Alliance for Innovative Regulation

As a former senior bank regulator and Capitol Hill staffer, she helped design and implement policy frameworks in the traditional financial system. Today, she focuses on the places where the disparate currents in our markets and regulatory systems can flow together to form something new and better than what came before it. At AIR, she is helping to make the financial system fairer and more resilient by spurring the development of new solutions for financial consumers that employ the advantages and combat the risks of digital innovation. Their mission is to connect government officials, digital innovators, financial providers, academics, nonprofits and other stakeholders, assembling a diverse network committed to the common goal of a technologically advanced regulatory system.

She has always been interested in the confluence of technology, markets, culture, social movements, science, art, education, global poverty reduction and, crucially, regulation in fostering the transformative ideas that make our world better.

David Ehrich, Co founder, Petal, Alliance for Innovative Regulation

David Ehrich is Co-founder and Executive Director of AIR – the Alliance for Innovative Regulation, a non-profit dedicated to the digital modernization of the regulatory system. David has worked in banking and payments for 20 years at McKinsey, American Express where he was a GM in the prepaid group, and JPMorgan Chase where he was the head of credit card strategy. David is the architect of the Bank On National Account Standards for bank accounts with no overdraft fees and he is a Co-Founder of Petal, a NYC-based fintech credit card startup pioneering the use of cash flow underwriting to help consumers who lack a history of credit. David has served a member of the Community Advisory Board (CAB) of the Consumer Finance Protection Bureau and he has served on several nonprofit boards. He is a fintech advisor and angel investor, and an advisor to TSEF (The Social Entrepreneurs Fund). David is a storyteller featured by the Moth, and he has an MBA from the Tuck School of Business at Dartmouth, and a B.S. from Cornell University.

Ryan Galluzzo, Identity Program Lead, National Institute of Standards and Technology

Ryan is the Identity Program Lead for the Applied Cybersecurity Division at the National Institute of Standards and Technology (NIST). In this role he coordinates digital identity projects, initiatives, and efforts to advance NIST’s standards & guidance and drive foundational research to promote innovation in digital identity. He has contributed to multiple NIST Special Publications (NIST SPs) including NIST SP 800-63 Digital Identity Guidelines. Prior to joining NIST Ryan was a Specialist Leader at Deloitte & Touche where he spent over 10 years providing cybersecurity and identity management subject-matter insights to multiple federal agencies, including the Internal Revenue Service, the General Services Administration, and NIST.

Jeremy Grant, Managing Director, Venable LLP, and Coordinator, Better Identity Coalition

Jeremy Grant brings more than 25 years’ experience at the intersection of identity, privacy, and cybersecurity, having served in a range of leadership positions spanning government and industry. He serves as Venable’s Managing Director of Technology Business Strategy and is a member of the firm’s Technology and Innovation Group. Jeremy previously established and led the National Strategy for Trusted Identities in Cyberspace (NSTIC), housed in the National Institute of Standards and Technology (NIST); NSTIC was the first new cybersecurity program launched by the Obama administration. There he led activities across private and public sectors to drive a marketplace of more secure, privacy-enhancing identity solutions for online services. He also served as NIST’s Senior Executive Advisor for Identity Management. Before leading NSTIC, Jeremy spent three years as a market analyst focused on identity and cybersecurity. Earlier, he led the Security and Identity Management practice at a systems integrator. Jeremy began his career as a legislative aide in the U.S. Senate, drafting legislation laying the groundwork for U.S. government smart card and PKI efforts, and working on a range of privacy and technology issues. Jeremy also serves as Coordinator of the Better Identity Coalition, an organization focused on developing and advancing consensus-driven, cross-sector policy solutions that promote better solutions for identity verification and authentication.

Anu Madgavkar, Partner, McKinsey Global Institute

Anu Madgavkar is a partner at the McKinsey Global Institute (MGI), the global business and economics research arm of McKinsey & Company. She has worked for over two decades with McKinsey in Asia and the United States, building deep insights on global labor markets, growth and inequality, the economic impact of digital technologies. Her major research efforts include:

■ The Future of Work: Analyzing COVID-19’s long-term impact on the workforce including the potential implications of more remote work, digital transactions and automation (The Future of Work after COVID-19, 2021; The Future of Remote Work, 2021).

■ Financial markets: Building a perspective on the balance sheets of national economies, where net worth is stored and how it has grown, and the implications for the world (The rise and rise of the Global Balance Sheet, 2021).

■ Digital economy: Analyzing the global economic impact of digital ID and open data; assessing the potential of and roadmap to digital opportunities in India ((Digital ID: A key to inclusive growth, 2019; Financial data unbound, 2021; COVID-19 and the case for robust digital financial infrastructure, 2020; India’s Trillion Dollar Digital Opportunity, 2019; Digital India, 2019).

■ The social contract: Framing economic outcomes for individuals in the OECD economies, including the impact of the pandemic and implications for the welfare state; achieving minimum living standards in emerging economies (The social contract in the 21st century, 2019; Poorer than their parents, 2016; People on the Move, 2016; From Poverty to Empowerment, 2014).

■ Gender Parity: Assessing the potential economic gains from gender equality (Power of Parity series, 2015; The Future of Women at Work, 2019; COVID-19 and gender equality, 2020).

■ Emerging economies: Understanding the virtuous cycle of growth in emerging economies (Outperformers: High-growth emerging economies, 2018; India’s Turning Point, 2020).

Anu is an active thought partner to business and government leaders, a speaker at global forums including the World Economic Forum, the Clinton Global Initiative, the UN ECOSOC Council, the Bloomberg New Economy Forum, Chatham House, Asia House, Conference Board, the World Bank, IFC, IMF, UN Women, the UN High Level Panel on Women’s Economic Empowerment, DFID, India’s NITI Aayog, the International Organization for Migration, the UN Global Migration Group, and various government and multilateral agencies.

Anu is based in McKinsey’s New Jersey office and was previously based in Mumbai, where she has been a partner co-leading McKinsey’s Financial Institutions practice in Asia. She holds a degree in economics and statistics from St. Xavier’s College, Mumbai and an MBA from the Indian Institute of Management, Ahmedabad.

Brian Russell, CEO, DaVinci Partners Consulting

Brian Russell is a fintech executive with a 30+ year track record of delivering trusted innovation in financial services. He is currently a Strategic Advisor with expertise in Authentication and Digital Identity and the Founder and CEO of DaVinci Partners Consulting.

Most recently he was SVP, Head of Enterprise Platform for Identity Management and Authentication at U. S. Bank where he was responsible for the vision, strategic direction, and leadership of these company-wide capabilities. He defined the roadmap, and target state architecture for Enterprise Identity Proofing, KYC and Authentication capabilities and his role spanned all lines of business and channels. Previously he was SVP, Head of Identity Management Capabilities at Wells Fargo and Executive Director, Identity Verification Strategy at JPMorgan Chase. He was also served as Senior Vice President, Financial Solutions in the G+D Mobile Security U.S. Division.

Brian has been an Advisory Board member for identity fintechs including red violet and Princeton Identity. He earned a BA from Colby College and an MBA from Wharton. He presently resides in Great Falls Virginia with his wife and is the proud father of three daughters and one granddaughter.

Ida Rademacher, Vice President, Aspen Institute; Co-Executive Director, Financial Security Program

Ida Rademacher is a vice president at the Aspen Institute and co-executive director of the Aspen Financial Security Program. She also launched and leads the Aspen Partnership for an Inclusive Economy. A leading voice on Americans’ financial health, Ida is also known for building innovative teams, initiatives and events that fuel new insights and fresh thinking about how to simultaneously build economic inclusion and economic growth. Her efforts have resulted in the creation of several cutting-edge initiatives and events, including the Expanding Prosperity Impact Collaborative (EPIC), the Aspen Leadership Forum on Retirement Savings, Benefits21, the Global Inclusive Growth Summit and The Future of Wealth. In Ida’s prior work as Chief Program Officer at Prosperity Now (formerly CFED), she created the multi-institutional team responsible for leading the U.S. Consumer Financial Protection Bureau’s Consumer Financial Well-Being Metrics Project, and also led the creation of Upside Down, a program examining ways the U.S. income tax code generates disparate wealth building opportunities and contributes to growing levels of wealth inequality. Ida has testified on numerous occasions before Congress and contributes regularly to news and commentary on economic policy and consumer finance topics in outlets including the New York Times, the Wall Street Journal, the Washington Post, Politico and Marketplace.

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