Obviously, you’d need reliably facial recognition. But it only has to beat a human to basically have the same level of security as we do at the moment.

I think in a decade we might just have a read-only database of us which links our image to a few essential details. (updated with a new image every few years… although date-stamped as an additional one rather then replacing the old [makes fraud a lot harder]).
This image/ID link database could also contain a field for the organisations allowed to use it. Government by default, but you could add banks, medical places etc as the user see’s fit.

I know some people will raise privacy objections, but much of this data on us is “in the system” anyway, might as well make it work for us a bit more.
I think it could also simplify everything a bit more; The very fact that you are YOU proves who you are, not cards, passports or bits of paper.