All businesses are going to be able to benefit from digital ID in one way or another, regardless of the sector they operate in - finance, property, telcos, insurance, legal, travel, employment, gambling and any age restricted services. It will be a gamechanger for organisations that use it to onboard and allow customers access to their services.
However, digital ID is complex and confusing. There are still many organisations, large and small, that do not fully understand digital ID and how it will work for them and their customers. These are the organisations that are likely to benefit the most from adopting digital ID, so it is important that they do understand and start taking steps to adopt digital ID now.
The eco-system that is enabling digital ID adoption is moving fast. Digital ID is a key focus for governments, tech giants and other major stakeholders around the world, so it cannot be ignored by the businesses that it will impact. In some countries, it’s already the primary way for people to access both public and private sector services.
To enable a clearer understanding of digital ID and why it is a positive development for all organisations, the OIX has launched a series of short educational videos that cut out the jargon, explain digital ID simply and address key concerns clearly. They also dispel some common digital ID myths.
The videos are aimed specifically at organisations that will come to accept and rely on digital ID as the primary way for their customers to access their products and services.
The first in the series of videos about digital introduces what digital ID is and can be found HERE.
One of the key questions asked by many organisations is whether it will make access to their services even harder for customers. There are many people in the UK who already struggle to prove who they are to organisations and, therefore, struggle to access the services they are entitled to. Our research has shown that at least six million people in the UK struggle to prove who they are.
However, the way digital ID is progressing means that there is a strong focus on inclusivity, alternative proofing methods and assisted digital capabilities. This is to ensure that anyone that wants a digital ID can obtain one and use it to access the services they are entitled to. In fact, studies are showing that digital ID improve access to healthcare, education, and jobs in countries that encourage their use, and can also help increases gross domestic product (GDP) by 3 to 13%.
One of the areas causing most concern for businesses is security. According to UK Finance, there a fraud epidemic causing huge financial, social and political problems for the UK. Across the globe the cost of fraud has been estimated at $5.4 trillion.
Understandably, businesses have concerns around how secure digital ID will be and whether it will impact current levels of ID theft positively or negatively.
The reality is that digital ID has some key features that make it a far safer option and it has the potential to help reduce the current levels of fraud. This video will help clarify why digital ID is safe and the rules being put in place to ensure digital ID is secure.
When it comes to the issue of privacy, not only has this raised a number of end user concerns, but it also has a number of myths attached. For example, the most common concern is that biometrics will be used to monitor behaviours.
The reality is that there are stringent rules and laws in place to ensure the identity data within a digital ID is only used in a way that respects privacy. This is a requirement of every party in the digital ID eco system. This video will help explain how privacy will continue to be protected and the guidelines being put in place to ensure organisations do not fall foul of it.
Organisations that embrace digital ID will see:
- increased success rates for onboarding new customers, as well as returning customers
- reduced identity fraud levels
- improved compliance as well as reduced compliance costs
- and the overall cost per user will be significantly reduced.
They will also be able to:
- provide instant access to services for customers
- move away from forgettable passwords
- no longer require customers to find and provide paper ID documents
- and easily update details as customer data changes.
Ensuring that digital ID works well for these organisations is a key focus for the OIX.
For a full overview of digital ID, please see all our videos HERE.