In many ways, the digital landscape has become all-pervasive and encompassing. The interconnected mesh of technology has become a binding force for the industry today. Here, digital identity has established itself as the foundation of our fast-changing data-driven and technology-based economy and society. It’s a trend that’s affecting businesses, government agencies, and civil society groups, as well as the people and organisations that they serve.
The pandemic has only acted as a catalyst for the debate about ‘digital identity’. The usage of technologies such as identity proofing – which was initially meant to help customers verify – will grow to make onboarding new and existing remote employees easier. Organizations will use more credential-based password-less authentication with proximity-based login to reduce the danger of less secure home office environments, as opposed to badges and smart cards.
Based on insights, let’s delve deeper into the key factors shaping the future of the digital identity.
Focus on mobile-first solutions
The emphasis is increasingly shifting towards the mobile when it comes to digital identity. Of all, it doesn’t take a genius to understand that we’ve arrived at a time when mobile connection reigns supreme. However, it’s worth noting that the trend shows no signs of slowing down. And the ramifications for digital identification are enormous. The numbers are particularly telling:
- According to Statista, in 2020, around 4.66 billion individuals had access to the Internet. The global online Internet penetration rate is around 60%, with over 92 percent using mobile devices to access the Internet.
- According to The new Digital 2021 April Global Statshot Report, which was created in collaboration with Hootsuite and We Are Social, more than 6 out of 10 people on the planet currently utilise the internet.
- According to Statista, mobile will account for 50% of worldwide internet traffic in 2021. Users’ major way of accessing the Internet is increasingly mobile devices (including tablets).
Given these trends, it makes sense that most businesses, including Google, focus on a mobile-first approach for their business. Ostensibly, stakeholders in the digital identity space too are focusing on solutions that are mobile-first.
Secure ID foundation for online trust
In one fell swoop, the pandemic has made discussions about the necessity of digital identities a moot point. As the pandemic drags on into 2021, businesses must consider how to protect their services. Organizations may differentiate themselves depending on how they create trust with their users by processing and protecting their identities in a visible, frictionless, and safe manner. Organizations will need to face complexity head-on if they are to effectively deploy better secure identification.
For most businesses, seeking out providers who combine AI-assisted automation with an easy-to-use back-office dashboard for manual verifications is a good place to start. Many solution providers employ corporate package pricing, but newer solutions may provide tiered or pay-per-verification pricing, depending on which model is a good fit for the business. The emphasis should be on fulfilling business needs without compromising on the experience for users.
According to IBM, beyond security, the advantages of digital trust are numerous. Digital trust, when applied pragmatically, effortlessly, and with the user experience in mind, can result in more engagement, higher productivity, and more revenue development potential. This is why, the focus today is on building trust via security by emphasizing the development of secure and interoperable solutions: digital credentials across devices, digital driver’s licenses, and virtual/digital cloud passports. According to marketsandmarkets, the worldwide identity verification market is anticipated to expand at a CAGR of 15.6 percent over the forecast period, from USD 7.6 billion in 2020 to USD 15.8 billion in 2025.
The road ahead
Too many businesses fail to prioritise digital identity in their business models and operations, and as a result, they will likely miss out on the full benefits of responsible digitalization. These inefficiencies show that, despite recent advancements, the digital identity world is far from ideal. There is significantly more work required to streamline the procedures and decrease the number of identities required by any business, individual, or device. Key technology stakeholders must come together to establish a digital identity consensus and unlock the true potential of our, data and technology-driven society and economy.
