While digital identity is the term mostly associated with enhanced security transactions, digital identity records and verification are applicable and useful in almost every sphere of today’s digital and decentralized world. Digital Identity Solutions play a pivotal role in Identity authentication. This platform is also used to verify the identities of employees and customers at various institutions. With the estimated growth of digital payments at an unbelievable pace, the digital id verification companies admit that the growth in the digital economy should be backed by a robust digital identity.
The growth should be accompanied by a robust Digital ID verification process. This shall help in an organized tracking of the data, keeping a secure and reproducible record, and also mitigating the frauds at a large scale. Let us look at some of the potential benefits of Digital Identity Solutions:
1. Makes Processes Error Free with Least Human Intervention
One of the core reasons for incorporating the digital identity concept into almost every field involving security is that it minimizes the need for human intervention subsequently mitigating the chances of any error. The conventional methods used for verifying Id proof needed human interference and thus were faulty and full of loopholes. In the new world, with the best use of digital identity solutions, the process has become machine-based with specially designed software programs and Artificial Intelligence at assistance.
Be it verification of an Identity proof or the security verification during a transaction, most of it has become error-free after the intervention of digital identity. With the help of this new system, it is easy and quick now to identify a document as genuine or fake. This has also led to decreased number of fraud and counterfeit cases all around. Thus, digital identity solutions have made security prominent and robust.
2. Saves Cost and Improves Customer Experience
Independent digital identity solutions can also enhance various aspects of user-friendliness and customer satisfaction. It provides a user-centric design at various prospective stages onboard. Many brands have especially incorporated the digital identity sphere in their operational process to make sure that customers experience safe and secure transactions with minimum human intervention.
The data clearly says that due to such digital identity processes, the brands have retained customers better than ever. It also helps to minimize onboarding costs. Thus, in a nutshell, we can conclude that digital identity solutions help to complete various customer processes and transactions in the most secure way with zero hassles and enhanced reliability and validity. Such a crucial aspect of customer friendliness helps in widening the customer base as well as retaining the existing base.
3. Financial Inclusion
In the past few years, one important sector where there has been a tremendous upswelling of the technology is the Financial Sector. The increasing intervention of technology in the financial sector mostly aims at making payments and all types of transactions (especially digital ones) much more secure and safe. There is prominent importance of digital identity solutions in this case. It paves way for financial inclusion. In fact, in many financial institutions that deal with thousands of customers every day, the sole basis of operation is now based on the pedestal of Digital Identity.
Digital ID assurance standards are extremely precise and outcome-based and that is what makes them trustworthy and easy to use. Another vital aspect of digital identity solutions is to help people get their IDs easily. For people who do not have access to the traditional pen and paper way of obtaining government identity proofs, digital identity solutions have made things easier.
Many finance intuitions have also reported a significant downscaling of Financial Terrorism with the advent and use of Digital Identity Sultions. Not only onboarding cost reduction, but digital identity solutions have also become quite important to make the financial sector transparent and fraud free. Thus the leading finance companies are reporting greater use of digital identity solutions to make their operation process accurate and easy.
4. Transaction Monitoring
Customer ID authentication is one of the most crucial tasks for any brand. Similarly, employee ID authentication is crucial for institutions – be it a school or a corporate office. With the help of digital identity solutions, protecting user data has also become easier. Various privacy laws inducing users’ consent to share certain data onboard can be safeguarded and well secured with Digital ID authentication. The authorities can also easily track and trace out whenever any financial transaction seems suspicious. This is one of the many benefits of digital identity. It also helps in the investigation of frauds and crimes.
Be it verifying the passport at the airport or the verification of a Health card at the clinic, digital identity solutions can be of help to people at almost all tiers of this digital world.