In a new industry resource, the firm explains that digital IDs can minimize businesses’ cybersecurity risks and unlock revenue channels by providing a secure and efficient platform for value delivery.
TORONTO, May 16, 2023 /PRNewswire/ – As a result of the pandemic, online services have become immensely popular, leading organizations to seek reliable security solutions to safeguard their digital interactions. However, implementing digital identity solutions comes with challenges, such as ensuring uniformity, interoperability, and protection against security threats. Despite the attention and investment the digital identity ecosystem has received, many organizations are still uncertain about its potential for secure authentication and authorization in both B2B and B2C transactions. To assist businesses in navigating these challenges, Info-Tech Research Group has published research in a new industry blueprint titled Navigate the Digital ID Ecosystem to Enhance Customer Experience.
As outlined in Info-Tech Research Group’s new resource, a digital identity is an electronic representation of a unique entity, with all other identity attributes abstracted. It can exist in electronic and physical forms, with an identity certificate linked to an identifier representing the same entity. In essence, digital identity is a reliable means of identifying an individual or entity in the online world without revealing other sensitive information.
“The digital ID ecosystem has the power to transform laggard economies into global digital powerhouses,” says Manish Jain, principal research director at Info-Tech Research Group. “Moreover, digital IDs can help businesses transfer some of their cybersecurity risks and unlock new revenue channels by enabling a foundation for secure and efficient value delivery.”
The firm’s research highlights the barriers organizations encounter when implementing digital identity solutions. One of the more significant obstacles is the limited understanding of the global digital ID ecosystem and the varying approaches across countries. These factors make it difficult for businesses to determine digital ID’s potential benefits to customer interactions and overall business management. Additionally, organizations can face challenges balancing customer privacy, data security, and regulatory requirements while pursuing desired end-user experience and high customer adoption. Organizations are also still unsure if digital ID solutions can effectively lower operational costs and mitigate the risks associated with data transfers.
Info-Tech advises in the blueprint that organizations use the following approach for implementing digital identity:
- Understand the digital ecosystem: Focus on the key principles of digital ID and prioritize critical success factors to drive adoption.
- Consider adoption success factors: Take affirmative actions to drive the adoption of digital ID, involving all players in the ecosystem, such as governing authorities, identity providers, and consumers.
- Follow the digital ID adoption journey: Realize the potential of digital identity and enhance customer experience by following specific steps toward digital ID adoption.
In the blueprint, Info-Tech explains that to enhance user experience and increase lifetime value (LTV) to an organization, customer touchpoints need to be prioritized and transformed using digital ID as a tool.
To learn more about the research and insights on customer-focused digital ID adoption, download the complete Navigate the Digital ID Ecosystem to Enhance Customer Experience blueprint.
For more information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and Twitter.
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 industry analysts through the firm’s Media Insiders program. To gain access, contact [email protected].
SOURCE Info-Tech Research Group
