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Stakeholders see digital ID advantages, but work on standards needed, reports suggest

Regula, Onfido release survey results
Stakeholders see digital ID advantages, but work on standards needed, reports suggest
 

Businesses recognize the potential for digital IDs to revolutionize customer engagement. Approximately 75 percent of respondents to a new Regula survey believe that digital IDs can simplify customer journeys, transforming complex processes into efficient experiences.

Many organizations have transitioned from recognizing the potential of new technology to actively integrating it into their operations. Industries with frequent customer interactions, such as finance, are leading the way, with 50 percent of respondents currently in the integration stage, according to the “The New Imperative: Digital IDs” report, commissioned by Regula and written by Forrester Consulting. Additionally, 31 percent of all respondents are in the early stages of implementation.

Similarly, in the “End-User Expectations of Digital Identity Report,” Onfido reveals that digital banking users consider digital identity verification to be both secure (81 percent) and convenient (88 percent). Financial institutions have reported substantial customer acquisition through digital channels, with 42 percent registering for an account via an app and 35 percent via a website.

“The survey finds that users seek the benefits of digital within in-person banking, too. In fact, 8 in 10 users would opt for digital processes that help speed up in-person services and waiting times,” says the Onfido report.

Growing need for unified global standards for digital IDs

Regula’s study highlights the strategic importance of a universally accepted set of standards, and the lack thereof complicates the implementation of digital IDs. There is a strong consensus among stakeholders, with 74 percent suggesting the need for unified global standards for digital IDs to ensure interoperability and consistency across borders.

As a significant number of companies are actively implementing digital IDs, with 42 percent of surveyed companies doing so, there is an increasing demand for frameworks and guidelines to ensure these systems are secure and respect privacy. To address this, numerous international organizations and standards bodies are working on developing such frameworks.

The New Technology Working Group in the International Civil Aviation Organization (ICAO) and the International Organization for Standardization (ISO) are each working to create global standards for digital IDs across various industries, including digital identity verification. “This seems to be a case in which slow and steady wins the race,” says Ihar Kliashchou, chief technology officer at Regula.

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