Why biometric technology holds the key to restoring consumer trust in digital ID
Bye Vince Graziani, CEO, IDEX Biometrics
Over the last few years, digital ID has paved the way for more secure, practical, and inclusive payments. Digital identification, also known as digital ID, signifies information that is stored in a digital format to prove the identity of a person or an organization.
Tackling the digital divide
The need for an upgrade to digital ID’s current role in the global digital economy is made even clearer when looking at the situation through an inclusivity lens.
Despite efforts to improve levels of financial inclusion, barriers that prevent access to financial services for communities across the globe remain unsettlingly common.
Marginalized segments of society continue to be impacted, including low-income minorities, refugees, and those suffering from dementia, literacy challenges, or impaired vision.
While the PIN has been at the heart of best-practice data security for decades, it is no longer the most secure and seamless solution.
The multitude of login details, passwords, and PIN numbers required for financial service platforms can represent a significant barrier to engagement for many of these marginalized groups. Also, a lack of familiarity with mobile banking applications means that older people may need greater reassurance of their security in an online environment.
Digital ID has the potential to reverse many of these systemic challenges, removing barriers faced by those with limited access to the digital economy. Examples already being seen around the world include the Nigeria Digital Identification for Development project, which has recently pledged to bolster Nigeria’s digital economy by enabling people living with disabilities in the country to have their biometrics captured. As a result, the inclusion gap is closing, and access to identification is becoming democratized.
Similarly, in Europe, a consortium of six countries – Denmark, Germany, Iceland, Italy, Latvia and Norway – led by the Nordic-Baltic eID Project (NOBID), is set to embark on a new pan-European digital wallet pilot. The digital wallet will allow citizens across the continent to easily verify their ID, access public and private services and store sensitive digital documents in one secure location.
What does the future of digital ID look like?
Digital ID is already providing a revolutionary step in the field of payments, for consumers around the globe who require universal access to secure transactions. Subsequently, it comes as no surprise that global digital ID revenue is forecasted to exceed $53 billio min by 2026.
Biometrics represents one step further in this evolution. The convenience, security, and inclusivity of this mode of digital ID are more than just a final nail in PIN’s coffin. Its broad set of use cases spans access control, payments, crypto, and digital wallets. All with the knowledge that a person’s entry to these domains is dictated by their own identity, and nothing else. No remembering, no passcodes, no leeway for that person’s credentials to fall into the wrong hands. Altogether, we’re heading towards a safer and more convenient way to prove our identity that combats fraud and puts the power of our identity firmly back into the hands of the consumer.
Now is a pivotal time for the market to continue engaging with biometric solutions, and for governance policies to provide a more suitable framework for this next phase of digital ID which promises to bring confidence and trust back to the consumer.
About the author
Vince Graziani is Chief Executive Officer at Idex Biometrics ASA. IDEX Biometrics provides fingerprint identification solutions including biometric fingerprint sensors and modules enrollment solutions which are used in payments, identification, access control, and IoT applications.
Fonte: Biometric Update
Acompanhe como o reconhecimento facial e impressões digitais, de íris e voz estão sendo utilizados para garantir a identificação digital precisa para mitigar fraudes e proporcionar aos usuários conforto, mobilidade e confiança. Crypto ID, o maior canal brasileiro sobre identificação digital. Leia outros artigos aqui!
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