Things To Know About Digital Identity Verification

 

Digital identity verification provides a significant opportunity for value creation for both individuals and institutions. In  the financial services industry, the pivotal role of identity authentication lies with the ability to establish and verify identities of customers as well as employees. This ability is essential to  maintaining customer trust as well as the security of transactions.

The ongoing rapid growth in digitization, new technologies as well  as new user behaviors has  revolutionized the ways in which financial institutions interact with both their customers and employees. This process has dramatically changed the scope and procedures of their identity management obligations. Due to this, banks have started to re-evaluate their role in the identity supply chain. This is because the accurate verification and authentication of their customers’ identity online is becoming very important to the functioning of society as well as the successful application of several unrelated industries, ranging from the sharing economy open banking to gaming.

Enterprises all around the world are increasingly spending on the digitization of their businesses, including their payment as well as verification processes. Digital identity verification is an emerging market segment that is centered on distinct coordinating and sometimes overlapping solutions. Currently, this technology is dominated by a handful of large vendors with portfolios of established products. There are also smaller players who are constantly innovating to disrupt the market and also to capture some of its shares.

The digital identity verification market  has witnessed a consumer paradigm shift from manual identity verification systems to those that are based on electronic credentials. Since the world was struck with the COVID-19 pandemic, expectations around identity verification in a digital environment have accelerated.

For more information on digital identity verification, visit our website at https://loginid.io/

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