protect your organization’s reputation by preventing breaches or downtime & always keep data securely. A digital identity is about mapping a physical entity to a logical entity about an individual, organization, or electronic device that exists online. The digital future is exciting, and thinking life without technology isn’t possible. Digital identity is the heart of this technology that helps bring the vision of integrated devices, smart cities, and digital nations to reality. What Is Digital Identity? A digital identity is a set of validated digital attributes and credentials associated with uniquely identifiable individuals or businesses stored in the digital sphere. It is essential to secure digital Ids as they possess sensitive data, including personal, professional, and financial. Securing digital Ids is crucial because they are sensitive data that can be utilized to provide seamless access to systems. It can enhance the authenticity, security, confidentiality, and efficiency of a customer. Reliable and compelling digital Ids provide additional improvement for an individual’s identification or verification when authenticating the customer’s identity. Importance Of Digital Ids Now that you know what digital Ids are about, then let’s understand their importance. Devices and applications are in abundance in today’s digital era, and every person like you and me has multiple accounts, IDs, and passwords. Digital identities have the potential to make your life more leisurely, along with adding massive efficiencies to the business or individuals. With digital identification, complexity will be reduced with streamlined services , removing duplication and making online transactions easier. Benefits Of Digital Identities Minimizes Manual Measures The conventional method of conducting customer identification mainly depends on human methods like checking the photograph of any person with the identification Ids. The age-old identification method may be fake as it requires tools, training, skill sets, and experience to identify if the document is genuine or stolen. The use of digital Ids can reduce the risk of human error in identifying and verifying the identity of an individual. Use Friendly Experience The use of digital identification also provides a user-friendly experience to customers at the time of onboarding, government procedures, banks-related experiences, and during the entire customer life cycle. It is essential to consent with the customers and think about their satisfaction during the completion of applications and transactions that may reduce customer retention. A quick and straightforward verification process combined with potential efficiency can help lower the onboarding costs drastically. Transaction Monitoring Digital access of any account or verification for authorization for continuous account access may confirm the identification and reporting of any suspicious transactions. It also helps businesses judge whether the account holder is the same who accessed the account before through the digital identification method. Also, digital Ids authentication for an authorized account can help firms to capture additional information like geo-location, IP address or any other verification. The information through digital Ids can help businesses to understand their customers more precisely. It also helps them understand any individual’s behavior based on their financial transactions if they appear suspicious or fraudulent. Financial Involvement The increase of technology in the financial sector has raised the question about digital Ids and verification systems. Financial services are the places where digital identification is mainly needed as it provides user-friendly verification of customers. The development of robust and outcome-based digital Ids can allow firms to access the identification of customers to lower the risk of manual checking methods in financial services. Security And Privacy Digital Ids helps to improve online security services through expensive identity and access management systems. It also helps to provide confidence to firms or other businesses to identify individuals accessing their services. The use of digital Ids enhances privacy as it provides users with confidence that their personal information is protected. Final Thoughts Firms or businesses that understand the importance of digital Ids can see a 90% reduction in customer onboarding costs. The time taken for identification or verification by these firms can eliminate the time taken from days or weeks to minutes. Firms can save dollars using digital Ids and can use this money on anti-laundering or financing terrorism compliance functions or simply strengthening the security landscape with latest technologies. Businesses choosing digital Ids services will have reduced complexity by providing more seamless and streamlined services, making the online services more accessible. About SNS : SNS is an ISO 27001 certified , 20 Years old Cyber Security solutions focused company based out of Chennai with 10 branches all over India . It has excellent expertise in implementing Digital ID’s, PIM/PAM and Multi-Factor Authentication based secure access system with centralized logging & reporting. For any consultancy related to Cyber Security Solutions, please write to [email protected]