Bring Your Own Identity key to Global ECommerce
As an Online Identity Verification Service founded on the principles of Bring Your Own Identity (BYOID) we firmly believe this approach will reduce friction and bolster customer engagement in the digital economy.
In a recent article in The Paypers, Emma Lindley, Director, Innovate Identity explores increasing consumer demand for sophisticated online experiences and how user-centric identity models can enable cross-border global ecommerce.
Benefits of User-Centric Identity for Business and Consumers
"The aim of user centric identity is, as the name suggests, a system that holds the customer at the centre of the design. The user is able to share previously verified information with the required organisation to allow the transaction to take place, without having to share more personal information than the transaction requires," says Lindley.
There are three key features here that can only exist in user-centric ID models. Here's how we see them benefiting both consumers and organisations :
- User is able to share - The consumer has control of their information and what they share, which sees the organisation win the trust of their customer.
- Previously verified information - Sharing pre-verified information gives the consumer convenience and, when tied to a trusted online identity, reduces fraud risk for organisations and speeds up new customer acquisition.
- Without having to share more personal information - This provides greater protection of the consumer's data and mitigates the risk of organisations storing and securing personal information.