Article 2 min

The evolution of identity in the marketplace

The evolution of identity in the marketplace
The evolution of identity in the marketplace

Since its beginning, digital services have always been on a growth trajectory. But the pandemic has forced these services to rapidly evolve, serving a wider audience with more diverse requirements. Instead of a channel for certain consumers or select products, they now must serve the masses and all their varied wants and needs.

With more customers comes additional scrutiny. Regulators are increasingly looking more closely at digital service practices, as they know the public is watching. Fraudsters are increasing their attacks, as the rise in activity provides more cover for their illicit activities. And privacy advocates and other consumer protection groups will focus more efforts on the area, as it becomes ever more important to consumers.

A significant factor in all of the changes is identity, the layer of trust that helps secure transactions and create economic relationships. Many of the problems and opportunities of digital services revolve around identity and its potential misuse. From data breaches to cybercrime, money laundering to the end of privacy, the exploitation of identity information helps obscure questionable activities. On the other hand, when identity is properly managed and implemented, it helps stop fraud, protects privacy and enables digital transformation to expand successfully.

In the rapidly changing digital environment, success depends on ensuring that identity changes accordingly. The new normal of business, the new marketplace, requires rethinking identity.

Facilitating trust in a shifting identity landscape

To provide insight into the changes brought about by digital identity, Trulioo has partnered with One World Identity on a white paper: Facilitating Trust in a Shifting Identity Landscape: Compliance, Convenience, and Security Through Digital Identity Networks. It analyzes the growing demand of digital services and how regulatory development, increased fraud activity and changes in consumer sentiment are posing challenges for industry experts.

The white paper also examines the integral role of digital identity in the modern economy, and offers an assessment on why digital identity networks are well-positioned to solve the long-standing issues that have resulted from digital transformation. It also dives into three industry case studies — eCommerce, the sharing economy, and financial services — that illustrate the direct benefits of digital identity networks in solving common challenges across these sectors.