Digital Identity Point Solutions
There are a myriad of point solutions being marketed for identity management, including Anti-Money Laundering (AML), Know Your Customer (KYC)/Know Your Business (KYB), ID verification, facial ID match, genuine assurance identity, device ID/GEO ID match, mobile network operator (MNO) match, face finger voice biometrics, behavoural biometrics, passwordless login, fraud risk assessment, credentials & blockchain, AI-based fraud detection, identity hardware, and identity platforms (orchestration).
What is most interesting is that many of the companies in each of these categories have partnerships with one another and in some categories – such as identity platforms – players have partnered with all the listed categories and more. While many of these partnerships make sense for the underlying businesses, they can cause problems for the enterprise (the customer). To explore this, consider the challenge that using more than one identity vendor poses to the consumer. How long does it take to enroll in a new service such as opening a bank account remotely? What consumer friction is involved? What are the headwinds to enrollment? How many steps will it take? Does the consumer feel safer, and does s/he understand the process? What about the enterprise back end? If the solution providers are cloud-based, how many API calls will the bank have to make, potentially exposing customer data? What is the overall efficacy of the complete multi-assembled identity solution? What if four of the seven vendors say ‘yes’ (it is a verified you), but the other three say ‘no’? How can the bank properly orchestrate the identity results with confidence and configure the right algorithmic workflows? The questions and complications are nearly endless – and the list above does not even begin to consider the total cost of a multi-vendor solution.