CIO OPINION
Plus and Deloitte , the direct consumer and commercial benefit of digital ID in Australia has been estimated at approximately $ 11 billion per annum . Additionally , if the economy-wide benefits follow the trends seen in other developed economies like the UK or US it could contribute as much as 3 – 4 % of the country ' s GDP .
3 . Building more , testing more and collaborating more is key
To achieve a secure digital future , it is imperative that all stakeholders involved in providing identity solutions actively participate in shaping the landscape of identity verification , risk management and fraud prevention . Collaboration between industry experts , policymakers and technology providers is crucial in establishing frameworks that safeguard personal information .
transformation efforts . A staggering 88 % of customers expect businesses to fast-track their digital initiatives .
By embracing this approach , businesses can create a seamless experience for their customers , enhancing satisfaction and loyalty .
Simple yet effective integrations , such as seamless checkout processes for eCommerce , are proven to have a transformative impact on the customer experience . Customers now anticipate quick and secure processes without compromising on usability .
Consequently , businesses must develop standardised and interoperable solutions that streamline identity verification across various platforms and services .
Customers gravitate toward secure and trusted platforms that offer them what they need efficiently and effectively . Seamlessness has become a crucial aspect of the user experience and businesses must rise to the occasion .
By embracing the emerging trend of building interoperable solutions for digital identities , companies can meet customer expectations , improve operational efficiency and unlock significant economic benefits .
The outcomes of building interoperable solutions for identity verification are significant . According to research noted in a recent white paper from Australian Payments
This involves actively engaging with the latest information , sharing knowledge and fostering ongoing collaboration to stay ahead of emerging threats . By engaging with industry bodies and adhering to global standards , identity solution providers can effectively stay ahead , collaborate on guidelines , access resources and enhance professional credibility .
By continuously building a robust structure , testing progresses and collaborating more , positive results will show .
In June 2023 , the Australian Federal Government in collaboration with Commonwealth , state and territory agencies released a National Strategy for Identity Resilience as a benchmark for private sector organisations – particularly those providing identity related services to , or in conjunction with , government agencies .
Critically , the scheme aims to minimise the amount of sensitive information held by various organisations , making it harder for scammers and hackers to access key credentials while providing individuals with greater control over their personal information , ultimately contributing to a safer and more secure digital identity ecosystem in Australia .
As APAC countries continue their digital transformation journey , companies can utilize innovative technologies and work with both public and private sectors to protect personal data in a secure digital ecosystem .
The key technology trends of digital identity , regional momentum , building interoperable solutions and fostering collaboration are crucial for achieving secure identity verification , seamless customer experiences and protection against evolving cyber threats . p
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