There’s never been a better time for SMEs to leverage digital identity solutions to drive efficiency and help solve the chronic problem of data storage and protection. These solutions are now becoming a crucial part of global technology, especially in Australia. Unfortunately, Australia has been a world leader in data breaches, but digital identity solutions can help SMEs protect data and improve customer experiences.
Customer onboarding and verification
Every business wants to make customer onboarding an easy experience – it’s a vital early interaction that can establish a great relationship. Digital identities help by allowing customers to verify their identity using a partner they already know and trust (such as their bank). It eliminates the risk and annoyance of copying and uploading verification documents like driver licences and passports.
As a business, you can enhance the experience for your customers, while potentially saving time and money. You’ll have access to proven authentication of customer information, helping you combat fraud and simplifying compliance. Without a proper verification process in place, businesses can face legal, operational and financial restrictions – not to mention the cost of reputational damage.
Digital Identities can be the basis for secure onboarding and verification processes, reducing fraud and resulting in better-quality customer data.
Data protection and privacy
A total of 71 per cent of SMEs say their customers expect online transactions. With such continued growth in online transactions, managing data efficiently is critical. The equation is simple: the less identity data you store, the less exposure you have to a data breach. Authenticating people’s identity via their existing trusted partner means SMEs don’t have to store that data, removing the associated costs and risks of protecting it securely.
Partnerships and integrations
With the greater demand for privacy and trust, tapping into well-established relationships, such as those with banks and government entities, can be effective. For SMEs with limited employees to manage cybersecurity and IT operations, Digital Identity partnerships and integrations can provide some of the security and protection they need in a cost-effective way.
In Australia, there’s a remarkable level of support for digital identities from Federal and State Governments, making the nationwide implementation of digital identities a real possibility in the coming years. There is a strong impetus to ensure public and private identity verification systems can interact to create a strong flexible verification system that means everyone can just use one system.
Digital ID reality on the horizon?
Cost-effective and reliable customer verification solutions that minimise the storage of data are becoming indispensable for SMEs. As a nationwide Digital ID solution approaches, this not only offers peace of mind but also allows you to focus on your core services.
There’s every indication that digital Identity will become the new norm as all businesses adapt to this new and exciting technology. Embracing this shift means SMEs can stay ahead of the curve, looking after business while taking good care of customers’ data.
