Each year, the prominent technological research and consulting firm publishes an annual edition of the market guide. Gartner’s Identity Proofing and Affirmation market guide, which is independent and objective, provides insight into key market capabilities and the representative service providers who offer these. In addition, the guide shares predictions on how the market will continue to extend and transform in the future.
Those included in the guide are selected based on a range of criteria, including their capability to support identity proofing in ways that are unique, innovative and forward-thinking and their ability to represent specific market segments or geographic regions. Data Zoo’s inclusion in the market guide reflects our commitment to offering best-practice, reliable and trustworthy identity processes and capabilities that create an ecosystem of trust for businesses and individuals alike.
Below is an overview some of the key trends Gartner have outlined in their market guide and are embedded within our innovations and technology.
The need to balance trust and UX
The world is transforming faster than ever before, and with more and more high-risk interactions moving online, trust and security are essential. Businesses face the challenge of ensuring their customers are who they say they are while also providing an experience that is enjoyable, secure and efficient.
The KYC process is not only a regulatory requirement but an opportunity to strengthen user experience and build mutual trust. Inherent UX limitations, such as manual processes, can create unsatisfactory customer experiences and make it difficult for organisations to meet their increasing compliance demands.
Businesses can attract and retain customers by finding a balance between trust and UX. Placing trust and UX at the heart of the KYC strategy allows businesses to successfully meet both their compliance requirements and customer expectations in a rapidly changing regulatory environment.
Portable digital identity is the future
According to Gartner, “by 2025, a global standard for portable decentralized identities will emerge in the market to address business, personal, social, societal and identity-invisible use cases”.
In recent years, there have been renewed calls for the adoption of digital identity technology, driven in part by the way COVID-19 has rapidly moved lives online. This change has accelerated the digital transformation of many industries and pushed businesses to improve their online identity-proofing processes.
Many sectors are also faced with a changing risk and global regulatory landscape as consumers turn to the internet for a growing range of activities, including shopping, banking, education and gaming. The growing reliance on online services has only increased the need for secure and trusted digital identity solutions.
Orchestrating multiple capabilities to build a higher level of assurance
These days, most people are accessing services online, shifting the desire for digital onboarding into a requirement. But unfortunately, the customer journey is threatened by increasingly complex attack methods and high-risk interactions.
In some cases, organisations can utilise a layered approach to mitigate risk and evolve with the changing threat landscape. However, the strategic approach depends on the interaction channel and the level of assurance required. The typical layers needed for this continuous adaptive trust include identity proofing, fraud detection and user authentication capabilities. The tight integration of these technologies enables organisations to apply selective and intelligent friction appropriate to the level of risk. As a result, the orchestration of these activities allows organisations to manage risk across the digital user journey.
To learn more about how Data Zoo offers best-practice, reliable and trustworthy processes and capabilities, head to: www.datazoo.com.