I’m talking about your official identity, your social security card, your driver’s license, your passport – the things you carry in your wallet or store in a safe that make you, you, in the eyes of a government, bank, or hospital. Romantic notion, isn’t it?
LIFE WITHOUT IDENTITY
It may not be romantic but it’s a notion that’s necessary. Would you believe me if I told you 11 percent of adults in the United States have no official identification? What if I told you that, around the world, 1 billion people lack official identification? According to one study and the World Bank, both are true.
Lack of ID has serious implications for everyday life. In some places, you can’t vote without a proper identification. It’s difficult to enroll a child in school or cash a check without it. . Without official identity, you can’t drive, buy medicine, apply for a home or car loan, a phone plan, or open a bank account. It can trap people in cycles of poverty. Life without ID means an individual simply doesn’t exist in the eyes of many key institutions.
THE SHIFT TO DIGITAL
Imagine how much easier life would be if identification records were digital instead of physical documents housed in a government facility. Paper records can be easily lost, hard to replace, and difficult to organize. If they existed in the cloud these records would be standardized an easy to access from anywhere in the world.
Think about your life over the last couple of months. If you’re like me, you spent most of it in your home due to the coronavirus outbreak. And chances are, you ordered groceries, streamed video, and had packages delivered during that time.
Whether or not you realized it, this was all made possible because of your digital ID. Grocery stores, Amazon or Netflix was able to digitally verify you are you. In other words, your digital ID served as a lifeline as we quarantined to stop the spread of the virus. This lifeline isn’t available for the 1 billion people around the world without government ID. It’s also not available to 3.4 billion around the word who have official identification have limited ability to use it in the digital space.
WHY eIDV IS BETTER
eIDV is a faster route to your customer’s check out, their opening of a new bank account, or their reaping the rewards from an online gaming quest. What’s more, prompting account creation shortens the verification process in the future.
And successful verification often means that a customer doesn’t realize they’re being verified. The last thing you want to do is ask for additional documents to verify their ID; if you have to, your electronic identity verification solution has failed. Additional asks feel intrusive because customers are forced to choose between trusting your business with additional sensitive information and not getting the product or service they need.
THE POWER OF IDENTITY
Every person should be able to open a bank account. Every person should be able to access and build credit. Every person deserves to have a digital identity. And these days, everyone should be able to order what’s needed to keep everyone in their home healthy and safe.
Our mission to give all people the ability to do just that. In parts two and three, we plan to tell you how identity verification can change the world. We‘ll also continue to explore how eIDV works, how it continues to move to the core of our digital-centric lives, and how we approach electronic identity verification in emerging markets. We’ll also explore how GDC can help you solve your eIDV challenges in a way that will satisfy your customers as well as your bottom line.