What is A Federated Digital Identity?
A federated identity is the result of linking a consumer’s digital identity and the attributes, which are stored across multiple, unrelated identity management systems. This digital identity can help provide a better consumer experience and better protection from identity theft.
Consumer digital expectations and experiences
It takes balance to meet consumer expectations, while protecting against identity fraud. Account freezes due to false suspicious behavior leave consumers with a bad experience that can negatively impact relationships. Consumers must type in personal information to complete their first transaction or establish an account. More than ever, consumers consider security to be an upmost priority when transacting online. According to a recent RSA study:
- 55% of consumers choose payment providers they trust
- 59% of consumers only use companies they trust
Digital identity brings balance
Identity verification through a universal digital identity enables commerce and establishes trust between parties who do not know each other. Businesses need confident consumers to grow transactions. And they need the assurance that customers are who they say they are.
When a business cannot ensure they know who they’re doing business with digitally, they expose themselves to considerable risk. For starters, businesses need strategic, digital identity capabilities that are not modeled on a single device or channel, but work to resolve an identity across a myriad of digital touch points and information. Ingredients for comprehensive digital identity include:
- Physical attributes (ie. Biometrics)
- Government legal documentations (ie. DL)
- Behavioral (spending habits or transactions)
The future is now…enhanced security and convenience with digital identity and online authentication
Until now, accessing banking, retail, and other online accounts required separate passwords, multiple screens, and complex levels of identity verification. And compromised security could lead to identity theft or fraudulent transactions. Finally, there’s a simpler, smarter, and safer way to engage customers online. It protects their personal information and provides them with higher levels of trust in the security of their transactions.
The OnlyID™ solution is the only password-free login and digital identity verification consumers will need to access their accounts, transact business, and make online payments – all with less friction and a better user experiences.
Backed by Equifax and FIS – OnlyID uses advanced analytics and real-time authentication to provide an easier, more secure way to share data among users, their digital devices, and the businesses that serve them. This unprecedented convergence of convenience and security offers a seamless, worry-free customer engagement – leading to a greater affinity for the financial institutions and businesses who partner with OnlyID.
New Era of Digital Identity Blog: When It Comes to Digital Identity, the Sum is Greater than its Parts. Three Key Ingredients for Comprehensive Digital Identity.
New Era of Digital Identity Blog: Digital Identity Packs a One-Two Punch (of Benefits) for Digital Consumers.
2018 American Business Awards for OnlyID include:
GOLD STEVIE® WINNER for Best Marketing or Sales Brochure or Kit – Online/Electronic
GOLD STEVIE® WINNER for New Product or Service of the Year – Software – FinTech Solution
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