IDENTITY MANAGEMENT – THE CONSUMER EXPERIENCE
The main theme is the need to enhance the consumer experience while ensuring protection of customer identity and information. Consumers are not concerned with what needs to be done to verify their identity, they just want to execute the transaction with a minimal amount of friction (1).
Solutions range from face recognition to bio-metrics to multi-stage authentication. Many agree that due to the use of new technologies by the consumer, organizations are being pushed to use them for customer identification, even though they might not be the most secure:
- Data quality and data quantity were issues around content control.
- Keeping up with and adjusting to meet regulatory requirements is a challenge.
The machine learning and artificial intelligence are totally reliant on data; and as the saying goes, “Garbage In, Garbage Out.” The major challenge with machine learning and artificial intelligence is to ensure that good customers are not identified as fraudsters and stepped up. Much of what is being done in these areas is algorithm based, using pattern analysis and statistical modeling. Major issues with these technologies are around identifying stolen identifies and biases in the policy engines.
Advanced technologies, ease of use, on-line experience, data protection all are involved in the consumer experience, but at what price? Consumers want immediate gratification from their apps, but don’t want to be “bothered” with layers of verification and validation. Organizations “thirst” for data for direct marketing and analytics, but have trouble keeping up with regulatory requirements to ensure proper use and control. Where is the “happy medium” or is there one?
There is value in personal data, so should the owner of this data be compensated for its use? Regulations continue to come out (e.g. GDPR in EU) dictating how companies can use personal data, what personal data they can hold and the requirement to “forget” a person upon their request. It is estimated that in the 2021, cyber crime will exceed $6 Trillion dollars (2). Will you be contributing to that number? You are the first and last line of defense when it comes to your identity and personal information. Know your rights and be aware of what you are sharing on-line, because once it is out there, you are exposed.
(1) KNOW Identity 2018 conference, Washington, DC from March 25 – 28.2018