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Digital ID reflects information that is stored through computer systems to represent a person or organization. In the age of digital transformation and with greater awareness of data privacy, the need for this level of robust consumer identification has never been more pressing. Meanwhile, the same consumer base is also becoming more experience-centric. The result is 80% of people preferring to transact with brands that enable digital identity (digital ID) verification as they seek both security and convenience.

In recent years, digital ID has evolved from a security-focused concept into an essential tool for customer engagement. To contextualize its role in business preservation and financial planning, just one authentication failure can cost a financial firm up to $42 million. This is before you consider reputational damage, and the possibility of losing customers due to frustrating and time-consuming processes. After all, the post-pandemic, mobile-first customer craves fast, intuitive, personalized digital experiences above all else.

Transactions must be seamless, secure, and trustworthy to meet this demand. And digital ID is a critical way for businesses to ensure such robust payments and access control.