Cost/Benefit Analysis must first persuade Relying Parties
Mvine Ltd announces today its formulation for a business case for digital identity adoption in the private sector and public sector. A Relying Party – any organisation which needs to be certain you are who you claim to be before it can transact with you – currently has to carry considerable commercial costs for manual processing, document checking and exceptions management when it comes to engaging with its customers in-store, over the phone or online.
For a Relying Party, their Cost / Benefit Analysis must show that digital identity comes in at less than or equal to the current overhead that it pays today when certain economic and technical conditions are factored in. This includes the cost of holding accurate information on customers, data which falls into scope for GDPR coming into effect on all businesses from May 2018 or other legal or regulatory compliancy specific to the sector in which a Relying Party operates.
This formulation will appear in a forthcoming report called ‘Digital Identity: The economics just got interesting - An Executive Briefing for Relying Parties’.
Frank Joshi, Director at Mvine, said, “It looks to us like a competitive open market for digital identity and for digital attributes is an inevitability. I think that first movers will be able to realise advantages from new revenue streams this marketplace creates. And it will be sizable.”
“The future of online transactions will be based on the reuse of trusted digital identities. Growing the digital economy relies on digital identity and that growing the adoption of digital identity relies on user consent,” he said.
Notes for Editors
Mvine authors and sells next generation digital platforms that power the digital economy.