Identity (ID) is a crucial enabler to successfully transact with today’s world. With the competitive market and tough business conditions, organisations need to speed up transactions, whilst improving governance.
Further complicating the process is that security for customers needs to be built in. While this process is occurring in the company, the company actively needs to avoid money laundering and financial crime penalties by adhering to regulations and good business practices. A vital ingredient in achieving these objectives is the identities of customers, employees, and contractors.
Identity is complicated, as the entity processing the identity you want to retain control. You want to ensure that you only use what you need from the identity. Ideally, you want to automate those processes and integrate them into your business systems without creating compliance or security issues. You want to make these features available only to those who need them, whether it’s a specific person, a department, a branch office, a franchise, or a partner. This is why Reusable Identities are so important. A reusable ID is a single standardised digital identity that multiple services can access for specific details.
Integrated Identity platforms such as Contactable are making this possible for far more organizations, large and small.
Cost-efficient and scalable across multiple systems, branches and users, these platforms can verify identities across many checks. Contactable’s AI-driven platform completes approximately 1,2 million verifications monthly, either directly on the platform or via API integrations with business systems.
Many sectors and companies already use the “foundation of remote interactions for most organisations.” How do they benefit from reusable identity? Here are five sector-specific case studies from Contactable:
Less admin and more admiration.
Car dealerships of all sizes need to vet potential buyers. Above-board transactions require them to confirm people’s credentials against Financial Intelligence Centre Act (FICA) regulations and to do so speedily. Even a cash transaction requires identity verification to avoid becoming snared in money laundry. A reusable identity platform makes this process straightforward, and it can be deployed centrally as a service across multiple branches and dealerships—even third parties.
Three clicks to onboard – an insurance fantasy?
Insurance products require substantial personal identity verification of the prospective policyholder and other beneficiaries. This process can frustrate an insurance sale and create complicated risks for agents—especially when the agent is a third party on behalf of an underwriter. A reusable identity platform enables insurers to safely extend specific identity services to their staff and partners, and automate processes for quicker verification and self-service enrolment.
Why is the salary bill so high but the output so low?
Ghost employees are a big problem in large and complex environments, particularly in sprawling siloed industries that employ thousands of people, such as in the Public Sector. A reusable identity platform can be centrally managed but extend specific checks to different departments. Administrators and auditors can quickly confirm whether an employee exists or is a fabricated persona.
How well do we know our retail clients?
Retail outlets, especially online operations, benefit greatly from accurate customer personas based on identity details. They also want to give those customers peace of mind by letting them manage their personal data through a retail app, website, or while dealing with a customer service rep. A reusable identity platform readily integrates all these features into the retailer’s systems.
Can we trust this user account?
Cybersecurity operations must scrutinise and manage thousands of user accounts; as fake identities threaten this diligence. A proven remedy is integrating account management with human resource systems and correlating data to catch anomalies. A reusable identity platform provides fast and trusted verification, integrated with the HR and human-centric security systems to provide ring-fenced identification functions that don’t put personal employee or contractor information at risk.