Join us Oct. 26-28 in Newport Beach for the Digiday Media Buying Summit
The biggest problem with digital identity is that it’s sort of just a pain in the ass.
As banks, governments and e-commerce giants try to solve the issue of customers having account overload and password amnesia, the problem becomes that security is just inconvenient: there are so many required security specs for passwords, are many different passwords to remember, it’s just easier to create an easy-to-remember password and use it for everything — and at the end of the day, if an account is hacked, the bank can just return the money. No big deal.
Passwords remain the reality for how customers identify themselves for every service they use. They know the system is hackable but still place their trust in companies to hold their data, even though they don’t trust them. Fixing the system means there has to be a single identifying entity that people trust, that has an established history of collecting and holding personal information. Banks are the most well positioned to do so, but for them, the first step is to begin designing trust into identity verification services and bring clarity on who owns customer data and what happens to it.
“The use of digital identity will exceed the use of physical identity when more digital identity solutions emerge in the market — that’s what’s lacking today,” said Matthew Thompson, director of digital business development at Capital One. “We have to design for trust in the solutions: trust with the relying party or business partner that they can trust the assertion we’re making, and trust with the consumer that they want to use or share the information in this ecosystem. When those things come together you’ll see digital identity exceed the use of physical identity.”
More in Marketing
‘Mission and capital can coexist’: Golden State Valkyries’ Jess Smith on pitch to sponsors
The WNBA’s newest team must navigate measurement demands and marketers wanting to share in the ‘mission’ if it’s to establish a commercial foothold.
Future of Marketing Briefing: Why top creators are taking fewer brand deals
The biggest creators are cutting their brand rosters and asking more of the partners they keep.
‘There’s nothing wrong with being a heritage brand’: How Revlon is updating its image by looking to the past
Revlon named musician and actress Teyana Taylor and country music star Megan Moroney as the faces of its “Revlon Be Unforgettable” campaign.