EIDV Services Are Evolving – Three Key Trends To Watch Out For

Today’s digital age has brought about a surge in digital products from banking and shopping to healthcare and government services. This ease however comes alongside the challenges of fraud prevention and weak user security. Fixing these problems demands a meticulous and keen eye on all such processes, their regulations, processing, and execution. For humans, this has become impossible today owing to the large number of people, clients, and customers that businesses have to deal with. Furthermore, the way that people of today interact with digital services makes it very difficult for manual checks of digital processes. Thus, to keep a secure digital world with safe business and public interactions, service providers need to set up safe systems in place.

One of these systems for digital security is Electronic Identity Verification. An EIDV service acts as a digital guard or gatekeeper that ensures only people on the list can enter a digital space. Even if a website or an app is open to all, EIDV is important in that it collects and stores identity information about all users and keeps them safe in case the need for accession arises later.

The 2024 Trends To Look Out For

Electronic identity verification solutions have been around for quite a while. However, just as the world of digital technology is evolving, digital products, digital services, and digital security techniques are also evolving. In 2024, there are some key trends to be on the lookout for if you are a digital service provider or product seller.

1. A Sharp Rise In The Demand for Enhanced Security Measures

Identity theft and data breaches are critical concerns in today’s age. According to the report “Cost of a Data Breach 2023” from IBM Security, the average cost per data breach in the year 2023 was an astounding $4.35 million. Thus, this number highlights that data breaches are not just detrimental to consumers whose data gets leaked, but businesses have to suffer financial losses too. These financial losses are only secondary to the hit that businesses have to take regarding customer trust. With such great sums ending up in the hands of criminals, the national treasure suffers too.

Therefore, strong security measures are critical.

EIDV services are today rising to the occasion offering security. With the need for security systems rising, we can expect that electronic verification services will also up their game. 

According to trends, EIDV services will go for advanced verification techniques, such as multi-factor authentication (MFA) and biometric verification (facial recognition, fingerprint). We can expect them to put these systems into the mainstream for industries where they are currently absent. These developments make it much more difficult for unauthorized people to obtain the private data of individuals.

2. Online EIDV Services Integration Across Industries

While EIDV is a common feat in most domains, not all are currently employing it. However, one of the expected EIDV trends in 2024 is an increased adoption of EIDV services.

Within the financial sector, for example, EIDV services can help to streamline the KYC or  Know Your Customer process. KYC is essential for all financial businesses and every single one of their clients has to go through the process. Thus, implementation of online EIDV services can, via expediting account opening and reducing fraud risks, revolutionize the industry. 

Similarly, the healthcare industry can also leverage electronic identification verification for secure patient management. It can build security around access to patient portals and telemedicine appointments.

One of the biggest industries that can benefit the most from electronic ID verification services is e-commerce and digital shopping. EIDV services can help to build up security in e-commerce transactions and make both buyers and sellers feel more secure.

Other benefits can be for government services, age verification processes for games, websites, etc. This widespread integration is essential to solidify EIDV services as a foundational element of secure online interactions.

See Also: Eliminate Illegal Activities in Businesses With AML Compliance Process

3. Diversion Of Attention to User Experience (UX)

As the adoption of EIDV services grows, UX or user experience will become a top priority for service providers. This is because, up until now, security has been the sole priority. While security will still stay a priority, now that we have worked plenty on this domain, we can afford to put some more focus on the user as well.

For example, EIDV services can improve their software’s UI or user interfaces, and reduce their processing times. Furthermore, intuitive workflows, mobile-app integrations, rapid on-the-go verifications, etc are also up on the list of trends to anticipate.   

Thus, to put simply, this year, we can expect faster user authentication, without any compromise on security or screening protocols. With an increasing market, electronic identification will be competing to achieve this ideal. We can expect advancements in user-friendly interfaces, intuitive workflows, and potentially even mobile app integration for on-the-go verification. A smooth and efficient EIDV experience will encourage wider user acceptance and make online interactions more user-friendly.

To Sum Up – Electronic Verification Of Identity And The Future

The future of EIDV services is brimming with promises of safety and security. As technology advances and user demands evolve, we can only expect to see these EIDV services becoming better. This includes becoming increasingly smart, secure, and user-friendly!

The combined benefits of stronger security, industry-wide integration, and a user-centric design, paint a promising picture for the future of EIDV services. By embracing these trends, EIDV service providers have the opportunity to empower users, strengthen digital security, and to unlock the full potential of a secure and streamlined digital future.

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