BlogDigital services are an essential component of the global economy

Digital services are an essential component of the global economy

Rapid expansion of digitalization, accelerated by the pandemic, has drastically altered the way we work, socialize, transact, shop and avail services. Massive proliferation of online commerce has led to the creation of a parallel universe – the Digital Economy. The way businesses are structured, governed and offer services to their customers has undergone a tectonic shift over the past few years. With physical modes of interactions withering away and geographical barriers being broken, the interconnected digital world has become a great level playing field for businesses and their customers alike.

Digital identity is central to the emerging new order of online economy and service delivery. As always, opening up of opportunities spawns attendant threats and frauds. Cybercriminals and scam artists continuously exploit vulnerabilities in digital applications for a variety of reasons like identity theft for perpetuating financial frauds, social crimes, money laundering, terror financing, narcotics and such. Governments and businesses are now confronted with twin challenges of ensuring inclusion of bona fide beneficiaries / customers in their service base and at the same time warding-off frauds or impersonation attempts by criminals.

Estimates published by The World Bank say that globally, close to a billion people lack any form of legal identification. Further, more than 3 billion people have a valid identity that has limited usability in the digital world. Thus, creation of an inclusive, scalable and sustainable digital economy primarily hinges on building robust digital identifications. Digital identity will promote greater social and financial inclusion by providing unbridled access to goods and services.

Digitalization drives socio-economic efficiencies and offers ease-of-use in a secure environment. Powered by smart technologies like Artificial Intelligence and Deep Learning, digital identity promotes inclusivity. A fraud-proof digital identity verification process aids averting cyber frauds, impersonations and digital crimes. The thrust is on building fraud-proof digital identification systems without compromising on the user experience. Digital offerings seamlessly operate across boundaries, business domains and channels, with stronger focus on user experience, privacy and security.

Platforms like Digid empower businesses and service providers to modernize their identity management and customer on-boarding functions. This helps in promoting digital economy, social / financial inclusion, and seamless delivery of services by leveraging on state-of-the-art security technologies. We have summarized how digital identity solutions work and their impact on the burgeoning digital economy.

N Chandrasekaran, chairman of Tata Sons, had this to say on digitalization – “Going digital is no longer an option for all of us, it is the default”. Thus is the power and reach of digital economy in today’s world. Digitalization has enabled seamless delivery of products and services to all categories of customers at a quicker pace and through a medium of their choice. While privacy and security concerns persist, technology-powered identity management platforms like Digid are bringing the best of both worlds together, without compromising on customer experience and offering strong security / anti-fraud features.

Let us build an inclusive and secure digital world together with Digid!!!


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