With just about everything today going digital, is it time for consumers to carry a digital identity?
A standardized digital identity is an electronically verified set of attributes that uniquely describe a person. Those pushing it say it can improve, simplify, and accelerate identity-dependent transactions, including, but not limited to, buying or renting a home.
Are we ready for such an identity? In many instances, consumers already have this type of identity. These may have come from various online activities when creating your sign in, like one used for a bank account or use with a social media site.
Are we ready? Not quite. Based on the results of a recent Fannie Mae study, due to the increases in data breaches involving personal information, consumers are wary of such a single identity for use in all transactions.
Some interesting results of Fannie’s study:
- Only 13% say they’re interested in a digital identity
- Millennials are only slightly more interested than other generations
- About 50% believe that large financial institutions or the U.S. government should manage digital financial identities. Those entities are seen as being able to better safeguard information than other organizations can. (Really! The government?)
The potential benefits, like a streamlined process, reduced costs, and quicker approvals when applying for a mortgage, did not result in any significant increase in the numbers who believe the digital identity is a good idea. Iris scan anyone?
Seems we have a little further to go before today’s consumers, including the most tech-savvy, like Millennials, are ready for, and comfortable with, having a digital identity.
What’s your take?
- Do the potential benefits of such an identity outweigh the risks?
- Is there a way to protect such identities once created?
- How/what can be done to shut it down if stolen or hacked?
- What entity should store and control all these identities? (Big Brother?)
Everything is going digital and now it seems so will our identity and all related personal information. It all started with the MAC (ATM) card, for a little convenience. Now, look where it’s headed. Is it all worth it?
Maybe going inside of a bank and getting some cash wasn’t so bad. At least, that forced some human contact and interaction. But I digress…
Have your digital identity email/text/tweet mine and we’ll do a digital lunch.
The game has changed. Play different.