Digital Identity: Need For Telcos
To fulfill the dream of Digital India, digital identity plays an important role. Telcos across the world are in the search of Digital Identity for a long time. Digital Identity protects users’ privacy and control over their data. A fully trusted digital identity can act as a reliable gateway for customers to access multiple security-sensitive services, including mobile operator services, financial services, and eGov services. The identity of the customer can be authenticated over digital channels through various factors like Biometric Authentication, Government ID card, Two-factor Authentication, etc., which results in the reduction of customer acquisition costs for telcos.
The numbers of identity and authentication frauds are increasing day-to-day. Because of this customer experience suffers which results in increased customer abandonment rate, poor conversion rate & loss of revenue opportunities to the telcos. This can be improvised with the help of digital identity. Telcos or service providers must need a digital identity solution.
According to a market research report “Digital Identity Solutions Market by Solution (Biometrics and Non-Biometrics), Authentication Type, Deployment Mode (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets™, the Digital Identity Solutions Market size is projected to grow from USD 13.7 billion in 2019 and expected to reach USD 30.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2019 to 2024.
Around 1 billion people lack legal identification worldwide, and countries are increasingly turning to digital identification systems because of its below-mentioned benefits.
Digital Identity Help Telcos To Address The Following Challenges
Lost Revenue Opportunities
Telcos lost various revenue opportunities because of poor customer identification and experience. Digital identity solution helps telcos to tackle this problem.
Identity theft results in trust and privacy issues which can be overcome with digital identity.
Potential for human error
Manual assessment has limits and is subject to a lower level of trust than automated and multi-factor systems.
Lower conversion Rates
As there is no unified customer or partner identity, conversion rates suffer because it impacts the loyalty programs.
With H8 Solution You Can Integrate The Digital Identity Solution!
Below are reasons H8 Solution will help you achieve Digital Identification with your existing business process.
Flexible: The H8 Solution is designed keeping in mind the flexibility so that it meets the needs of today as well as the future.
Agility & Sustainability: It is agile and sustainable in a way that integrations with third parties can be possible. So you can integrate the solutions like e-KYC, OTP verifications, and others.
Cloud-Native: Access anywhere and anytime
Privacy Focused: It is highly focused on privacy so that Personal information is only shared with the consent of the client securely.
Seamless User Experience: The H8 Solution is designed in such a way that it provides the best user experience.
Go Digital and take the advantage of digital customer identification by integrating Digital Identity Solution with H8 Solution!
Contact us for more information or for a demo of our all in one solution for all ISPs operations by mailing us on email@example.com or calling us on +91-79 40089216