A new research report, entitled Plotting the Roadmap for Digital Identity, by API focused identity and access management company Curity found that UK organisations and consumers are ready to embrace a new era of digital identity. The research revealed that 60% of organisations in the UK and US expect digital identity to have a transformative impact on their industry.
The research also revealed that two-thirds of UK organisations are either currently use digital identity or have plans to incorporate digital identity solutions into their operations, with 61% of those planning to do so within the next year.
The report surveyed 200 IT decision makers (ITDMs) in the UK and US as well as 1000 consumers to better understand the rapidly changing digital identity landscape.
Additionally, 52% of UK firms have plans to incorporate new and emerging decentralised identity solutions. UK consumers are also displaying a growing familiarity with digital wallets, with 58% of consumers currently using them and half of consumers that don’t currently use digital wallets considering them in the future.
Finance (62%), retail (61%) and travel (46%), were the most popular services used by consumers with digital wallets. Financial institutions (38%) are current leaders in public trust when it comes to storing personal data in digital identity wallets, followed by medical providers. (35%), whereas the government (22%) and transport providers (17%) were the least trusted, according to the research.
Travis Spencer, CEO of Curity, added: “As consumers demand seamless digital experiences and organisations face increasing pressure to protect customers’ data, continued innovation and development in the digital identity space could not be of greater importance.
“While there are encouraging signs that businesses are adequately prepared for the paradigm shift that decentralised identity will cause, the winners after the move will be those that cultivate trust among consumers.
“The question of how digital identities are managed and by who will continue to be a key question over the coming years. To keep up with this pace of change and consumer expectations, digital identity must be on the priority list of enterprise architects and strategy makers.”
The findings of this survey are particularly pertinent given that the UK government last year announced new digital identity security legislation to further enhance trust in digital identities.