Gartner's 2024 Hype Cycle for Digital Identity has been released, bringing with it interesting insights, and Inverid's mentioning as a sample vendor for the identity verification (IDV) section. Identity verification has reached the plateau of productivity according to Gartner, and carries with it a benefit rating of "high".
Gartner's VP Analyst Akif Khan covers the identity verification portion of the Hype Cycle and makes several key points relating to the state of the market and benefits of a robust IDV solution, such as NFC-based identity verification.
Use cases in new places
Gartner recognises that "the requirement for high-assurance, remote identity verification has become stronger as rapid digital transformation efforts continue" for various industries. Those that traditionally may have relied on face-to-face specialist agents checking documents are now faced with a growing demand for fully remote digital services, resulting in an increased need for identity verification. This creates new use cases in a variety of sectors, as some are faster to adapt than others.
Khan highlights some interesting use cases that can benefit from a secure identity verification solution, including remote hiring, account and passkey recovery and passwordless access.
Identity verification is often thought as only necessary during onboarding, but Khan raises that "the [identity verification] process can be deployed to establish confidence in identity at high-risk events, such as account recovery.
Identity Wallets and Decentralised Identities are moving towards the bottom of the Trough of Disillusionment. We agree that there is still a lot of misunderstanding on their role and evolution in the market. The EU Identity wallets are evolving but it will still take a number of years for the concept to mature.
Out with the old, in with the new
While the Hype Cycle mentions these new potential use cases for identity verification, it also mentions something that should be phased out in favour of stronger solutions like Optical Character Recognition (OCR) or Near Field Communication (NFC) technologies: Personally Identifiable Information (PII) databases.
"There is an increasing obsolescence of purely data-centric techniques that rely on a user entering PII data... in the face of continual data breaches, it is prudent to assume all PII data is known to everyone."
While the advancements of digital processes have benefited end customers, it has also benefited bad actors, who have more access to personal information than ever before. This, paired with the public availability of generative AI tools, make the digital era a lucrative environment for fraudsters to flourish.
Gartner's latest Hype Cycle emphasises the need to protect digital transformation processes wherever possible with reliable proven identity verification technology, such as NFC. Implementing a solution like ReadID protects both your customers and your company from unexpected costs while creating confidence in your brand.
