Why You Need an Identity Data Ecosystem
As the issue of handling identities both online and off takes on greater relevance to organizations of all kinds, the need for a flexible foundation upon which new features can be implemented becomes more apparent.
As a platform that enables third-party data providers to plug in and extend its capabilities and value, an identity data ecosystem fits the bill, but many do not yet know how much they need one.
Uses of a Data Ecosystem
Data ecosystems help empower organizations to collaborate and achieve greater economies of scale by breaking down implementation barriers and broadening the reach of otherwise disjointed data silos. It is essential for many organizations to future-proof their operations.
- Facilitating collaboration– Data collaboration strategies have been shown to yield incredible results for organizations that pursue them, lowering costs by as much as 11% year on year. Data ecosystems facilitate collaboration by allowing for additional parties to tap into intel efficiently. For identity concerns, this helps improve risk recognition, among other things, while diversifying the variety of participants and data sources available for such purposes.
- Achieving economies of scale– A low barrier to entry plus the combined value of a multitude of participants steadily contributing functionality to the ecosystem makes achieving economies of scale easier for all kinds of organizations. Efficiency and general productivity benefit greatly from data ecosystems, especially where identity verification is concerned. Greater value can quickly be harnessed through the inclusion of wide-ranging data sources, improving the robustness of ID verification processes at a relatively low cost.
Benefits of a Data Ecosystem
Data ecosystems offer a multitude of benefits to companies that create, sustain, and interact with them. For organizations considering an identity data ecosystem and what adopting or participating in one would accomplish, opportunities include:
- Allowing businesses to configure the identity platform to fit their own specific needs.
- Enabling the platform to grow and adjust as their business scales.
- Making the use of a single integrated solution possible for addressing use cases of all kinds, even across multiple geographies.
Leveraging a Data Ecosystem
To get the most out of a data ecosystem, it is imperative that you devise a process that best matches your business needs and pulls the right information in. The takeaway here is that there is no single silver bullet solution that addresses digital identity in its entirety. The space and the applications within it are simply too vast to account for all potentialities in a single solution.
An ecosystem of competent partners and data providers that you can lean on to flesh out whatever information you already have on hand is essential to your success and that of your customers. This means bringing multiple providers into the fray, even if they appear to do much the same thing. Behind the scenes, implementations are bound to differ in significant ways and where one provider falters another may pick up the slack.
The importance of redundancy in your data ecosystem is worth highlighting as issues with coverage or results provided by any single provider are greatly lessened with additional options.
Whether a unique identity management strategy within your organization calls for a specific UI implementation or it demands results that one partner provides, but another does not, the presence of partners with similar capabilities is rarely a liability.
This extends beyond the bounds of mere false positives and erroneous returns, reaching into the realm of alternative identifiable information, including fingerprinting, IP geolocation information, and even email history. Having the ability to pull from providers in each of these niches makes for a more robust, complete solution that you can present to your customers and make use of within your own organization.
Securing a Data Ecosystem
With great power comes great responsibility. There is always a looming danger of someone gaining access to your data ecosystem and wreaking havoc. High-profile cases of data infiltrations and breaches, such as the recent Flagstar Bank hack involving some 1.5 million pilfered social security numbers, hammer home the importance of enterprise-grade security for high-stakes operations. Intellicheck offers a solution.
Using Intellicheck’s ID validation platform, you can keep out crooks and unauthenticated actors without sacrificing valuable time and resources better used elsewhere. Intellicheck boasts of 99.9% accuracy – the best in the industry – and can validate both an individual’s identity document as well as said document matching their own appearance simultaneously.
Intellicheck’s Portal Plus can be deployed in less than an hour and a feature-rich API provides all of the deeper functionality needed to integrate secure ID validation wherever it is needed within your organization.
