Digital Identity Moves From Compliance to Competitive Advantage

Digital Identity Moves From Compliance to Competitive Advantage

In the digital economy, identity verification is everywhere, but standardization is rare. Bank customers face different hoops when opening an account. Shoppers log in with passwords, Face ID, or third-party apps, depending on the platform. “It’s bewildering,” said Hal Lonas, Chief Technology Officer at Trulioo, adding that the “array of steps you’re put through to identify yourself or your business is all over the place.” Lonas told PYMNTS CEO Karen Webster as part of a "What’s Next in Payments" conversation that this hodgepodge reflects how fragmented identity remains, despite its central role in the connected economy. Every business needs it, yet no two experiences are the same. This often results in frustration for users and missed opportunities for firms that treat digital identity merely as a regulatory checkbox rather than a chance to differentiate. A Piecemeal Approach That No Longer Works The patchwork approach to digital identity has struggled to keep pace with fast-ch…