Identity Management is a cross-industry concern, as the existing IAM solutions suffer from the following problems –
- Centralized storage, prone to identity thefts and frauds
- Reliance on outdated technologies like passwords, captcha, physical tokens etc
- Complicated products, with very high total cost of ownership (TCO)
- Poor user experience or high friction, leading to lost customers/users
- Lack of border-less Identity, restricting global adoption
- Lack of reliability quotient, limiting decision making process
- Not compliant to data regulations (like GDPR), having massive financial impact
The cybersecurity and the compliance teams across industries, especially Banking, Financial Services and Insurance (BFSI), are looking for a better solution to address the above mentioned problems, and also reduce the overall associated time and cost.
EarthId is an award winning GDPR compliant decentralized identity management platform, helping you drive data privacy, user consent and digital id verification.
The features include
- Universal Self Sovereign Identity – allows users to completely own, control and monetize their identity data, while providing access to global services
- Digital Id wallet – lets user securely store their identity documents on their mobile devices, removing the hassle of carrying physical documents and manual handling
- User onboarding – allows users to share pre-verified information with service providers while registering for new services/platforms
- Smart / Passwordless logins – removes the need of userid/passwords, which are prone to phishing attacks and cumbersome to manage, providing a hassle free experience
- Digital KYC – reduces the overall time and cost associated with KYC process massively, by digitizing and pre-validation of user’s identity information
- Anonymized Data / Zero Knowledge Proof - verify age/sex and other pieces identity information without divulging anything more than absolutely needed
- Keyless entry – allows access to restricted areas, like corporate offices, co-working spaces, universities, hotel rooms, hospitals etc., using your mobile identity
Out of Box:
- Decentralized Apps (android & iOS) which allows users to create and manage their identities
- Software Development Kit (SDK) for customers to integrate with EarthId platform
- There might be some customization needed while integrating the EarthId SDK with customer platforms, based on their existing IAM solutions and other associated complexities.
- Additional implementation might be needed to store non-identity industry specific data, if such a need arises
The cybersecurity and the compliance teams across industries, especially Banking, Financial Services and Insurance (BFSI) are looking for a better solution to address the challenges associated with their existing Identity and Access management (IAM) solution.
EarthId can help the customers with both – either completely overhauling their existing IAM solutions, or just integrating with their existing solution to improve it.