Three fascinating facts about digital identities

January 23, 2020

Digital identities, such as BankID or NemID, have in a short time changed our world as consumers on the Internet. We use them to register, log in to services or digitally sign both events and contracts. Everything happens quickly and smoothly in real time.

It is and feels secure and it saves a lot of money for companies and society in reduced administration and perhaps above all reduced fraud. You could say that digital identity solutions are loved by everyone – both consumers and businesses – and none of us are any longer reflecting on how we managed before BankID and NemID existed. How did you register for new services? Were there even services to sign up for is perhaps a more relevant issue? But everyone probably remembers how it was with personal pin calculators and other ways to log in to their internet bank. Let it be a benchmark of the situation we have today and let us be satisfied with the situation both as a consumer and as an entrepreneur for new opportunities.

I would like to share three fascinating facts that put our use of our digital identities into perspective:

1. Globally, secure identification online is a huge problem. Even large Internet companies such as Google and others point to the area as one of the least developed areas of the Internet. At the same time, the demands of authorities and regulators are constantly increasing that online identification should be made both better and more secure.

2. The Nordic region is the region in the world that has come the most in terms of digital identities. No other region has such well-functioning solutions that are used as widely as in the Nordic countries. Companies from the United States call us at ZignSec sometimes and want help looking into the crystal ball of the future that they think we represent. What we have here in the Nordic countries is unique, but the outside world is inspired and is working to catch up. In principle, all countries in Europe have different solutions in the pipeline and the world will look different in just one or a few years.

3. The saving potential in society for well-functioning digital identity solutions is enormous. McKinsey has released a report estimating that a country’s overall savings from quickly and safely identifying individuals online can be estimated at 4-5% of GDP annually. This calculation mainly consists of reduced administration and fraud in society, in companies and in individuals. These are staggering numbers and in the Nordic countries alone, it equates to over SEK 700 billion per year. Think of it every time you use BankID or NemID to log in to your online bank!

To sum up, we can be proud that we live in a society where people have already come a long way in this area. As an entrepreneur, you must ensure that you take advantage of the opportunities that digital identities provide in enhancing people’s digital experiences, make sure to create security and security on the Internet and ultimately become a more successful company. Talk to us at ZignSec if you have any questions or concerns about how to proceed.

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