Beyond biometrics in the digital transformation process

Última actualización: April 16th, 2020 - 06:22 pm

Digital transformation is the new main character of the fintech ecosystem. Everyone’s heard about it, even though they don’t necessarily know what it is or what it’s used for. In many cases, banks have implemented biometrical solutions to add digital transformation to their business model. However, this is just part of history, given the concept is much broader and should be centered around the customer, in order to generate services to safeguard both users’ privacy and confidentiality, reuse information and improve the client’s experience and find ways to recapture the user once they abandon the process.

Something like that happens with cybersecurity, too. Cybersecurity stopped being a technological issue to become a primary business matter. That’s why the subject has been seen on the news around the world lately. Between 2011 and 2014, energy providers in Canada, United States and Europe were affected by the Dragonfly cyberspy group. In 2017, WannaCry and NotPetya ransomware virus kept hostage private and public organizations of telecommunications, health and logistics, among others. Meltdown and Spectre, on the other hand, were the biggest cyber-threats of 2018, proving vulnerabilities are found not only within software, but in hardware, as well. According to the 2019 VU™ Labs Cybersecurity Report focused on 18 countries in Latin America and Europe, 45,3 percent of the surveyed organizations admitted having suffered of a cyberattack in the last 3 years.

These trends will deepen in the next few years. In fact, it is estimated that by 2023, the cybersecurity market worldwide will be worth $248 billion. The same study by VU™ Labs revealed 73,8 percent of surveyed companies include cybersecurity in their budget, which shows how important it is when defining a successful strategy.

Integrating cybersecurity within the digital transformation

Cybersecurity solutions are added to the business strategy to:

  1. Delete identity silos. Nowadays, companies and their employees are registered in different platforms to access services. Biometrical solutions within and application server, enhanced by behavior analysis and machine learning, allow people to operate with a unique identity anytime, anywhere they are and through any platform. This helps improving the user experience through processes with reduced friction that improve citizens’ lives.
  2. Generate services to safeguard privacy and confidentiality of users. Users’ identities are one of the most precious good a company has, which are key for their business. Currently, many companies use biometrical solutions for protect them. However, it is worth saying that, given the new regulations and identity’s nature, we should aim forces so that every person is really the owner of their identity, and that the users’ information is protected always from any kind of threat.
  3. Reuse the information captured to improve the client’s experience. It is a challenge for companies to seduce users once they abandon the service, as well as to think strategy for when the services they provide become 100 percent digital. However, thanks to technology, it’s possible to know why the person abandoned the company, and many times it’s possible to improve the solution and the service to bring that individual again. To avoid getting there in the first place, it’s recommended companies developed UX strategies that include the user’s usability from the conception of the product and service, to improve the whole experience and lower the desertion rates.

Cybersecurity’s no longer an unknown subject to become a key element within any strategy to enhance the business. It can be implemented in any market and has an infinity of uses: from validating a user to enter a building to the payment in a supermarket or a banking transaction. In any case, the objective is to find an infallible, secure and fast security system, through the identification of the unique characteristics of each individual, avoiding the possibility of sharing passwords, access codes or cards. Cybersecurity is a key factor for the security of the digital identity of the citizens of the future.

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