As of August 2020, governments around the world had launched around 165 digital or partially digital identity schemes, and the market size for global digital identity solutions is projected to grow to $49.5 billion by 2026 

Governments are proposing new legislation and frameworks that organizations need to be prepared for. The European Union (EU) announced amendments to their eIDAS framework and similar to other countries globally, the UK is progressing with a  digital identity and attributes trust framework 

There is also heavy investment by Governments globally. In 2020, Australia announced digital identity will be a major focus of its AUS$800-million technology budget package and as part of NextGenerationEU, France has allocated €72m on Digital Identity, while Germany plans to invest €200m into a European Identity Ecosystem.

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"Organizations need to understand their role within the digital identity ecosystems to realize new benefits and opportunities and to provide better experiences for their users and customers."

World Economic Forum "5 Reasons to Participate in Digital Identity Ecosystems" READ IT HERE

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The influx of new concepts and regulations will raise questions for many organizations. To respond, organizations will need to evolve their processes so that digital identity can be used, trusted, and accepted. While this may seem overwhelming, breaking it down can help provide structure and a clearer understanding of what to do.

Start with the key questions below and use the insight to help answer them.

 

1. What is my opportunity?

Organizations must understand the opportunity they have available to them, how they currently use identity and what services could improve with digital identity ecosystems.

  • Understand the context for how your organization uses identity today. Which use cases do you currently provide and identify others you could offer your users. 
  • Map out the pain and frequency of these use cases for your users, to identify which offer the highest value. 
  • Prioritize use cases to create new or enhanced opportunities for your organization. Based on value criteria such as improved user experience, cost reductions, and increased efficiencies.

2. How can I participate in a digital identity ecosystem?

Organizations should identify the digital identity ecosystems they can participate in, the role they can play and how to build trust in those ecosystems.

  • Understand the different roles in a digital identity ecosystem. 
  • Based on the prioritised use case, identify the role your organization could play within it and whether you could leverage relationships you have within your existing ecosystems today. 
  • Research other digital identity ecosystems within your sector and geography to help understand if you need to build a new ecosystem or find synergies with an existing one.

3. Where is the value and how can this be delivered?

To deliver a valuable service to individuals, check whether it would adhere to the core principles for Digital Identity Ecosystem – User Centric, Trusted, Interoperable, Public-Private and Sustainable

  • This user-centric ideology, set out by the World Economic Forum, focuses on ‘good’ digital identity so that value can be unlocked for the individual and/or the organization 
  • Work with organizations from both the private and public sectors and establish the rules for a trusted ecosystem to help provide greater services for the user in how they wish to use their digital identity in their daily life. 
  • Understand how the ecosystem will be funded, implement the correct governance (both operationally and business-focused) and explore possible monetization options for the ecosystem to become sustainable in the long term.

How to Put This Into Practice

The World Economic Forum and Accenture have convened a community of more than 30 experts, policymakers and businesses to create an interactive guide for executives, Digital Identity Ecosystems: Unlocking New Value(For most optimum interactivity, please download and open with a desktop PDF reader) 

Within this guide, key information and questions are included to shape your organization's Digital Identity Ecosystem strategy and put this into practice. Interactive tools are included throughout, to facilitate navigating this process of transformation.

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Disclaimer: This document is intended for general informational purposes only does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. Accenture, its logo, and Let There Be Change are trademarks of Accenture.  

Copyright © 2021 Accenture. All rights reserved. The Accenture name and its logo are trademarks of Accenture. 

    Christine Leong

    Managing Director, Blockchain MPS Digital Identity Lead

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