A single digital identity could unlock billions in economic opportunity

Our systems for verifying identity online have failed to keep up with the digitisation of the economy – or the expectations of consumers.

Frustration, a lack of control and inefficiency is costing Australia’s economy up to $11 billion in missed opportunity.

What’s the solution?

Our 2016 research into digital identity, in conjunction with the Boston Consulting Group (BCG), reveals:

  • Consumers want to be in control of their identity but are happy to share data if it makes life easier
  • For business, a single digital identity could increase conversions and reduce the cost to serve and risk of fraud
  • Increasing uptake in an opt-in system is challenging, and will depend on private and public sectors working together.

Our white paper, A frictionless future for identity management shares the findings of this research and reveals how we can make every digital interaction safer and simpler for all Australians.
 

Transcript
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Face-to-camera footage of Andrew Walduck (Executive General Manager, Trusted eCommerce Solutions, Australia Post) speaking.

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The digital age has fundamentally changed the way in which consumers can

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Overlay footage of technology-inspired imagery and a close-up of a lady's eyes looking at a computer screen with the reflection of data moving from line to line across the screen. This represents technology and the future. We then see a son with his mother looking at his phone and smiling. More overlay footage of a shot of a group of friends sitting together at a restaurant and another group of friends on a couch on their phones and digital devices talking and interacting with each other.

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connect to really important and great services that they want to use everyday and they’ll be able to do that online.

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Face-to-camera footage of Andrew Walduck speaking.

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What we do know and the problem is, we’ve been looking into this and thinking about it deeply,

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Overlay footage of a lady sitting at a talk desk on the line to a consumer who is sitting in her kitchen with her laptop on her phone communicating with the talk desk.

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of charting a future for organisations as they go and drive their own digitisation strategies. What must happen is they continue to fundamentally evolve how they think about 

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Face-to-camera footage of Andrew Walduck speaking.

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being able to look after and protect the important information that customers share with them and how they’re able to connect to new customers they want to have in the future. 

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Face-to-camera footage of Mike Schwartz (Partner and Managing Director, The Boston Consulting Group, Digital Ventures Asia) speaking.

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We tend to worry a lot about what happens once it’s in the system but actually the data getting into the system is unreliable a lot of the time.

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Face-to-camera footage of Rebecca Russell (Principal, The Boston Consulting Group) speaking.

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These identity challenges aren’t unique just to Australia, we see them playing out all over the world, being exacerbated at the moment by the digitisation agenda also being played out around the world.

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Face-to-camera footage of Cameron Gough (General Manager, Digital ID and DDC Australia Post) speaking.

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What we found through the research was that identity is an incredibly personal thing, 

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Overlay footage showing a close-up of an eye with graphics representing technology layered on top of it. The next shot is a shot of a large group of people looking at the camera directly and smiling. The group is multi-cultural which represents all of Australia’s great and different racial groups. Another overlay footage shot of Australia and a few other countries seen from space with blue electrical currents flowing throughout signifying the information flowing on a global scale.

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the most precious thing you have is your own identity. But in the digital realm what we find is that we have to give up parts of that identity to make our way in the digital space. 

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Face-to-camera footage of Cameron Gough speaking.

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We want to introduce a solution that allows the consumer, the individual to get back in control of their identity. And that’s the central piece of the solution that we’re trying to drive. 

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A young man in his bedroom is looking through his phone. Animations appear on screen representing voice recognition as a super pops up saying “My voice is my password”. He then holds up his drivers license while he is talking into his phone as he is proving his identity to someone on the other end. 

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We looked at different ways that we could do this but ultimately what we want to do is that we want to allow the consumer to control who uses their information, where they use it and for what reasons they use it.

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Face-to-camera footage of Andrew Walduck speaking.

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We see that Australia Post’s role can continue our ability to help to prove the identity of customers every single day but translate that to ensure that as they go to do this digitally we can make this trusted, safer and simpler for everyone. 

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Overlay footage of close-ups of everyday Australians. This is to display Australia Post’s role in helping all Australians.

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Biometrics is probably one of the most exciting areas coming out in the last few years. 

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Face-to-camera footage of Cameron Gough speaking.

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The way that you could use your face, your voice, your fingerprint, your iris 

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iPhone screen appears displaying the technology of the digital identity solution Australia Post is proposing which shows image capture of a man's face and then his driver's license which will be used to confirm his identity.

An overlay shot then appears of someone tapping their credit card at a physical retail POS.

Another screen appears showing the technology at play, this time on a desktop screen with a male identifying himself on a live stream to a female talk desk host.

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to both assert your identity, to prove who you are, but also to ensure that you’re the only one to control that identity once its established. 

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Face-to-camera footage of Mike Schwartz speaking.

Overlay footage of man using his phone with Australia Post’s digital identity technology to get into a nightclub by showing it to a bouncer at the entrance.

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Identity is always key to the reliability of the transaction and the confidence that we can have in entering into that transaction across any sector for any product and services.

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Face-to-camera footage of Rebecca Russell speaking. We cut to overlay footage of the world spinning in outer space. Next shot is a time-lapse footage shot of a city with flashing lights and cars racing through the streets to signify the fast-paced life we are all leading.

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We think about the size of the opportunity globally and it’s significant. 

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Face-to-camera footage of Rebecca Russell speaking.

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In Australia alone it’s upwards of 11 billion dollars of economic impact or economic opportunity that is not accessible because of our paper based system.

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In Australia alone it’s upwards of 11 billion dollars of economic impact or economic opportunity that is not accessible because of our paper-based system.

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We have a great opportunity to unlock the digital potential of what is possible in so many organisations but they need to overcome the barrier of being able to prove that an individual is whom they say they are when they transact online. This will enable all of that to happen and the future is intensely exciting.

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