Client
Our client was a multinational banking and financial services company concerned with the growing threat of identity theft. They had an urgent need to offer consumers a secure, speedy, and reliable method of storing and sharing personal and financial data. Our partnership to create a digital identity wallet met this challenge head on.
Challenge
Cybercrime is on the rise, bringing with it serious challenges to consumers and corporations. Once personal data is stolen, it is often traded, sold, and misused for criminal purposes. This can substantially impact both consumers, who often incur significant out-of-pocket costs, and corporations, who expose themselves to liability. Our client aimed to address and mitigate these risks and reduce financial crime.
Solution
Hexaware designed and created a personalized digital identity wallet for easy and secure storage and sharing of essential data. This solution makes it easy for consumers to share only the information that they want with the individual or organization that needs it. For example, a consumer can share just their date of birth without having to share other sensitive information that would often be found on a passport or driver’s license.
The collaboration included expert guidance, UX design, and strategic support, ensuring regulatory compliance and minimizing fraud risks for organizations receiving verified data. Hexaware actively participated throughout the innovation journey, engaging from the initial phase of identifying challenges to the later phase of crafting a viable digital ID wallet solution. This involvement encompassed activities such as conducting market research, formulating business cases, and developing MVP’s.
Benefits
The benefits of the final digital ID wallet were many and included:
- Secure data storage with enhanced security for both consumers and companies.
- Regulatory compliance with applicable local laws.
- Data sharing efficiency, making it simple and easy to share data.
- Improved customer experience and trust through robust data privacy standards.
- Flexibility to accommodate a range of current and future business data storage needs.
Summary
This innovative digital identity wallet is a powerful tool in fraud prevention and personal data protection, while reducing unnecessary bureaucracy and increasing efficiency. It improves privacy for consumers as they know precisely what data they share, why they share it, and provide explicit consent for each data transaction. Furthermore, it keeps organizations in regulatory compliance.
Through its focus on innovation in digital identify solutions, our client will continue to be a preferred consumer choice for secure data sharing.
