Which Industries Should Leverage Digital Identity Solutions?
Welcome back to our ShareRing Business Solutions introduction series!
Previously, we went over age-gated experiences for businesses.
Today, we will explore which industries should leverage Digital Identity Solutions and customer verification with our returning expert.
In this article, we're thrilled to feature - once again - expert insights from our ShareRing’s own Business Development team! Our BD team will provide their insights to help us gain a better understanding of the potential for leveraging digital identity solutions and customer verification.
Interview with ShareRing's BD Team
What are the top industries that are required to verify their customer’s identity?
Is it because of legislation or other reasons?
“In the UK and Australia, the top industries that are required to verify customer identity in age-gated industries include alcohol distribution, online gambling, and tobacco sales. This is mainly due to legislation put in place to prevent minors from accessing age-restricted products or content.
For example, the UK's Licensing Act 2003 requires all alcohol retailers to have an age verification policy and to check the age of customers who appear to be under 18.
Similarly, the Australian Liquor Act 1992 mandates that licensed venues must verify the age of customers before selling or supplying alcohol.”
How does each of these industries currently tackle customer verification?
Is it physical, digital, or non-existent?
“Alcohol distributors typically use a combination of physical and digital methods for customer verification. They may require physical documentation like driver's licenses or passports, or use digital tools like age verification software, online databases, and biometric checks.
Online gambling and tobacco sales rely heavily on digital verification methods, including email, phone number verification, and identity checks using third-party databases.”
What problems are these industries facing at the moment when it comes to customer verification?
“The common problems these industries face in verifying customer identity include fraud, fake documentation, and unreliable verification methods.
In the case of alcohol distribution, identity theft and evolving cyber threats are also major concerns.
To combat these issues, many companies are exploring new and innovative verification technologies to ensure secure and efficient transactions while complying with regulatory requirements.”
Industry Opportunities With Digital Identity Solutions
If these businesses are facing challenges, are there any immediate opportunities available to mitigate their risks?
“To mitigate these risks, immediate opportunities include adopting cutting-edge digital verification technologies, such as AI-powered identity verification, biometric authentication, and blockchain-based solutions.
By improving security measures, automating manual processes, and complying with evolving regulatory requirements, these industries can better manage risk and protect their customers' identities.”
Empowering Industries with ShareRing's Cutting-Edge Digital Identity Solutions
As our team noted, digital identity is critical to secure and efficient transactions while protecting users' privacy.
At ShareRing, we've developed a cutting-edge solution that can address unique industry challenges and opportunities. By leveraging our solution, industries can unlock new levels of efficiency, security, and growth potential.