Trust is the final barrier to trade James Varga, CEO of miiCard
The last decade has seen something of a digital revolution and, from the way we socialise to the way we shop, the Internet is now fundamental to all we do. The incredible potential for trade is clear, with £2.80 being exported for every £1 we import. However, while we can trade online with speed and convenience, the ever-increasing threat of identity theft and online fraud is casting a dark shadow over online trust.
This absence of online trust represents the final barrier to trade. We trust what we can see – be it the person in front of us or the paper identity documents they can provide – and not being able to trust someone therefore fundamentally limits our interaction with them.
maximise this trading potential we need to support a higher level of transaction and that requires creating a level of trust online that is absent today.
It is not enough to trust reputation alone. This does not carry enough assurance to base a business transaction on: we need to know you are who you say you are. Online traders and retailers should be looking to create trust, fight fraud and protect consumers without the need for physical identity validation. Crucially these solutions should still be able to offer the same level of assurance that a driver’s licence and passport carry offline.
This is the key that can unlock the full potential of Internet
This is why, despite the surge of digital growth, we still cannot open a new bank account or apply for mortgage or loan entirely online. The final stage signals the transformation from the online to offline world, and requires us to physically produce a driving licence, passport, utility bill or signature. And with this last physical step the commercial momentum is lost. The recurring loss to business is substantial – indeed a staggering 70-90% of online financial product sales are abandoned at the last step.
We can ill afford such a barrier to trade. While the embattled markets stagnate, the digital economy is fast outpacing normal GDP growth: its contribution to overall GDP now stands at 7.2%, and is expected to reach as much as 10%- 13% over the next few years. However, in order to fully
trade, and guarantee genuine, safe and legal transactions. The resulting commercial opportunities could be infinite – this level of trust would allow us to sign documents, agreements and contracts, buy and sell high value items, and establish real trust with our peers on social networks and dating sites.
The number of those connected on the Internet has reached two billion, and is increasing by 200 million each year. The opportunities for trade are clear, but from social networking to financial services we now require a level of trust that is currently absent. The time for innovation is now: the electronic verification and identity market must rise to the challenges presented by identity theft and fraud, or we will fail to fully capitalise on this commercial potential.
51 entrepreneurcountry
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