September 25, 2018
September 20, 2018
Posted June 16, 2017
Earlier this week, we convened more than 200 customers, partner and future customers for our first-ever Digital Identity Summit EMEA 2017: The Currency of Trust. This event, which took place at the London’s iconic Shard building, was part of the global Digital Identity Summit series. It featured digital, risk and fraud professionals from a dozen countries throughout the region coming together to explore the critical role of establishing trusted identities online to power today’s digital economy.
Trust is the underlying currency of how companies conduct business online. If you can’t trust the individual you are talking to or who you are transacting with, at that moment of truth, the outcome could be devastating for you and your business.
As the Summit continued and the speakers shared their thoughts and insights, four additional themes emerged around the broader idea of the Currency of Trust — opportunity, innovation, collaboration and data.
The EMEA region itself presents a tremendous opportunity for digital businesses. Europe, specifically, makes up 11 percent of the world’s population, yet accounts for 26 percent of the world’s gross domestic product. From a digital perspective, Europe has 77 percent Internet penetration, and is a manifestation of technological consumption in the digital economy.
Europe is also a leader in mobile content and mobile transaction engagement at the consumer level, with mobile penetration forecast to reach 87 percent by 2020.
Digital businesses are transforming to meet the needs of these tech-hungry consumers, not just regionally, but also around the world. That’s the other part of opportunity — the cross-border nature of digital business. However, rejection rates are significantly higher when businesses attempt to transact across borders. Without a trust currency, a true understanding who you are dealing with and the confidence to know you are making the right decisions, many of those cross-border transactions might evaporate.
Presenters at the Summit shared some great examples of transforming their business to meet the needs of consumers in this digitally savvy region. Andy Renshaw from Lloyds Banking Group shared details of how departments throughout his company worked to seize opportunities and transform many parts of the business with truly measurable results. As a long-time partner, it has been exciting to see the Lloyds journey throughout the years.
ThreatMetrix introduces new products and capabilities in response to the innovation set forth by digital businesses. In his presentation titled “Humans at the Centre of Authentication,” Jonathan Vaux from Visa shared ideas around some interesting future state innovations in regards to payments and online business. And, undoubtedly, many of these innovations will come to life — probably in the not-too-distant future. Mr. Vaux also talked about the frictionless customer experience, and made a comment around how — to customers — frictionless shopping should feel like they are stealing. That is a terrific analogy and a harbinger of what this digital economy really can be. It can make things seamless, frictionless, provide a delightful customer experience, and provide revenue streams for digital businesses working with consumers around the world.
Collaboration really defines the reason ThreatMetrix exists. Our entire business model, in many ways, is built on sharing. The idea of global shared intelligence is what powers our Digital Identity Network, which sees upwards of 75 million transactions a day. Without that collaborative business model in place, the trust decisions that we are able deliver to our customers would not be possible. In this model, our customers contribute to the Network and also benefit from the Network. This collaborative model is a substantial element of who ThreatMetrix is.
Commercial Bank of Dubai is a prime example of how collaboration is helping fuel businesses in the digital economy.
Rinaldo Oliveira of Commercial Bank of Dubai shared details on how his company’s use of ThreatMetrix has grown over the years. And, as the company’s use of ThreatMetrix expanded, so did the number of business units affected by this growth. Various lines of business needed to collaborate to help Commercial Bank of Dubai not only expand its product offerings, but also protect itself and its customers from fraud.
We are all, in many ways, looking to data to help streamline decisions. Dynamic data helps digital businesses make decisions around which users and transactions to trust. But data can’t do it alone. There’s obviously a human element in all of this. Even with sophisticated innovations, including machine learning, there’s still the human element as to how those rules are established and, ultimately, what the final decision shall be. However, the decisions that flow from data-driven insights are really helping all of us to scale and serve the growing number of consumers in the digital economy.
The digital economy is thriving, as evidenced by the wealth of digital business leaders and executives who came together to exchange ideas at the Summit.
But, the ever-present threat of cybercrime continues to heavily impact digital businesses and their customers. It is only through collaboration — using shared global data to build true digital identities — that we can combating rising fraud and cybercrime throughout this region and across the globe.
It is in that same spirit of collaboration that I invite you to the next installment of our Digital Identity Summit, when the global community will gather in San Francisco from September 18-20. I hope to see you there.