Trustmatic has issued a series of predictions for the digital identity market in 2022. The company is best known for its mobile onboarding technology, which uses face and document recognition to match the image on a photo ID to a selfie backed up with iBeta-approved liveness detection capabilities.
Moving forward, Trustmatic expects the market for those kinds of remote identity verification solutions to expand beyond the financial sector. Trustmatic noted that adoption rates have been highest in the financial sector, largely because financial institutions need to comply with stricter Know Your Customer regulations. However, Trustmatic believes that other industries will embrace both the utility and convenience of the technology in 2022, and that businesses in gaming, telecommunications, social media, and the sharing economy will all start to offer mobile identity verification to their customers.
That transition will also encourage many people to take a closer look at the core technologies they are using. In that regard, Trustmatic noted that many identity verification providers offer solutions that do not meet the NIST’s biometric accuracy standards. That is likely to lead to security issues, and motivate businesses to be more thorough when evaluating a prospective digital identity solution.
Many of those businesses will be financial institutions in the United States, which currently lag behind the rest of the world in terms of digital identity adoption rates. Trustmatic believes that the country will close that gap in 2022, and that half of all of the country’s citizens will have some form of digital identity by the time the year is through.
The final two predictions are perhaps Trustmatic’s boldest. One concerns passwords, and while insiders have been anticipating the death of passwords for several years, Trustmatic thinks that 2022 is the year that they will go extinct. That likely overstates the matter (consumers have still been slow to make the switch), but biometric authentication will almost certainly become more prevalent in the months ahead.
Finally, more and more remote identity solutions are expected to switch from visual document verification solutions to more secure NFC solutions that can read the chips stored in modern documents. As it stands, many onboarding solutions still use optical character recognition, but Trustmatic argues that the NFC standard will win out because the tech is more reliable.