60% of consumers in the US currently use a digital wallet. 42% of US organizations are utilizing digital identity solutions, compared with only 28% in the UK. 60% of organizations in the US & UK expect digital identity to have a transformative impact on their industry. 57% of organizations in US & UK have plans to introduce decentralized identity solutions into their operations.
STOCKHOLM, May 31, 2023 /PRNewswire-PRWeb/ -- US organizations are leading the adoption of digital identity solutions — well ahead of their UK counterparts, according to a new report from Curity, an API-focused identity and access management company.
Currently, 42% of US organizations are utilizing digital identity solutions and only 21% have no plans to introduce such solutions, compared to 28% of UK organizations, where 37% have no such plans. US organizations are also more likely to incorporate decentralized identity into their solutions than their UK counterparts. 62% of US organizations have plans to integrate decentralized identity technologies into their solutions, compared to 52% of UK organizations.
The report, titled "Plotting the Roadmap for Digital Identity," surveyed 200 IT decision makers (ITDMs) in the US and UK as well as 1000 consumers to better understand the rapidly changing digital identity landscape — just as a new digital identity bill passes through to the US Senate.
The new report reveals that 60% of organizations surveyed expect digital identity to have a transformative impact on their industry, with financial services (89%) and health (86%) seen as industries set to benefit most from latest innovation in this area, according to ITDMs.
Consumers were found to have a growing familiarity with digital wallets, with almost two-thirds of consumers currently using them and half of consumers that don't currently use digital wallets considering them in the future. Finance (62%), retail (61%), and travel (46%), were the most popular services used by consumers with digital wallets. Financial institutions (38%) are current leaders in public trust when it comes to storing personal data in digital identity wallets, followed by medical providers (35%); whereas the government (22%) and transport providers (17%) were the least trusted.
Other key findings include:
- Among US consumers who currently use digital wallets, 81% use it weekly and 34% use it daily.
- 60% of consumers highlighted data privacy risks and fraud as reasons they would be hesitant to store personally identifiable information in a digital identity wallet.
- Top security challenges posed by digital identity for ITDMs are hacker sophistication (39%) and lack of appropriate infrastructure (37%).
- A quarter of organizations that have plans to incorporate decentralized identity solutions will do so in the next year.
Travis Spencer, Curity CEO, commented on the findings, "As consumers continue to demand seamless digital experiences and organizations face increasing pressure to protect customers' data, continued innovation and development in the digital identity space could not be of greater importance for all industries. While there are encouraging signs that businesses are adequately prepared for the paradigm shift that decentralized identity will cause, the winners after the move will be those that cultivate trust among consumers. The question of how digital identities are managed and by whom will continue to be a key question over the coming years. To keep up with this pace of change and consumer expectations, digital identity must be on the priority list of enterprise architects and strategy makers."
About The Plotting the Roadmap for Digital Identity Report
This report draws on research conducted by Curity in January 2023. Curity conducted an online survey of 201 IT Security decision makers in the UK and US, including 101 in the UK and 101 in the US, and an online survey of 1,003 adults with bank accounts in the UK and US, including 502 people in the UK and 501 people in the US.
Curity is a leading provider of IAM and API security technology that enables user authentication and authorization for a wide range of digital services. The Curity Identity Server is highly scalable, and handles the complexities of the leading identity standards, making them easier to use, customize and deploy. Today, the Curity Identity Server is the most complete OAuth and OpenID Connect server, and we enjoy the trust of large organizations in most industries, including financial services, telecom, retail, gaming, energy, and government services across many countries. To learn more, visit curity.io.
US media contact:
Tim Cox | ZingPR for Curity
Tim Cox, ZingPR for Curity, 650-888-6116, [email protected]