The use of technology and artificial intelligence solutions in our daily lives is at an exponential rate. While the transition to digital started before the pandemic, as we continue to live in a relatively distant environment, technology is gradually being used for everyday activities such as shopping, banking, and even healthcare. Many things are at stake for companies and people regarding proving identities, like future time and material losses. The current problem for businesses is ensuring digital identity while retaining a meaningful customer experience.
According to a new Experian Global Insights Study, 60 percent of customers have higher aspirations for their digital experience since the start of COVID-19; despite the additional pressure on providers as a total online purchase, activities have also increased by 20%.
Artificial intelligence solutions would benefit a company’s bottom line by enhancing data hygiene, object resolution, attribute creation, and internal decision system optimization and improving the customer experience. According to our research, 41% of companies intend to use AI to recruit and onboard new clients. In addition, AI will make fraud detection safer and easier.
Digital Identity and AI
Fraud protection is one of the main fields where digital identity and artificial intelligence solutions play a major role. Businesses have one of the fastest rates of return when it comes to identifying new fraud signs. The complexities of fraud are continually shifting, and further evidence that sheds light on emerging indicators is frequently made available.
Furthermore, several machine learning strategies’ non-linear modeling methods align with the signals that can be observed. According to the transactional value of the “scale of the prize,” this will produce 10x to 20x multiples on investment return.
Marketers are now investing in digital identification technologies and artificial intelligence solutions because today’s customer has hundreds of digital touchpoints. The ability to reliably classify customers through digital platforms and networks is the cornerstone of people-based marketing. Brands that can provide a good product and put the consumer first would be successful.
Correct digital identity is also critical in the healthcare sector, where medical complications resulting from identification errors account for more than half of all deaths. Despite some significant technical advancements in inpatient management in recent years, obtaining reliable and full patient data remains a major obstacle for the United States’ healthcare sector.
Around 70% of patient data in electronic health reports is reported to be unreliable or corrupted, and up to half of all patient forms can be incorrectly associated. Unreliable patient data causes a slew of issues for health services, ranging from erroneous diagnosis and care to inconsistencies with analytics and payment errors.
Suppose patient portals become the latest “internet front door” for accessing medical facilities and managing items like scheduling and payments, and telehealth becomes more common as a chosen care modality. In that case, healthcare fraud can reach new heights.
The Role of artificial intelligence solutions is at an exponential pace in any sector. Early adopters are now seeing the biggest return on investment in the race to digital identity. Businesses who regularly refine their current data and analytics systems, including machine learning, AI, and other technologies, will outperform their competitors.