Building on its identity data platform, UnboundID announced today that it is helping companies in telecommunications, financial and cloud services develop new, profitable business models for sharing customer identity data. Today these companies typically employ models based on aggregated, anonymous consumer data. The UnboundID Identity Data Platform enables companies to unify, personalize, and productize identity data, increasing the value of the identity assets these companies possess, while providing greater benefit to end customers.
Delivering value to the customer is essential for Identity Economy business models. Companies need to include the end customer when collecting and utilizing their data, making the customer an active participant. By providing a vehicle for informed consent, companies allow customers to authorize the sharing, or brokering, of specific identity information in exchange for added value from the service provider. A key piece of the value equation should be improved customer experience resulting in personalized products and services.
UnboundID is hosting a panel of leaders in the Identity Economy at the National Press Club in Washington, D.C., November 29 to discuss the role of privacy and informed consent in developing new business models for the usage and exchange of identity data assets. Joining UnboundID will be privacy and compliance officers from Experian, McAfee and Neustar and senior executive advisor for identity management at the National Institute of Standards and Technology (NIST). The panel will be moderated by Kashmir Hill, senior privacy and security writer for Forbes magazine.
The panel titled “Are your Customers Hostages, Victims or Participants?” will focus on how service providers benefit from informed consent, the emergence of identity brokers and the role of privacy, and how companies can earn customer trust while sharing identity data.
Said Michelle Dennedy, Chief Privacy Officer for McAfee: “With new, emerging identity business models, companies can provide a more secure and compliant system that builds respect because consumers can know what to expect and actively engage with their service providers. We need to move to more identity-centric business models that focus on serving consumers’ needs as well as protecting their privacy. By becoming more consumer-centric, companies will not only establish trust but will be able to analyze and monetize the customer identity data to better serve their customers.”
To establish these business models, each compan’s identity data goes through three key lifecycle phases: 1) Unification: Identity data is unified for a common profile of customers; 2) Personalization: The unified customer profile is leveraged by the service provider to personalize key services and applications, improving the customer experience and increasing customer engagement; and 3) Productization: Identity data is packaged as a product, monetized and exchanged, with the customer’s full consent and transparency.
Source UnboundID