New Research Highlights Identity Data Gap Impeding Digital Transformation in Regulated Sectors

A recent study conducted by Verato, experts in identity intelligence, uncovers alarming insights into how fragmented identity data is hindering digital transformation efforts across heavily regulated industries. Organizations are making strides towards achieving seamless and personalized customer experiences, yet nearly 90% of industry leaders acknowledge that the disjointed nature of their identity data is a significant barrier.

The Importance of Identity Intelligence

The research, titled The Identity Intelligence Imperative: Bridging Gaps in Customer, Patient, and Constituent Experiences, reveals that the majority of organizations suffer from a readiness gap when it comes to meeting customer expectations. While a staggering 95% of leaders recognize the demand for seamless experiences, only a mere 12% feel equipped to deliver on this promise. This disparity creates a notable competitive disadvantage.

Leaders from sectors such as healthcare, financial services, and the public sector participated in the study, which included both quantitative online surveys and qualitative in-depth telephone interviews. The critical findings indicate that organizations without a unified identity framework face significant operational challenges. These include a 58% decrease in operational efficiency, an erosion of brand trust among 50% of leaders, and a 46% drop in customer satisfaction.

Operational Challenges and Consequences

The lack of a singular, verified identity system not only directly affects customer experiences but also hampers overall business performance. As organizations struggle to understand who their customers truly are, they risk losing valuable constituents due to subpar interactions. Furthermore, healthcare leaders reported that 70% of the time, their systems regularly lose patients because of poor experiences, raising alarm bells about the urgency to improve identity resolution.

In the financial realm, half of the surveyed leaders noted frequent customer departures attributed to inadequate experiences. This ongoing crisis highlights the need for organizations to invest in advanced Master Data Management (MDM) solutions urgently. More than half of the respondents (57%) revealed plans to enhance their MDM strategies within the year to tackle these challenges.

The Need for Advanced MDM Solutions

Verato identifies the necessity for a next-generation MDM that transcends traditional approaches by focusing on identity intelligence. The research emphasizes the importance of establishing a robust identity framework that supports a comprehensive view of customers, patients, and constituents. Such advancements allow businesses to engage in precision customer acquisition, tailored interactions, and ultimately enhance revenue capture.

Clay Ritchey, CEO of Verato, stated, "Organizations are sitting on goldmines of consumer and customer data, but without a trusted identity framework, it is trapped in silos across disconnected systems, making it impossible to share and consume to have a complete, trusted 360-degree view of the customer journey." The study serves as a clarion call for organizations to invest in a unified identity data strategy to enable successful digital transformations.

Conclusion

The complete findings of this research encapsulated in the report, The Identity Intelligence Imperative, are vital for organizations seeking to close the identity gap and improve customer experiences. Download the report at verato.com for a deeper understanding of identity intelligence's role in bridging the gap between customer expectations and the operational realities faced by modern organizations.

For more information on Verato's MDM Cloud and how it empowers organizations to harness identity intelligence, visit verato.com.