sideos gives you the following benefits
Improved customer experience
With our SSI based platform, the user’s (your customer and/or employee) personal data is stored in a decentralised manner in the user’s device (mobile and/or desktop): this increases their trust, and impacts customer retention, conversion and revenue positively in the long run. Moreover, users experience less friction, since they don’t have to fill in their data infinite times.
Security & fraud prevention
Not only does the technology use advanced encryption to protect users' personal data, it prevents the increasing risk of social engineering, account takeover fraud and brute force attacks that have become a huge burden to businesses around the world.
Better privacy compliance
in today's business environment, where companies work around the globe, data privacy compliance is a must. With its decentralised approach, sideos helps customers comply with worldwide privacy regulations, such as GDPR in Europe or PIPL in China. The identification/verification information is carried and presented directly by data owners themselves. This reduces the risk of fines and reputational damage for businesses, while protecting users’ privacy.
Companies no longer need to manage and maintain personcal data of their users. By removing the need for centralised data management systems, a company can save on infrastructural and operational costs.
By using W3C standards, sideos SSI solutions can be built to be interoperable across different systems and platforms. This helps ensure that SSI solutions are secure, trustworthy, and can be adopted widely.
New business opportunities
Our technology paradigm enables companies to offer new products and services that require e.g. strong data transparency within multi-stakeholder networks, like IoT objects & devices that older approaches could not deliver, therefore allowing for new revenue streams and growth opportunities.
Login and check-in simplified
Companies experience millions € of losses due to stolen or incorrect data and fraudulent customers using their services, plus non-compliance to local data protection laws and potential data breaches can lead to reputational damages and violation fees.
Customer UX & Loyalty
Password hygiene is an issue for users and drop offs impact conversion & reduce potential revenue; resetting passwords is an unnecessary pain for providers.
⅓ drops if PW is forgotten or be annoyed by captchas
Adherence to local data protection laws and potential data breaches can lead to reputational damages and violation fees.
GDPR: fines per company of up to 750 mil. € in 21
Companies experience millions of losses due to stolen/ incorrect data and fraudulent customers using their services.
ATO in 2022 up by 200%+, ca. 2% loss of revenue, 1 in 140 logins impacted
Information security and outdated data infrastructure; high maintenance costs and resource effort.
Costs exploded during covid
With SSI, businesses can avoid fraud and illicit data transfers, while users can access the company's services more quickly and easily, as they no longer need to repeatedly provide personal information.
Password hygiene is an issue for users and drop-offs impact conversion and potential revenue, while resetting passwords is an unnecessary pain for providers.
Passwordless login guarantees higher conversion rates for webshops and digital services, because improved user experience minimises the entry barriers and thus lowers churn rates: 2FA is also implicit in the process, since a device is needed to log-in.
Passwords are dead because
By exchanging Username/Password combinations with scanning a QR code, customers will reduce account takeover risk by >90%, and those who worry about keeping dozens of passwords secure won’t have to anymore, since with a single Verifiable Credential users can access multiple websites or services.
…& Single-Sign On
By combining SSI passwordless login with SSO, moreover, log-in and onboarding can be completed in one step: users will simply sign on using a QR code and digital service providers will instantly receive verified credentials.
Passwordless SSO is a more dynamic and cost-effective solution for companies and their customers: it removes the pain of memorising passwords for users, while simultaneously solving in-house issues like maintenance and security, password and permissions reset, and data compliance.
PasswordleSSI Wordpress plugin by sideos
Collecting, processing, and storing personal data is often prone to inadequate technical and organisational measures to ensure legally-compliant exchange of customer information: this can lead to hefty fines and dent a company’s brand.
Thanks to sideos technology, hotels and facilities operating inside and outside of Europe won’t need to exchange guests’ data with the risk of incurring in GDPR fines, since guests carry their booking info directly at checkin’s location.
With the same credential, guests can benefit from simplified check-in procedures, without the need to re-share personal data, while companies can save on infrastructure costs and resource effort.
For companies, data verification procedures usually imply lengthy integrations with providers and storage of users’ personal data, plus users themselves need to input their info each time this type of identification is required. Verifying data, moreover, can bring friction into an onboarding funnel, conversion and revenue.
With sideos, verifying information is streamlined, since the verification can be done once and the resulting Verifiable Credential can be presented by users to any other service or company requesting it via the SSI standards.
Companies, in turn, do not need to store data and can leverage the flexibility of sideos templates without having to repeat integration, should extra data be required. We offer a step-up approach that gives merchants the ability to increase the intensity level in regards to their AML due diligence requirements. From simple customer to bank account verification to a full Know Your Customer process.
KYC - Know Your Customer
ID verification, commonly called KYC (i.e. Know Your Customer), is a procedure performed by companies to confirm the identity of their customers and prevent illegal activities such as money laundering or fraud, in return protecting both company and client.
See for yourself how SSI-backed KYC looks like!
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