Consumer identity management (CIAM) will benefit business
Our good friend John Tolbert from KuppingerCole Analysts was recently interviewed by ComputerWeekly Magazine for an article on Customer Identity Access Management (CIAM), where he made the claim that CIAM will benefit business.
John urges businesses to embrace consumer identity management to improve marketing capabilities and help drive regulatory compliance.John goes on to say that the biggest reason businesses are looking at CIAM is to get more accurate and comprehensive information about their customers for marketing purposes.
John predicts there will be a couple of key drivers pushing this growth:
1. The Internet of Things (IOT)
CIAM makes it easier for people to connect IoT devices to their consumer identity.
2. Compliance (GDPR)
In addition to flexibility and scalability, dedicated CIAM systems also tend to be designed in a way that helps businesses comply with the consent requirement of the EU’s General Data Protection Regulation (GDPR). Let’s face it, GDPR is the tip of the compliance iceberg when it comes to consumer identity. Other regulations that CIAM helps with include: Know Your Customer (KYC) and Anti-Money Laundering (AML) at banks.
In the past businesses have tended to collect consumer data whether it was useful or not. But that comes at a cost. With CIAM you can actually reduce the amount of personal identity information you need to collect. Minimizing the amount of personally identifiable information is also one of the objectives of the GDPR.
Read John’s full interview here.
To learn more about how LoginRadius can help with your GDPR requirements check out our GDPR Portal.