The use of the electronic identification (eID) and trust services (eIDAS) can provide a number of benefits for your business, no matter which sector you operate in. Examples of the application of eID and trust service solutions in the financial services, online retail, transport and professional services sectors are described below.
Financial services sector
The financial services sector is one of the biggest potential beneficiaries of eID and trust services as they can enable significant business opportunities and improved services across borders.
The identification, authentication and securing of transactions in the financial services sector are becoming highly digitised in order to adapt to an increased demand for online services from customers and to cope with heavier compliance obligations.
eID and trust services will allow companies to leverage on-boarding opportunities such as “Know Your Customer”. Know Your Customer is the process of identifying and verifying the identity of clients (or potential clients). It is carried out by companies to assess the potential risks of a business relationship, such as money laundering activities. Thanks to eIDAS solutions, such as notified eID, it is a process that can be conducted almost entirely online. By digitising these processes, businesses will be able to focus less on operational optimisation and more on building relationships with their clients.
Examples of the use of eID and trust services in the financial services sector include:
- eID for
- a trusted verification of a client's identity and compliance with Know Your Customer and anti-money laundering requirements
- facilitating the opening of new bank and financial service accounts with clients in other countries using remote and trusted identification and access to accounts
- eSignature to remotely sign financial service contracts with clients
- electronic registered delivery service for the quick and secure exchange of important documentation such as contractual agreements
Online retail sector
Online retail is undergoing a major transformation in order to adapt to the wave of digitisation. Businesses must use technology to develop creative solutions to attract customers. This can be done by providing a better online experience and by establishing trust in the business-consumer relationship.
Secure electronic transactions are particularly important for business conducted online. The use of trustworthy solutions for electronic identification and trust services is key. The eIDAS Regulation provides a comprehensive legal framework to ensure such trustworthiness, as well as legal validity and certainty across the EU.
Examples of the use of eID and trust services in the online retail sector include:
- eID for stronger identification checks on customers purchasing restricted (e.g. alcohol) or high value (e.g. artworks) goods
- eSignatures and eTimestamps to reduce costs through more streamlined processes and enhance document tracking
- qualified website authentication certificates to increase consumer trust in online retail websites and to avoid data phishing
In the transport sector, technological solutions, including electronic identification and trust services in particular, can assist in safeguarding a secure and seamless business process that eliminates any redundant steps.
Electronic identification and trust services ensure a smooth, secure, paperless flow of documents between senders, carriers, suppliers and receivers, which is paramount for orders to arrive on time and to avoid delays due to administrative burdens.
Examples of the use of eID and trust services in the transport sector include:
- eID and trust services can be used to prove the identity of the customer, provide a secure log-in to the service and enable remote vehicle unlocking by a customer
- electronic registered delivery service for the quick and secure exchange of contractual documentation
- eTimestamps to highlight accountability should delays occur when different carriers are involved
- eSeals on important documentation such as contracts of carriage proving their origin and integrity, whilst reducing the dependence on paper-based documents
Professional services sector
Professional services including, inter alia, lawyers, notaries, architects and accountants, can benefit from eID and trust services through the digitisation of their business processes. In their interaction with other businesses and customers professional services rely heavily on trust between the different parties involved.
The use of eID and trust services such as eSeals, eSignatures and eTimestamps simplify for businesses time-consuming formal procedures.
eID allows professional services to take advantage of on-boarding opportunities such as conducting “Know Your Customer”, as described above.
The digitisation of the sector through the use of eID and trust services will reduce the dependence on paper-based documents whilst maintaining the validity and security of the documents being shared.
Examples of the use of eID and trust services in the professional services sector include:
- eID for a trusted verification of the identity of clients in order to establish a contractual relationship and comply with Know Your Customer requirements
- eSignature and eTimestamp allow lawyers to perform paperless, digital contractual agreements that are legally binding
- sworn translators can use eSeal to certify the validity of translated documents.
- electronic registered delivery service allows any professional to send important documents reducing the risk of loss, theft, damage or alterations