Verato®, the identity intelligence experts, has officially published the results from its newly commissioned research named The Identity Intelligence Imperative: Bridging Gaps in Customer, Patient, and Constituent Experiences.
Going by the available details, this particular study treads up a long distance to show that organizations across regulated industries are racing towards digital transformation, but having said so, 90% of leaders state that fragmented and siloed identity data significantly undermines their ability to deliver seamless, personalized, and positive experiences at scale.
Such inability to conceive a unified view of customers, patients, members, and constituents is unsurprisingly leading to consequences, including limited operational efficiencies (58%), impeded brand trust (50%), and decreased customer satisfaction (46%).
More on that would reveal how Verato’s exercise took into account the opinion of IT, data, and experience leaders from healthcare, financial services, and public sector organizations. It also included a proprietary mixed-mode approach, which combines quantitative web-based surveys with qualitative in-depth telephone interviews.
Markedly enough, QuestionPro conducted the research study, and results were compiled by In90group Research to assess organizational readiness for an identity-driven digital transformation.
Talk about published results on a slightly deeper level, we begin from the fact that, even though 95% of leaders agree regarding customers’ expectation of seamless, personalized experiences, no more than 12% feel fully prepared to deliver them.
Another detail worth a mention is rooted in the opinion of those leaders, at organizations without unified identities, who report a 58% reduction in operational efficiency, a 50% erosion of brand trust, and a 46% decrease in satisfaction.
Beyond that, 57% of leaders were also found to be in the process of planning Master Data Management (MDM) investments (38% within 12 months). You see, digital transformation demands more identity intelligence than legacy MDM solutions, meaning a next-gen MDM with extraordinary identity accuracy and native enrichment should be able to ensure a trusted 360-degree view of people, organizations, and networks.
The idea here is to facilitate precision customer acquisition and outreach, exceptional customer experiences, including personalized engagement and revenue capture.
Among other things, it ought to be acknowledged that 70% of healthcare leaders say their systems regularly lose patients due to poor experiences; none are “very confident” in their 360-degree view capabilities, whereas on the other hand, an estimated 50% of financial leaders report regular customer defection due to poor experience.
Founded in 2012, Verato’s rise up the ranks stems largely from its next generation of master data management platform called Verato MDM Cloud™, which effectively combines the most accurate identity resolution and enrichment with advanced insights, identity verification, and AI-powered data governance.
The company’s excellence in what it does can also be understood once you consider well over 75% of the U.S. population flows through Verato, powering a single source of trust for identity across the critical industries like healthcare, life sciences, financial services, public sector, and beyond.
“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. Our research confirms that without unified identity intelligence, organizations can’t deliver the frictionless, personalized interactions consumers, customers, employees, and related constituents now demand,” said Clay Ritchey, CEO of Verato.
