Canadian citizens, businesses, and governments are increasingly concerned with digital trust. In fact, 4 out of 10 Canadians already rely on digital wallets on their smartphones. However, Canada currently ranks only 7th in its digital competitiveness and its privacy laws are weaker compared to other G20 countries. There is certainly room for improvement.
A $15 billion dollar opportunity
Canada’s digital trust revolution presents a $15 billion opportunity for change. Facing increasing pressure from three quarters of Canadians, Canada’s new Federal Privacy Commissioner has proposed Bill C-27, also known as the Digital Charter Implementation Act. If adopted, this legislation would change the way citizens, businesses, and governments interact with identity and would impose significant fines and legal penalties for anyone who doesn’t comply. The combined effect of impending legislation and public pressure makes this the perfect time to explore the future of digital trust.
What’s in it for me?
Digital trust solutions offer untapped opportunities to improve customer experience, reduce costs, increase security, and enhance compliance with financial and privacy regulations. Here are just a few examples:
Improved customer experience
66% of Canadians believe it’s important to have a secure and trusted identity, enabling convenient and seamless online transactions. Without this option, organizations must rely on cumbersome and time-consuming identification methods, such as physical IDs or paper forms.
Reduced costs
Fraud cost Canadians $531 million dollars in 2022 alone. Digital trust solutions will provide safer spaces for citizens to transact online, making significant inroads to reducing this yearly expense. These solutions will also help streamline manual data entry processes, resulting in additional cost savings.
Increased security
32.1 million Canadians still rely on paper-based IDs, leaving them exposed to potential identity fraud and data breaches. Digital trust systems will help safeguard a person’s online presence, thanks to strong authentication methods such as biometric or multi-factor authentication.
Enhanced compliance
Digital trust solutions can help businesses meet or exceed regulatory requirements while avoiding costly penalties, including compliance with anti-money laundering and know-your-customer regulations.
Technology’s role
ATB Ventures believes that digital trust is the key to a secure, private, and convenient digital world. Products like OliuTM are working to make digital trust accessible to businesses and citizens alike, paving the way forward.
What's next
Don't miss out on your opportunity to learn more about the future of digital trust. Download our exclusive FREE whitepaper now and find out how you can be part of this $15 billion dollar revolution.