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miiCard and the evolving market for identity services

Posted on: Wednesday 18th of September 2013

miiCard, which provides online identity verification services, has made a series of announcements over the last few weeks. Businesses and people are signing up for their user-centric identity service which uses the power of volunteered information to create breakthrough efficiencies and value for all parties.

We heard their news from CEO James Varga at a recent miiCard investor event. They are seeking investment to grow the business internationally. Ctrl-Shift’s Alan Mitchell was invited to provide an independent analysis of the evolving identity market and while we were there we caught up with James to ask him about the event and news.

 

In the video James talks about miiCard services becoming location aware and he mentions the launch of Certified Digital Bank Statements. This new service verifies peoples’ bank transactions as proof of income or credit history in order to facilitate approval of new loans or credit based services online and with explicit consumer consent, speeding up decisions, reducing costs and potentially increasing conversion rates for banks. miiCard has also announced a partnership with real estate transaction platform Allre to enable home owners and buyers to securely connect and sell houses completely online without the need for agents – a move which could considerably disrupt the market.

It’s this ability to disrupt and create transformational efficiencies whilst also building trust and value through a new model of a user centric identity service which is key to miiCard’s success and the evolution of the identity and personal data market. This point was emphasised by Robert Higginson, Partner at Par Equity LLP, one of the investment backers for miiCard. We asked him why the identity market is so attractive for investors.

 

At Ctrl-Shift we’ve been talking about the opportunity created by Volunteered Personal Information (VPI) driven services like miiCard for a while and their potential to be a springboard for innovation – see our recent report ‘Breakthrough efficiencies: the role of volunteered information’.  In his presentation to the group Alan highlighted how the market is evolving from being organisation centric – with each separate company establishing its own identity assurance mechanisms, leading to multiple passwords – to becoming user centric where the individual can carry their own digital identity from one organisation to another. The exchange of verified attributes that this new relationship enables opens up all sorts of new and exciting opportunities. Here is Alan talking about the market opportunity.

 

The key challenge now for VPI services is create scale big enough to turn large companies needles. This is clearly what miiCard is trying to do by raising investment to drive international growth.