Benefits of NSTIC

Benefits for Individuals

Convenience. Individuals will be able to conduct their personal business online with less time and effort They will be able to access services easily without having to manage many different usernames and passwords

Privacy. Individuals’ privacy will be enhanced The Identity Ecosystem will limit the amount of identifying information that is collected and transmitted in the course of online transactions It will also protect individuals from those who would link individuals’ transactions in order to track individuals’ online activities

Security. Individuals can work and play online with fewer concerns about identity theft Stronger authentication will limit unauthorized transactions, and decreasing the transmission of identifying information will result in less risk from data breaches
What are the benefits of NSTIC to businesses?

Expanded markets: Just as cautious people don't park expensive cars in neighborhoods with high crime rates, some companies conducting high-value, sensitive transactions like mortgage lending or health care services have been reluctant to conduct portions of their business online. Lower rates of identity theft and cyber crime through the use of identity credentials would encourage business to develop new products or services now considered too risky for online sales or transactions.

 

Benefits to businesses

For many customers, registration is a significant barrier to buying something online. They don't want to take the time and risk of setting up new accounts. The identity ecosystem would allow customers to do business at new sites without extensive registration processes, while also verifying that business Web sites are authentic. They can buy with more confidence and without the hassle of establishing multiple accounts.
Greater privacy, security, and trust in cyberspace may also encourage some customers who have avoided online transactions in the past to begin participating.

Cost savings: Customers using a trusted ID would no longer need to establish accounts with every online business. Their credential could carry their credit card data and/or other personal data, such as age or place of employment, that may be needed to conduct a specific transaction. The savings to most business from not having to collect, maintain, and secure this data would be substantial. Small businesses, in particular, would benefit since the administrative and technical costs required to set up secure customer databases and IT help desks can be prohibitive.

The increased privacy and security of online transactions would also encourage more businesses to replace paper-based documents with faster, greener, more automated electronic systems.

More B2B collaboration: The increasing sophistication of technology demands greater levels of collaboration among business partners. Yet these interactions also bring risks of losing intellectual property and other data. Identity credentials allow greater accountability and auditing of sensitive business to business transactions, lowering the risk and cost of collaborations, while enabling companies to leverage shared knowledge and resources.

 

Benefits to government

Greater customer satisfaction: Governments will be able to provide more convenient methods of delivering services that currently have to be conducted in person, such as signing paperwork or signing up to receive state benefits.

Lower costs: Governments will be able to deliver services involving sensitive information at a lower cost, since in-person transactions will not be required as frequently.

Increased security: Improved methods of verifying identities can lead to reductions in identity theft and data breachesand raise overall consumer safety levels online.

Economic growth: Better online identity verification could lead to the innovation of new services in many fields, including healthcare and banking. This will encourage the development of new businesses and deliver more revenue to state and local governments.

Improved public safety: More secure networks and identity verification could help enhance public safety by improving coordination of first responders and other government officials during emergencies.