Today, postage is expensive. Sending a 2nd class physical letter to one person costs 53p. Connecting to an individual via a Mydex Personal Data Store costs a one-off fee of 60p, and then 15p per year. This means an organisation could reduce their operational costs by 45-67%.
With the individual at the heart of the process, everyone wins.
David Alexander, CEO Mydex CIC
The Mydex Platform employs the most up-to-date security measures and is ISO27001 certified for Information Security Management. The exchange of verified information via a Mydex PDS ensures that the risk of verification fraud is minimised. Identity is verified, and communications are secure. Not only this, but a live, persistent connection between organisations helps reduce the risk of human error and time spent correcting mistakes.
Organisations need to know who people are, they need to be able to trust them. Building a Trust Framework, as we’ve done at Mydex CIC, assures every participant that people are who they say they are, the information they’re receiving is for the right person, their identity has been assured, and that they can move information freely between all of the participants within this secure environment. Trust is an absolutely crucial factor for individuals sharing their information, and organisations interacting with their customers or members.
Increase data quality & engagement
Personal Data Stores not only collect transaction and behavioural data, but also form a much richer picture of an individual’s life. Individuals can take this picture — a collection of data — and use it elsewhere to interact with other organisations when they want or need to. With the individual fully engaged in the process and in control of this sharing, the data is much more complete, stays up-to-date, and doesn’t become fragmented or lose validity over time. An easy, trusted way of interacting with an organisation adds relevance for the individual, and promotes long-term relationships without the need for an intermediary.
Because increasing proportions of personal data are actually held by individuals and not companies, shared only with the individuals’ explicit permission, full compliance in a changing digital landscape is easier to achieve. This is only possible when receiving data shared by the individual from a completely secure space under their terms, for example under a data sharing agreement, such as we use at Mydex. This allows large and small organisations to innovate and evolve in the digital ecosystem, without the traditional costs and risks involved in compliance reassessment and potential breaches when they do so.
By connecting to an individual’s Personal Data Store, organisations will be able to receive real time updates of changes to a person’s details, such as address and contact information, at low cost. This connection is like a digital postman and letterbox: you can ensure the right information gets to the right person at the right time, where they can store, manage and interact with this information as they need to. Processes that once required physical proofs of claim or identity, and took weeks, can now be completed in a matter of minutes.
Find out more
- If you want to read more about the trusted exchange of digital information, download our white paper The Opportunity of Attribute Exchange here.
- You can also read our blog for insight and overview of the digital ecosystem.
- Our Knowledgebase also contains further recommended reading and links to our Twitter and YouTube channels.
- If you have further questions, you can head over to the Mydex Community Platform.