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The Value of Digital Trust index reveals the potential to generate growth during the global economic slowdown

• Collaboration with Cebr Economists Reveals Digital Trust’s Trillion-Dollar Opportunity to Drive Economic Growth
• A 5% increase in digital trust is associated with an average increase in US GDP per capita, global study finds $3,000
• 68% of consumers support the creation of a digital identity system
• The emerging digital trust gap with non-Western markets leading Western markets leading with more confidence in the digital economy

LONDON, August 16, 2022 /PRNewswire/ — A new global study has revealed for the first time an economic value in building digital trust. A 5% increase in digital trust leads to an average increase in US GDP per capita $3,000. The findings are significant due to the global economic slowdown because investing in building digital trust in digital economies has the potential to generate growth and productivity. The Digital Trust Index: The value of digital trust is a seminal research, carried out by call signthe pioneer of digital trust, and the Center for Economic and Business Research (Cebr), on the attitudes and drivers of digital trust in modern economies.

“This Call Indicator research reveals the value of building digital trust for the global economy and reflects the conversations and inquiries we are engaging in. Organizations around the world consider digital identity as the foundation of their digital ecosystem, providing trusted interactions for consumers. – both business and business interactions. The research also demonstrates the negative impact if the industry does not take proactive steps to address consumers’ lack of digital trust.” he says Julie ConroyHead of Risk Insights of the Aite-Novarica Group.

The new report has found that a “digital trust gap” is emerging around the world. Non-Western markets have a positive confidence gap (South Africa (16%), ME&A (15%), brazil (6%) and APAC (5%)) indicating that consumer attitudes towards digital trust in the digital economy exceed societal trust levels. Western markets have a negative confidence gap (USA (-4%), Benelux (-6%), and canada (-9%)) where social trust is higher than digital. The UK was the only market where levels of digital and social trust were the same.
As more consumers live online, this is a key differentiator for emerging markets as economies slow. The potential to unlock per capita GDP growth from the digital economy can give emerging economies an edge in this new online era.

Aunt HayatCEO and Co-Founder, Callsign, said:
“For too long, trust has been referred to as an abstract concept with no business consideration or investment to address it, but the influence of digital trust is now quantifiable. At this critical juncture, our study found that hundreds of billions could be unleashed in our economies. improving digital trust. For businesses and governments, this means working together to build ethical and secure digital identities. Knowing who you interact with online is the foundation of digital trust , and now is the time to act as we seek to reimagine our economies for a digital world.”

The prevalence of online crime in Western markets is having a major impact on our levels of trust and therefore our economies. 36% of US consumers surveyed claimed to have been affected by an online fraud or data breach. The digital economy is expected to grow from the US 14.5 trillion dollars in 2021 in the US $20.8 trillion* in 2025, while the cost of online crime over the same period will increase from the US 6 trillion dollars to us 10.5 trillion dollars. If businesses and governments want to harness the power of digital trust, they must address the fundamental element, digital identity.

47% of consumers expect governments to create a safer digital world. To achieve this, more than two-thirds (68%) of respondents support the creation of a digital identity system covering technology, process and data policies overseen by an independent body. Consumers would place more trust in banks and financial services companies to create and maintain the system.

Josie Dentmanaging economist, Cebr, said: “Our study breaks new ground in the assessment of digital trust in modern society and economies. We found a strong relationship between digital trust and social trust, with a profound increase in GDP per capita in the US. $3,000. This means that with the deployment of digital identity solutions and improvements in data privacy, technology, accessibility and fraud levels, there is a cumulative trillion-dollar opportunity for businesses and governments.”

To view the full Digital Trust Index report, visit https://www.callsign.com/digital-trust-index

About the call sign
Callsign pioneers digital trust through proprietary technology that uniquely mimics the way humans identify with each other in the real world.

Positive identification of genuine users provides privacy, security and minimal friction while ensuring that bad actors are blocked. With a simple swipe or type, users can be personally recognized with 99.999% accuracy, offering the highest fidelity AI-based user recognition for the digital world.

To learn more about how this technology is being used to support digital trust between financial institutions, governments and commerce globally, visit: https://www.callsign.com/ 

About the Economic and Business Research Center (Cebr)
The Center for Economic and Business Research (Cebr) is an independent consultancy with a reputation for sound business advice based on thorough and insightful research. Since 1992, Cebr has been at the forefront of business and public interest research. They provide analysis, forecasting and strategic advice to leading UK and multinational companies, financial institutions, government departments and agencies and trade bodies. For more information about Cebr, visit www.cebr.com.

notes
The methodology for this report involved conducting a survey to measure levels of trust in digital and online services in nine key regional markets. As part of the report, further questions were asked about trust in society as a whole in order to analyze common differences and trends.

The research was carried out by 3Gem a February 2022.
The samples were as follows
APAC 2,500; Hong Kong 500, singapore 500, Indonesia 500, India 500, i the philippines 500

Benelux 500

brazil 1,000

canada 2,000

Middle East 2,000; 500 United Arab Emirates, Kingdom of Saudi Arabia 500, Qatar 500 and Bahrain 500)

Nordic 500

South Africa 1,000

United Kingdom 1,000

USA 2,000

*En December 2021the estimate of world GDP was 94 trillion dollars (Visual Capitalist) with the The World Bank estimates that 15.5% of global GDP in 2021 was the digital economy. meaning 14.5 trillion dollars. The World Bank also estimates that over the past 15 years, the digital economy has grown 2.5 times faster than world GDP. To calculate the value of the digital economy in 2025, we averaged the global growth forecasts for 2022 from IMF, World Bank i Fitch Ratings, which is equivalent to 3.73%. Given that the digital economy is growing 2.5 times faster than global GDP, the growth rate of the digital economy by 2022 was 9.33%. Adding this growth up to 2025 meant that the digital economy would be worth it $20.8 trillionwhile global GDP would be $108.9 trillion. Therefore, the digital economy would account for 19.13% of global GDP in 2025, with an increase of 3.63% compared to 2021. Given the current macroeconomic context, these are clearly projections, which assume that the economy will continue to grow until 2025 without a significant economic crisis. Furthermore, the value of the digital economy may actually be a larger percentage of global GDP in the coming years as our economy continues to benefit from digital innovation and more people join and begin to contribute to the economy digital
The above analysis was carried out by Callsign’s Corporate Strategy team.

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SOURCE Call sign