Business Use Case
Automotive and mobility industry
- Digitization of processes
- Verified, digital customers
- Open ecosystems for more synergies
- New business models in the “new mobility”
Putting people first
myEGO’s solution approaches are focused on three challenges in the automotive and mobility industry. These include 1. the revolutionization of the automotive industry through the opening of ecosystems and the concept of digital identity as the driver of new mobility, 2. the discussion about “ownership” of data in cars and other mobility vehicles, and 3. the digitization of processes. myEGO aims to accompany the industries in their digital transformation with the ideas and approaches outlined and to focus on new, innovative business areas.
What approaches do we present?
①
Revolutionizing the industry
②
Who owns the data?
③
Digitization of processes
1. Revolutionizing the automotive industry through open ecosystems
By sharing and reusing verified data, traditional closed ecosystems can be transformed into new and open ecosystems. With myEGO’s self-sovereign identity (SSI) solution, which puts people at the center of all business transactions, collaborations are now possible between companies that are normally unrelated or challenging to create. The formation of open ecosystems with a strong user-centric approach enables traditional companies to develop new ideas and models as well as collaborations that pave the way for value-creating benefits.
“Today’s economies are dramatically changing, triggered by development in emerging markets, the accelerated rise of new technologies, sustainability policies, and changing consumer preferences around ownership. Digitization, increasing automation, and new business models have revolutionized other industries, and automotive will be no exception.”
Gao / Kaas / Mohr / Wee, “Disruptive trends that will transform the auto industry”, 1.1.2016, https://mck.co/3nivfFz
Digital identity as the engine of new mobility
By supporting myEGO’s open ecosystem approach, the automotive industry can be revolutionized through a concept based on data – verified personal information of individuals. Through the myEGO platform, the entire automotive and mobility industry is now being revolutionized, integrating simple and seamless processes. Furthermore, the open ecosystem not only enables increased value for all customers, but also creates fast and innovative business processes and collaborations between the automotive industry and other sectors, such as vehicle registration, insurance or the long-term realization of smart cities.
“While shared mobility is a recent trend, it has quickly shifted consumer preferences away from car ownership toward alternative forms of transportation, making it an extremely disruptive force. Many of the associated changes will be positive, since the growth of shared mobility will open new and profitable opportunities for multiple companies, including automakers, suppliers, technology businesses, and aerospace experts.”
McKinsey Center for Future Mobility, “Shared Mobility”, https://mck.co/38I7z9o
More information about the use case?
myEGO has taken a close look at the automotive and mobility industry and defined and summarized the problems and challenges as well as possible approaches to solving them. You can contact us for more information below.
2. Who owns the data?
Car manufacturers collect vast amounts of different data that can be collected in the car itself. On the one hand, this includes classic industrial data, such as the state of the battery, tire pressure, exhaust information, etc. On the other hand, it also includes user data such as GPS data, steering angle or speed information. On the other hand, user data such as GPS data, steering angle or speed information is also saved. At the moment, nothing is happening with this data, but this state of affairs may soon change: “Chancellor Angela Merkel (CDU) is urging BMW, Daimler and VW to share their data treasures with other transport providers in return for payment. In this way, new products such as intelligent navigation services or networked mobility services are to be developed.” (loosly translated from: Delhaes, “Merkel drängt Autokonzerne: BMW, Daimler und VW sollen Datenschatz teilen”, Handelsblatt, 28.10.2020, https://bit.ly/35oknA0).
In the future, more and more companies from other industries, such as insurance companies, tax offices, law enforcement, etc., will be interested in this data. However, one thing must be made very clear: The data belongs to the individual – it may never be misused and may only be passed on and processed with consent. This approach is pursued by myEGO as an identity platform that enables users to always retain control over their data and decide for themselves with whom and which data should be shared. For companies, this creates new business models and benefits, for example by enabling them to create personalized offers for their customers.
3. Digitization of processes
Digitization demands new types of processes that must be designed to be faster and more user-friendly. The processes are turned around with myEGO and the user in focus. The user supplies his verified data, for example, for vehicle registration, financing, car sharing, etc.
fast – simple – safe
Example: Online car registration
1
Secure data transfer based on verified customer data (e.g. vehicle registration certificate, driver’s license)
2
Digital verification and transfer of ownership of a vehicle – eliminating manual processes and analog document and form traffic
3
Due to the decentralized data management and the storage of personal data in a secure “Private Space” of myEGO, the data can be retrieved by the user at any time, and is up-to-date and protected.
Example: Financing at car dealership
1
By bundling different customer data sets, e.g. verified ID card, bank data and driver’s license, otherwise manual processes can be smarter and faster.
2
Reuse of the data, proof of creditworthiness from the automated financial check
3
Manual data entry by the dealership employee is no longer necessary and the time saved can be used for financing advice and sales.