It is quite obvious today that we are in the middle of a digital revolution. Customers want to be connected to their favorite brands all the time from wherever they are on whatever device they are using. Customers want to have the same omnichannel experiences across all channels. Security and privacy have now become top concerns in the effort to make this happen for customers.
With constant innovation around technology and digitization, there are new regulations and policies at stake. New rules such as the EU’s GDPR and the financial industry’s PSD2 are forcing organizations to be more aware of what is at stake in forming trusting, long-term, and loyal relationships with their customers. When it comes to trusted digital relationships, studies suggest that there is a value exchange that is beneficial for all involved.
Customers will make decisions based on the needs they have and the trust that organizations have built over time. More trustworthy companies are more likely to see customers purchase products and services from them over and over again. It all comes down to one important element: protecting customer data.
Digitization is not only about capturing customer data across various channels; it is also about protecting the information that is collected. Managing the flow of digital identification helps to settle privacy and consent concerns of customers and allows companies to trust user authentication. Organizations with multiple back-end databases in which customer data is stored must also have end-to-end data protection in place.
It is imperative that organizations develop and implement a comprehensive strategy that addresses the issue of trust for customer concerns about their information. One survey asked smartphone users for the third year in a row why they don’t use more apps and services. The answer was a lack of trust. In fact, “86% of customers will take some kind of remedial action as a result of trust concerns.”
The flip side of this is that “consumers are equally motivated to reward an app or service that has earned their trust,” with 47% saying that would recommend an app they trust to family and friends and 44% saying they would leave a good review.
Trust surpasses everything in today’s new business world. Key elements that are part of building trust through data collection are privacy, security, identity, transparency, portability, consent, and the right to be forgotten. Companies must ensure these issues are addressed in order to increase customer loyalty and boost company influence.
If the debate over trust is important to you and the customers you serve, click the link below for more information about data control and how to keep customers happy.