As the global economy embraces artificial intelligence and hyper-data integration workflows, it is critical to put data security and governance at the centre-piece of a brand strategy.
More importantly, in order to gain the trust of customers and remain competitive in today’s digital landscape, brands must prioritize data safety and governance. The 2024 Thales Digital Trust Index highlights the importance of safeguarding personal information, with the banking industry emerging as the most trusted in this regard.
The study, which surveyed 12,426 customers globally, revealed that 89% of consumers are willing to share their data with brands, but they have non-negotiable requirements. Among these requirements, 87% of respondents expect privacy rights when engaging with online businesses. The most demanded privacy right is the knowledge that personal data is being collected (55%), closely followed by the right to have their personal data deleted (53%).
Furthermore, the study found that in the past 12 months, 29% of consumers have discontinued business with a brand due to excessive data requests, while 26% abandoned a product or service due to concerns about the use of their personal data. This underscores the significance of respecting customers’ privacy preferences and minimizing data collection to essential information.
In addition to meeting privacy requirements, the study highlights the necessity for companies to provide a flawless online experience to gain and retain customer trust. This involves ensuring seamless digital interactions, optimizing website and app functionality, and prioritizing user experience. Brands that invest in advanced cybersecurity measures and communicate transparently about data protection practices can distinguish themselves in the market and build lasting relationships with their customer base.
To be competitive in this space, companies should implement robust data security measures, adhere to privacy regulations, and communicate these efforts transparently to consumers. Establishing a reputation for prioritizing data safety and governance not only enhances trust but also attracts new customers who prioritize their privacy when choosing businesses to engage with online. Ultimately, the combination of stringent data protection measures and a superior online experience positions brands as leaders in digital trust, fostering customer loyalty and sustained success.