With increasing awareness around data breaches and data misuse, consumers now demand more than just compliance.
The Okta Digital Trust Index found 39% of Britons have lost trust in a company due to misuse of data during the pandemic. This number went up 40% in Australia and 56% in the US. But, a separate study found 62% of global consumers were more likely to use brands that explain what they do with their personal information.
Studies show consumers expect aptitude, clarity and transparency around how brands store, handle and use customer data. Instead of considering data privacy as a compliance-led, regulatory exercise, brands should put privacy and protection of data at the core of their culture and processes.
Companies need to focus on digital trust while developing their data strategy to retain consumer loyalty. Digital trust can further help brands forge a stronger emotional connection with their customers.
[5 minute read]