Digital trust can be established only if organizations are confident about data being ethically used for customers’ benefit or their own.
As the world combats the COVID-19 pandemic – digital trust will play a pivotal in the new
changing world order. COVID-19 crisis has fuelled the organization’s aspiration to achieve rapid scale adoption of digitization processes. The pandemic has accelerated this shift of off-line processes to on-line across the functions, whether they are corporate, government, or non-profit organizations. Consequently, enterprises have witnessed an increase in data and information generated during this pandemic period.
In the post-pandemic world, the anxiety of people will shift from pandemic focused concerns to private data security and how the organizations handle it. The winning formula of organizations’ success will likewise, shift from their existing digital platforms and their fundamental data to customers’ trust in how they are using data. If organizations get their dynamics right and win over customers’ trust, they will be successful in grabbing more customer attention and their loyalty, and this will enable them to build a future-ready, sustainable business.
To build that trust, organizations need to focus on building up their data culture. They must
establish the criticality of being a data-driven organization. This includes a formal focus on
governance of data with informal cultural signaling in the organization.
An easy-to-use experience of conveying a sense of security to employees and customers will build a much deeper natural commitment to establish digital trust. To accomplish that,
businesses need to deploy the right information security processes and technologies to digitize trust mechanisms. The digital trust framework should be considered as an integrated approach, i.e., combining data protection and discovery, cloud-based authentication, risk management, access management, global threat intelligence, and AI-based fraud detection. All of this should be maintained to ensure the strength of the security protocol, so that it is not devastating for the user, while simultaneously establishing a sense of trust.
Similarly, that sense of trust is built only if an organization is transparent to customers about the data that is being processed and stored or removed based on customer’s preferences. Customers need to ensure that visibility check their preferences are being acted upon. Organizations, particularly in the financial services sector, are investing significantly in Blockchain technology to prepare for the future. Blockchain could become a game-changer for the entire world – building up the transparency and trust.
Finally, digital trust gets established only if the organizations can confidently answer this critical question of data being ethically used to ensure customers’ benefit or for its own. It’s a crucial societal question that organizations are presently dealing with. In some years, it’s going to become an even bigger question that firms need to answer honestly. For that, organizations will respond in a different way– from hiring a Chief Trust Officer to embedding psychologists into technology teams to consider the ethical side of – ‘are they doing the correct thing?’ and & ‘what impact does it have on the society?’
In the post-COVID 19 eras, the use of data is going to be even more challenging and disruptive. While it is a challenge for organizations to keep pace with the volumes of data getting generated, the focus should be only on building trust with larger stakeholders and consumers. It is challenging for businesses to strike the right balance between corporate profits and societal trust. Future success will belong to the organizations that get this balance right.