Insight
Do your customers trust you?
Public trust in companies and institutions is eroding after multiple data breaches, food safety scandals and product recalls. Yet without trust, consumers will be reluctant to share the data that helps manufacturers and retailers put them at the centre of their business.
As concern among consumers and regulators about the use of personal data grows, a quantum leap is required in the way we manage data and analytics. Technology – and its accompanying data trails – permeates so many aspects of our lives that companies need to earn trust. The challenge is to prove that they are protecting a customer’s data while using it to create value for them.
With the right data and analytics, organizations can deepen their understanding of where, how, and why we open and close our wallets. In painting these intricate pictures of consumers’ lives, they cannot afford to imperil privacy or destroy trust.
Trust isn't a vague ideal or empty rhetoric - it's becoming central to building customer loyalty and therefore the future financial prosperity of all organizations and institutions.
Colleen Drummond, Head of Innovation Labs, KPMG LLP
