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The data tug-of-war

The data tug-of-war

In the battle for growth, knowing your customer is what will often separate the winners from the rest of the pack. And the critical prerequisite for this knowledge is data. It has value; with it organizations can craft deeply personalized experiences for customers today and can predict their needs in the future. This is why building customer trust is of such critical importance.

As part of our survey, we asked customers about trust; the industries they trust, the types of data they will entrust to companies; and what they would consider to be an acceptable trade for that data. We found that Canadians, were amongst the most skeptical when it came to sharing their information with organizations.

31% of Canadians are not willing to trade their data for anything, including money.
Only France ranked as more conservative with regards to data sharing at 33%.

Industries Canadians trust
Which industries do Canadians trust? Based on our researching, banks and healthcare organizations rank highest on the trust scales.

However, Canadians are still very selective about the types of data they are willing to entrust to organizations. Many take a need-to-know approach to sharing their data; they feel comfortable sharing information that they see organizations as being entitled to have i.e. banks are entrusted with income, payments and other financial information; retailers are privy to purchasing and credit card data, etc.

Building trust and keeping it
With increased skepticism and concern amongst customers as well as growing regulatory attention when it comes to data privacy and security, it is now more important than ever to ensure that data is being collected, processed, stored and disposed of in an appropriate manner.

Some key things to remember when collecting customer data

  • Make permission clear and understood
  • Provide specifics about how you protect customers’ data
  • Be clear and consistent with third parties
  • Be open when things go wrong

The data-tug-of-war is not something that should or could be won; it is about creating a comprise where both customers and companies derive value.

*All statistics quoted are from 2018 Me, my life, my wallet survey results.

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