In the second edition of Me, my life, my wallet, we’ve continued our exploration of the multidimensional customer – what’s truly driving behavior and choices, and how this is set to change as the customer of tomorrow emerges. We’ve built on our first edition’s unique and multi-layered research methodology with an even more ambitious research endeavor, drawing on new insight from across the KPMG network and extending our primary research, this year surveying more than 25,000 consumers in Brazil, Canada, China, France, India, the UAE, the UK and the US – as well as conducting ethnographic research interviews in each market.
In our preview of the second edition we have focused on trust, one of the six key themes of critical importance to organizations and institutions around the world.
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 center 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 - it’s central to building customer loyalty and therefore the future financial prosperity of all organizations and institutions. Developing and maintaining successful customer relationships requires a change in mind-set and day-to-day data practices.” - Me, my life, my wallet, Second edition.