When it comes to customer’s personal data, it is necessary for customers to feel protected and respected for them to feel like they can trust a company. In the commitment to drive the best practices when it comes to protecting customer data, MEF’s Consumer Trust Initiative was established in 2011. This study is dedicated to educating and raising awareness of the importance of privacy, security, and identity when it comes to customer data.
The 2017 study focused on the importance of companies building trust with their customers. With new data regulations and changing consumer trends, companies are seeing the impact and opportunities that come with these changes and why building trust with their customers is so important.
Not only are customers becoming savvier about the value of their data, they’re understanding the effects on their lives if their data is misused or abused. Customers today are more aware of ways to better control and protect their data and they are now, more than ever, seeking opportunities to keep their data safe. Customers are continuing to seek out companies they can trust when it comes to that company holding their data.
MEF’s Consumer Trust Initiative study of 2017 looked at drivers and the impact of trust in the mobile ecosystem, behaviors, attitudes, and motivations when it comes to personal data and key data protection principles, as well as, consumer appetite for data-driven products and services.
This study found that 40% of customers named multiple trust issues as the most important barrier when it came to using more apps and services. The study also found that privacy (16%) and security (15%) remain the most influential trust-related concerns for customers. Not only do most customers site major trust concerns with companies, 86% of them actively warned friends and family members and some even used a competitive service provider.
When it comes to customers feeling like an app or service is trustworthy, one-third of them said a ‘clear, simple privacy statement’ would do the trick. This is important for companies to have, especially since 75% of customers read privacy statements before signing up for mobile apps or services.
Bad user experience is the number one reason most customers lose trust in an app or service so this is an important service for companies to stay on top of and make sure they’re providing the best experiences to their customers. Trust is an essential asset for a company to have with their customers and building trust in personal customer data is a great place to start.
Want to know more about how to build trust in handling personal customer data? Click on the link below to watch a quick video and to download the whitepaper Building Trust in Personal Customer Data.