Data analytics has enabled businesses to create deeper and more personalised services for their customers. The results can be seen across industries, whether that is in healthcare, where patient pathways have been optimised for better patient experience, or in the banking industry to help retain customers. But – and there is a big one – it’s all based on the quality of the data that users enter. The introduction of the General Data Protection Regulation(GDPR) has the potential to change all of this.
While businesses have become more reliant on the data that is entered into their IT systems to gain a true view of the customer, the new regulations will force businesses to reveal exactly how and when they suffered a data breach. As a consumer, I would like to hear the amount of times my favourite shopping outlets has been impacted by a breach but unfortunately, once I know that information – I would be more reluctant to share my personal information with that brand in the future.
I’m not the only one. It’s interesting to see companies, such as (ISC)²,alluding to the falsification of personal data by consumers as a result of GDPR – it will indeed ‘choke’ the digital and experience economy that has grown around us.
Unfortunately, there is no silver bullet for protecting a business from a data breach and so it’s inevitable that fake data will become a challenge for any business reliant on consumer information. While it seems we are stuck between a rock and hard place, there are ways in which businesses can look to limit the damage to their brand and maintain consumer trust so that data integrity is not compromised.
Brand trust is a key operator in the purchasing process – it helps forge connections between the products and the consumer. To ensure your customers continue to trust your brand (even after a breach), consider the following:
· Introduce an element of change: If your brand has suffered a data breach, showing an improvement in processes for the better will let customers know that you have listened to their concerns and that you are making moves to protect their dataquickly.
· Create an advocacy program: By introducing regular customer focus groups to discuss data security as well as participating in data management panels with security providers, a brand can create user-generated affection – and trust – that is stronger than any executive spokespersonalone
· Share your vision: A trusted brand is one that paints an attractive picture of the services it wants to provide for customers in the near future. This vision should be shared with analysts and partners who will help to build your ecosystem of trust for customers. As your brand vision turns to new and innovative products and services - amplify developments to encourage engagement and customer buy-in from dayone.