“Cognizant’s latest study ― ‘The Business Value of Trust’ ― reveals that digital start-ups are increasingly winning the consumer trust battle as 47% of consumers surveyed plan to switch to a digital start-up due to perceived trust concerns over how their personal data is being used,” writes Rust Report. “Personal data has become the new currency in the digital economy, with trust as the main bargaining chip. And start-ups seem to be outdoing themselves with nearly half (47%) of respondents saying they would switch to a digital start-up because they trust their approach to data ethics compared with established companies.”
“With business success today centered on the use of consumer data, trust has become the new battleground for digital success. It’s essential for organizations to master the customer trust equation to sail through the choppy waters of trust-driven business disruption,” says Manish Bahl, Senior Director at Cognizant’s Center for the Future of Work in Asia Pacific.
“We are seeing the emergence of a new concept that we could call ‘Return on Trust’. Investing in keeping consumers’ trust has never been so vital for businesses, especially in the era data where consumers’ trust can very quickly become eroded,” adds Bahl.
“With digital disruption in full swing, established companies need to take every precaution necessary when dealing with consumers’ private data,” Rust Report notes. “Customers today want faster delivery of services without compromising their personal data, and digital start-ups seem to be meeting these expectations, as they have built their entire business around data control. Around 49% of the consumers surveyed said they could opt for a digital start-up due to more choices and 49% for faster delivery.”
“As the digital revolution unfolds, trust will become even more important because consumers will not just expect but assume businesses have put their interests before everything else. In the coming years, as more Australian businesses confront the financial and reputational implications of trust issues, winners and losers will be determined by how they manage the trust equation,” explains John Burgin, Vice President and ANZ Head, Cognizant.
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Publish Date: May 30, 2016 5:00 AM
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