Data streams may dry up if consumers don’t feel trust in sharing their data with businesses a new ADMA report shows
While analytics professionals and the data science market is running hot, there’s a danger that data streams could dry up as consumer attitudes towards data privacy and the trust the consumer has in in an organisation affecting the data value exchange.
Trust, transparency and control are three fundamental preconditions consumers need to be met by companies when it comes to data sharing, new research released by IAPA’s sister organisation ADMA has found.
According to the report, Data Privacy: What the consumer really thinks, a healthy data culture will be dependent on brands and companies’ commitment to establishing practices that support and embed the foundational criteria of trust, transparency and control.
By embedding these core values into everyday industry practice brands and companies have the opportunity to support consumers in navigating the often complex and fast evolving data-exchange landscape, the report says.
Trust in an organisation is the most important criteria that makes Australians comfortable with sharing their personal information with a company, with reward and financial incentives of secondary importance.
Furthermore consumer trust in sharing data with businesses is not at optimal level. However, while organisations are encouraged to predominantly focus on establishing corporate trust, once in place, there is an opportunity to engage consumers with a greater range of value propositions.
Download the report here to find out more about what you and your organisation needs to do to keep the data exchange healthy.