The General Data Protection Regulation, which comes into effect on 25 May, has thrown the issue of trust into sharp relief.
As Ian Bryant, COO of trust-hub, highlights, “Do I trust the organisations who hold personal information on me to be honourable and transparent custodians? If not, I’m unlikely to use that organisation’s products
or services – either as an individual or professionally.”
But the May deadline is not the end of the story when it comes to how we trust companies to hold and use our personal data. In fact, it’s only the beginning.
Privacy as competitive advantage
“Moving forward, we’ll see GDPR as the low watermark in managing privacy,” predicts Simon Loopuit, trust-hub’s CEO. “In fact, we’ll see businesses using privacy as a point of differentiation, even competitive advantage.
“Subject access rights, and the right to be forgotten, are hugely empowering for individuals. If you experience poor levels of service or have a reason to be frustrated with a particular organisation, leveraging these rights places pressure on the organisation to respond.”
As time moves on post-GDPR, it will become even more of a customer experience issue. Organisations will have to be able to identify an individual’s personal data, extract it and then securely share everything with the data subject in a format that is easy to understand – showing what consents were given and how the data is/was used.
If a business is able to do this quickly and accurately, it will clearly demonstrate its credentials as a capable custodian of personal data. That, in turn, may be enough to address any concerns and perhaps even lead to improved customer retention.
Consumers monetising their personal data
It could go still further. As consumers increasingly recognise the value of their data to organisations, they have an opportunity to monetise that data – essentially selling their private information to trusted brands – either directly (perhaps in exchange for higher levels of service) or through information exchanges.
“We’re already seeing individuals starting to take ownership of their personal data,” says Simon. “The days of people posting their lives on social media in ignorance of the fact it’s all being collected and used are coming to an end. Instead, we’re self-selecting what networks and brands know about us and have more awareness of risk.”
As individuals become more privacy-savvy, the ‘surveillance by design’ culture – where metrics and behavioural tracking are a central part of how digital platforms extract value from users – will move towards ‘privacy by design’, where they don’t. Personal data exchanges might begin to flourish, where businesses share customer’s data with the consent and oversight of the individual.
And as the market evolves, the need for a platform that manages all that data in an evolving way will become increasingly important.
To help businesses learn more about GDPR and what the future holds, trust-hub has written an insight guide that goes into more detail.