Global Consumer Trust Report 2017

It’s no secret. We are in the midst of a digital revolution. And consumers want to be connected to everything, by everything, and from anywhere. They expect to connect to services with the same omnichannel experience whether from a computer or a mobile device. Security, privacy, identity and digital transformation professionals must ask the
question: “Has anything changed since last year?” It has. From where I sit, organizations need to become more privacy aware just to survive. Regulatory stakes are increasing rapidly as consumers become more savvy about how their personal information may be used. Regulations like the EU General Data Protection Regulation and the financial world’s
PSD2 are bearing down on organizations even as the business stakes also rise. New regulations and privacy awareness are a golden opportunity to build trust and respect with the consumer. Addressing privacy using a business framework approach, including a methodology that “leans in” to consent with confidence, will ensure more robust trust relationships with consumers. Customers will take action based on trust and they are more likely to purchase from consumer product companies that they believe protect and respect their personal information.
The results of MEF’s 2017 Consumer Trust Study support the notion that there is a mutually beneficial value exchange when it comes to a trusted digital relationship. In exchange for a richer user experience, customers will share more data if they can trust what will be done with that data. And your business won’t miss out on relationships that go dark when users walk. Digital identity is at the very core of processing, storing and
ultimately respecting personal data. In a hyper-connectedmarket, many businesses have multiple back-end databases. The challenge is assuring consumers are protected from end
to end, across products and services. We can successfully achieve the goal of connecting, protecting and respecting consumers by empowering the consumer with capabilities to
provide consent and privacy preferences for their digital footprint. It’s critical to build and implement a comprehensive strategy that will satisfy compliance guidelines today and continue to build trusted relationships tomorrow. Digital identity and access management satisfies your customers wishes for privacy and consent and allows you to trust your users authenticity. In today’s business, trust really does conquer all.