How privacy can act as a gateway to building consumer trust

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There is growing consciousness among users about their privacy.By Pooja Haldea‘Data is the new oil’ is a phrase often used when discussing new business models. Our daily lives are impacted by how data is utilised. There are several risks involved in acceding access to our private data, as governments and corporations alike are keen to capitalise on data caches to expand digital inclusion and the data economy. This tremendous growth in use of data to solve problems and issues like contact tracing or ban of security violating apps have brought the privacy debate centerstage. There is growing consciousness among users about their privacy. Some forward looking mega brands have identified this shift in its nascent stage and taken steps to bolster their privacy practices to in turn signal user centricity.Related NewsBusinesses are now seeing ethical data usage practice as a way to increase trustworthiness and build their reputation. Research has shown that users share more personal information with businesses that are more transparent about their data usage practices. Further to this, several companies are now actively engaged in public policy debates over data privacy, so as to appear as establishments that prioritise privacy over other interests, while …

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