Digital transformation has become a modern business imperative. Today’s consumers are more technology savvy than ever, and expect rich, meaningful digital engagement with the products and services they consume.
But those experiences require trust, something that is not always easily gained. With data breaches and security incidents so prevalent in the media, customers are reluctant to share information, which impedes meaningful engagement.
Some of the most promising trends include more self-checkout (“frictionless”) options, the acceptance of cryptocurrency for payment, the deployment of robotics in response to labor shortages, and the use of AI (artificial intelligence) for inventory and workforce management, accurate demand predictions, and sales promotion recommendations.
Trust is Paramount to Customer Experiences
In an ever more competitive business climate, superior customer engagement through digital channels present a unique opportunity for differentiation. In fact, 76% of recently surveyed executives identify digital transformation as a critical or very important priority.
While customers are eager to engage digitally, they increasingly exercise caution. And with good reason. Data breaches are everywhere, and it’s no secret that identity and access issues are usually the root cause.
of data breaches involve stolen credentials
of phishing attacks target credentials
of user passwords are duplicates
What's holding you back?
Internal pressure on business requirements can overshadow your data security, privacy, and regulatory compliance planning. This struggle to maintain trust is further compounded as your technology and business models change, and the market reacts to adversity.
Why should you move forward fast?
Empowering trusted customer experiences requires organizations to address obstacles to realize salient outcomes. Without trust-led decision making, organizations can put their brand and the company's bottom line at risk.
Recommendations
Here are four expert recommendations for balancing customer data security for an optimal customer experience:
- Be Fully Transparent With Customer Data Security
In order to trust a company regarding customer data security, customers must fully grasp what happens to their data, said Sameer Ansari, Protiviti managing director and data privacy practice lead. “Understanding how the company uses, protects and values customers’ data might make customers more inclined to share their information. As companies advance transparency and trustworthiness agendas, they disclose their practices, extend greater control over data to customers, and safeguard this information following industry standards.” - Promote Privacy Credentials for Better Customer Data Security
Achieving and/or maintaining industry certifications such as SOC 2 (American Institute of Certified Public Accountants System and Organization Controls 2 compliance), at a minimum, as well as PCI (the Payment Card Industry Data Security Standard), and the ISO 27001 (the International Organization for Standardization 27001) will help build a trustworthy image internationally, according to Joey Stanford, Platform.sh vice president of privacy and security. Provide Customer Data Security by Default
To balance security and customer experience, it's important to have secure by default features that enable your customers to leverage the product as they would without experiencing any depreciation in features or functionality.Deliver on Your Data Security Promise
You must deliver the value you promised and your IT security must be up to par. If you’re asking people for their data, they expect you to store it in the most secure way possible. They expect their data to be unhackable. They don’t want to be plastered all over the web.
Respecting and prioritizing customers' data privacy isn't simply a legislative requirement or a modern trend. It's a business imperative and ethical responsibility that, when done right, can yield immense benefits, including enhanced customer loyalty, trust and, ultimately, a competitive advantage.
Want to learn more about securing your business and customer data and how to protect your organization in today's ever-changing world? Contact CNP Technologies today–we look forward to hearing from you!