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Business Consulting —The Business Value of Trust — Cognizant

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Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the “give-to-get” ratio and solve the customer trust equation, our recent research reveals. Download the whitepaper: http://cogniz.at/trustYT Subscribe to our channel: http://cogniz.at/subscribeyt Learn about Cognizant digital strategies: http://goo.gl/B3VPqL Transcript: Data is the foundation of trust and changing how we perceive companies with which we interact, and transact. In fact, the data that these companies gather has changed not only the way they deliver products and services, but also the way we make purchase decisions. We surveyed over 2,000 consumers across Asia Pacific and the Middle East to understand the factors that influence their trust. They told us that this is value that they associate with trust and how they react when the trust is broken. Trust is the new currency and return on trust is the new business performance indicator. More than half of the consumers we surveyed are willing to pay a premium for a product and services from companies they trust more. In fact, they do not draw strong line between privacy and security. For them, it is the ethical behavior of how companies treat their data that matters most. Our research uncovered two primary elements impacting the value of consumer trust. The first is aggressive data monetization strategy is a recipe for disaster. 75% of consumers we surveyed feel that companies are accessing their personal information that they did not explicitly provide. Roughly, 60% of them will stop doing business with a company that has broken their trust. Second, broken trust can break a business, brand and undermine loyalty. The bad news is that, no industry we studied perceived as highly trustworthy. Only 43% of consumers we surveyed trust companies fully and nearly 40% plan to switch to the competition or to a digital startup due to the trust issues. In fact, digital startups are winning the consumer trust better. The reason, they are perceived as being more trustworthy the way they treat our personal data compared with established companies. So, how can you turn trust issues into your biggest asset? Our research highlights two primary moves companies can make to win in the digital economy. The first is by walking the talk. Many companies believe that they have done their job by publishing data privacy and security policies, but more than half of consumers we surveyed told us that making sense of these policies is nearly impossible. Communication is a two-way street. So, merely stating your organization's policy and then hiding behind the law will not create a sustainable level of trust. Our study indicates that transparency is the top factor upsetting a company's trustworthiness. 45% of consumers we surveyed are willing to share their personal data, if a company asks upfront and clearly states how the data will be used. The second is by showing the value of trust. As consumers become more educated about how a company's using their data, they want a personal, tangible and image of benefit and return. 70% of consumers we surveyed see a tremendous value in the data and half of those are willing to share it with companies in exchange for some form of value. We call this the give-to-get ration and managing this straight off transparently is essential to rust to grow, and for the companies to succeed. The biggest threat to companies today is not from competition, but from their ability to win and keep consumer trust. In the coming years, we have won't to hear more businesses suffer financial and repetitional damage due to trust issues as the virtual economy expanse. Companies that you trust not just as privacy, security or technology issue but a brand building opportunity and place consumers before profits and self-interest will be best equipped to sail through the choppy waters of trust driven business disruption. Learn more about how to master the additional economy fundamentals of data ethics, the give-to-get ratio and the consumer trust equation, but checking out our new study findings. The Business Value of Trust available now at futureofwork.com and cognizant.com. #digitaltransformation
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