Insight
PhD Holder and result-oriented Director with 25 years experience with involvement in all levels of Business Strategy, Sales and Marketing, Managing Project and Product Development. Aside of managing a company, he is also the best corporate trainer and public speaker in seminar and conference.
Friday, 18 August 2023
The demand for digital transformation is driven by organizations’ desires to satisfy the ever-changing customer needs. In addition, customers nowadays entrust businesses with their personal and sensitive data as everything has been digitalized. Therefore, digital trust is a key aspect that is used to measure its success. But, what is digital trust anyway?
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Digital trust is described as the measure of customers, partners and employees’ confidence in an organization's ability to protect, store, and secure its sensitive information. Another definition provided by the World Economic Forum is that digital trust is individuals’ expectation that digital technologies and services – and the organizations providing them – will protect all stakeholders’ interests and uphold societal expectations and values.
The answer is absolutely yes.
Establishing digital trust through strong data security practices, transparent data handling, and privacy protection fosters customer confidence. Digital trust is about being trustworthy, transparent, and providing excellent customer experience rather than simply having a secure web or app. This entails putting security measures in place to protect against cyber attacks, being open and honest about how customer data is gathered and used, and making sure that all online interactions are simple and frictionless. When customers trust that their data is safe and well-managed, they will keep using your product and recommend it to others.
According to Deloitte (2015), there are 4 pillars of digital trust that needs to be implemented in the organization.
As customers may be concerned about the security of their data, digital trust becomes the foundation of a lasting and meaningful relationship between businesses and customers that might lead to business growth.
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References:
About digital trust. (n.d.). https://initiatives.weforum.org/digital-trust/about
Albinson, N., Balaji, S., & Chu, Y. (2015). Building digital trust: Technology can lead the way. Deloitte. https://www2.deloitte.com/content/dam/insights/us/articles/6320_Building-digital-trust/DI_Building-digital-trust.pdf
Digital Adoption. (2023). Building Digital Trust in 2023. https://www.digital-adoption.com/why-digital-trust-is-important/
Mapsted. (2023). What Is Digital Trust and Why Does It Matter for Business? [BLOG]. https://mapsted.com/blog/what-is-digital-trust
Trigyn Technologies. (2023). Trigyn Insights | 4 Pillars of Digital Trust Case Study. https://www.trigyn.com/insights/4-pillars-digital-trust