How do the best companies in the world build digital trust and data confidence with consumers? They do it by adhering to these 7 straightforward data best practices.
CardLinx, a multi-industry trade association, recently completed a 1.5 year study and task force to identify key factors driving digital trust and data confidence. Task force members determined that merchants, mobile apps, payment processors, card-issuing banks, payment networks, advertisers and regulators embrace a common framework of consumer rights that help ensure a reliable and safe digital world.
Here are the 7 keys to mastering that digital world.
THE 7 WAYS TO DRIVE DIGITAL AND DATA TRUST WITH CONSUMERS
1. Transparency—Consumers need to know what data you collect about them, how you get it, and why. Plus they want to understand how it’s used, shared and retained. A great example of this approach is TransUnion.
2. Consent—Asking for permission and providing opt-ins (and opt-outs) show respect to consumers—and instill confidence in your organization. A leading example of this is approach is Rakuten Ebates In-Store.
3. Choice and Control—Let the consumer be your co-pilot. Partner with them in determining whether disclosure of their personal data is or isn’t permitted for marketing or other purposes. A great approach is from MasterCard.
4. Access—Don’t “hide the ball” and prevent a consumer from accessing the data collected about them. A great example of enabling a consumer to access their data is Microsoft.
5. Data Portability—By letting consumers download their personal financial data any time—in the format that works for them—you inspire the trust that benefits everyone.
6. Correct and Delete—If the data is wrong, let customers fix it and/or let them choose to make it unavailable to others. Giving them these capabilities generates mutual respect. TransUnion demonstrates best practice here.
7. Data Security—Treat consumers’ data as if it were your own. By protecting their personal information appropriately (and consistent with its sensitivity), you build trust.
The key output of the recent CardLinx study is a framework of consumer digital rights to advance the fair, efficient and effective use of personal and financial data. We invite you to reference—and adopt—the guiding principles shared by our member companies. To learn more, attend one of our upcoming forums or download our consumer data principles.
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