By the Numbers: Brand Lift from Earning Digital TrustDec 12, 2022
The data bears out that business leaders who prioritize not just compliance, but establishing themselves as leaders in gaining digital trust are seeing business growth.
Data from McKinsey suggests that "organizations that are best positioned to build digital trust are also more likely than others to see annual growth rates of at least 10 percent on their top and bottom lines" -- but only a small few are set to actually deliver on that growth.
Based on the research, consumers say they care about privacy to large extent:
- 85 percent of respondents say that knowing a company's data privacy policies before purchase is important before purchase
- 72 percent of respondents say that knowing a company's AI policies before purchase is important before purchase
- 46 percent often or always consider another brand if the one they are considering is unclear about how they will use consumer data (this figure increases by 50 percent among Millennials and Gen Z consumers)
- 87 percent said that the amount of personal data required during a transaction was almost as high a consideration (compared to 92 percent) as quality and convenience of the product or service
- 53 percent of customers look for companies that have a reputation for protecting data
While 90 percent of businesses self-reported that they believe themselves to be effective at mitigating risk, less than 25 percent were actively taking steps to do so.
So what do the companies that establish themselves as authorities in earning digital trust do differently? The full table is below and includes key insights such as: implementing measurable standards for ensuring their data privacy practices are working and thoroughly completing due diligence to screen third parties and vendors who have access to client data.
What can you do to stay ahead? Take a look at state-by-state privacy requirements going into effect, as well as our State of Privacy wrap-up.
What Digital Trust Leaders Do Differently (McKinsey):