With the rise of digital technologies, customers and technology customers expect organizations to employ their best efforts to safeguard their confidential information and provide reliable data. This concept is known as digital trust. Establishing and maintaining digital trust is crucial for companies offering technology-based solutions and services, as losing the digital trust of customers can have devastating consequences for the organizations. Establishing digital trust requires a commitment to implementing and maintaining the necessary technologies, tools, and culture needed to establish a secure digital environment for customers.
The following are the four key elements aspects of digital trust:
Transparency and Accessibility
Transparency serves as the foundation of digital trust. Customers expect clear information regarding a company's business practices, particularly how their personal information is utilized, shared, and protected. To enhance transparency, businesses should clearly communicate their services, terms and conditions, privacy policies, and any relevant limitations and restrictions in a manner that is easily understandable and accessible.
Ethics and Responsibility
Improper use of technology, and unfair business practices, can breed digital distrust. Companies should demonstrate their trustworthiness to customers by adopting ethical business practices and demonstrating them externally. Establishing digital trust in this area involves holding oneself accountable. This can be achieved through effective communication, demonstrating a comprehensive issue management and escalation process, and attaining audit-based third-party certifications in areas like quality, security and corporate social responsibility.
Privacy and Control
Customer data holds immense value in creating personalized experiences and services. While the temptation to use personal data without consent may arise, this also poses one of the greatest threats to digital trust. Organizations should empower customers with the control to view the data that has been collected about them, see how it has been used, and delete it if they choose to do so. Providing customers with privacy dashboards, or other mechanisms to monitor how their information is used and exercise control over it, can go a long way towards establishing digital trust.
Security and Reliability
The final pillar of building digital trust lies in security and reliability. Cyber threats pose an ongoing risk, necessitating businesses to employ up-to-date tools, technology, and processes to protect their own data as well as customer information. Businesses should also implement infrastructure and systems to ensure a high level of reliability, to ensure their services are available whenever customers require them. Demonstrating security and reliability, whether it be through communications or externally verifiable certifications, is a critical component of building digital trust.