80 per cent of data collected by organisations is never factored into improving the product, service or experience.
The more that customers are promised market-of-one, life-enriching experiences, the higher the customer experience bar is set.
Organisations have access to personal data that allows them to deliver hyper-personalised products and services on an unprecedented scale. However, while digital technology may offer a wide range of direct routes to the customer, it can also be seen as a barrier to communication or even a way of shielding malpractice, particularly where data usage is concerned.
How you manage the customer data is key to building that trust: in today's suspicious world, honesty and transparency are essential.
Steve Molesworth: customer experience guru
Steve Molesworth is a user experience (UX) and digital product and service (CX) designer with 20 years' experience in building and leading multi-disciplinary teams, using agile methodologies in the delivery of mobile and desktop products and services for the B2B and B2C sectors.
We interviewed Steve to explore the challenges around building customer trust using digital channels, especially in light of current public mistrust around use of data, and scepticism of AI and other 'human replacement' technologies.
An exchange that's fair: 5 actions for building customer trust in a digital age
Transparency and trust are your currencies for competitive advantage. With the stage set for increased use of data across organisations in all industries, the focus on customer-related data offers the potential to be the most exciting – and profitable.
We will see the monetisation of data at the consumer level, with people paying for services with personal data rather than money.
But it’s important to bear in mind that, for customers, data has a more visceral value than mere gold.