Why Big Trust is Big Data’s missing DNA

Grazed from CloudComputingNews. Author: Editorial Staff.

In the rush to monetize customer data, companies risk diminishing the trust people have in services and brands. Sustaining and growing people’s trust in services is not just about “doing the right thing,” but also makes commercial sense. Telcos and OTT players have worked to establish a satisfactory level of trust with their customers, but as Big Data creates new opportunities for monetizing customer data, even a little more aggression in its exploitation risks driving mistrust among users.

Customers who are aware of this exploitation will become more concerned with their privacy, and with the transparency and control of their data. To exploit customer data more comprehensively, businesses must develop a much greater level of trust with their customers. Ovum calls this approach “Big Trust,” and outlines it in detail in the report Personal Data and the Big Trust Opportunity. Big Trust creates new opportunities for telcos to strengthen their core services and develop new trust-based services with the potential to generate incremental revenues…

Big Trust brings new opportunities

Big Trust strategies are designed to build “trust equity” with customers as a basis for making core services stickier, for selling new services, and for brokering personal data to commerce under a new set of trust principles. There are opportunities to market new consumer services such as single sign-on; applications for blocking online tracking; personal data vaults (PDVs), where users can repatriate their personal data from utilities companies, loyalty card schemes, healthcare providers, and government agencies; and self-analytics software for users to analyze and discover value in their own data…

Read more from the source @ http://www.cloudcomputing-news.net/blog-hub/2014/feb/18/big-trust-is-big-datas-missing-dna/

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