Big Trust is the missing Big Data puzzle piece
Big Trust should be considered Big Data's "missing DNA" - that is, the essential material for capturing customers' hearts and minds' amid the onslaught of Big Data - according to Ovum, which suggests that businesses must urgently develop a much greater level of trust among customers to overcome their concerns.
As big data analytics creates new opportunities for monetizing customer data, the aggression in its exploitation is driving mistrust among customers. Outlined in a report entitled 'Personal Data and the Big Trust Opportunity', the company explain how, with a hose-pipe of customer data, businesses are increasing their knowledge of users' willingness to pay, leading to an increased risk of 'creeping' first-degree price discrimination and personalised offers that can negatively impact the customer's wealth or personal economy.
Customers aware of this exploitation become more concerned with their privacy, and with the transparency and control of their data. By adopting a Big Trust approach, for example, telecomms companies could expose new opportunities to strengthen their core services and develop new trust-based services with the potential to generate incremental revenues.
"Big Trust principles recognise users' ownership of their own data, aims to give them greater transparency and control over it, and puts people before analytics," said Mark Little, principal analyst for Ovum. "This becomes a foundation for new trust-based services such as personal data vaults that enable the repatriation of data from companies and government agencies. Customers get to see what 'they've got on us' and correct the data if it's wrong. Customer control, verification and curation of their own data increases its quality making it more valuable to industry and to the customers themselves."
"A true synergy with the interests of the customer, and a commitment to 'being on their side', could well change the rules of the game particularly in internet-driven markets where marketers are over-reliant on the 'fracking' of personal data for their livelihoods. Adding Big Trust to the collection and usage of personal data could help protect Big Data from the inevitable rise of customer-control."