Thales, a global technology and security provider, has announced the findings of its 2024 Thales Digital Trust Index, which reveals that the banking sector is most trusted when it comes to protecting personal data and delivering trusted digital experiences. Thales surveyed 12,426 consumers globally about their relationship with online brands and services, what privacy expectations they demand, and how brands can earn their trust. Commenting on the findings, Danny de Vreeze, Vice President, Identity and Access Management at Thales, said: “Consumers place more trust in banking, healthcare and government services when it comes to sharing their personal data – a universal trend we’ve seen across all the markets surveyed. “This is perhaps unsurprising when considering how highly regulated these industries are, the types of information they are responsible for handling, and the measures they have put in place to keep consumer data secure. “While businesses are subject to international data privacy laws no matter the sector, those further down the rankings have been subjected to fewer directives directly addressing both data security and privacy. As more businesses grow their digital presence, there are lessons to be learnt for non-regulated industries too, as consumer preferences are evolving.”
The research revealed that the vast majority of customers (89%) were willing to share their data with organisations, but that does come with some non-negotiable caveats. More than four in five (87%) expect some level of privacy rights from the companies they interact with online. The biggest expectation is the right to be informed that their personal data is being collected (55%), closely followed by the right to have their personal data erased (53%). Other privacy rights identified by the report include: 39 per cent expect the right to correct their personal data, 33 per cent expect the right to request a copy of their personal data, and 26 per cent expect the right to move data from one platform to another. The findings reinforce that the right to privacy and security is non-negotiable. Over a quarter of consumers (29%) have gone so far as to abandon a brand in the past 12 months because it demanded too much personal information. Over a quarter (26%) also abandoned a brand or service because of concerns about how their personal data was being used. In addition to demands for privacy, the research highlights that organisations must also deliver a seamless online experience to earn the trust of their customers. Advertising pop-ups were called out as their number one frustration (71%), closely followed by password re-sets (64%) and having to re-enter personal information (64%). Complex cookie options were also named as a top frustration by 59 per cent of those surveyed. On top of this, the research found that today’s consumers are increasingly time-conscious, with over a fifth (22%) stating they would give up on an online interaction within a minute if they’re having a frustrating experience.
“There is no longer an either/or – customers want both security and seamless interactions. This challenges businesses to introduce the necessary friction to online interactions for security and privacy purposes, however it cannot be too much that it creates a bad user experience. “Thankfully, cornerstones of modern Customer Identity Access Management, such as Progressive Profiling, Bring Your Own Identity, Consent & Preference Management and Risk-Based Authentication, can all help readdress this balance. “The relationship between trust and user experience is the foundation of successful online interactions. The imperative is clear: organizations must uphold an unwavering commitment to both data security and user experience to build a future where trust enables digital interactions,” Danny concluded.
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