‘Big Trust’ is Big Data’s “missing DNA” – the essential ingredient for capturing hearts and minds alongside its power, according to analyst firm Ovum.
Its new report , ’Personal Data and the Big Trust Opportunity’, said that while Big Data brings a host of new opportunities to monetise customer data, aggressive initiatives to take advantage of these opportunities are leading to user mistrust.
Because companies are using a veritable hosepipe of customer data to increase their knowledge of users’ willingness to pay and to provide personalised offers to encourage them to purchase more, customers increasingly feel exploited and concerned about their privacy, and the transparency and control of their data. Ovum argues that adopting a ‘Big Trust’ approach can help to ameliorate this level of suspicion.
Ovum principal analyst Mark Little said, “Big Trust principles recognize users’ ownership of their own data, aims to give them greater transparency and control over it, and puts people before analytics. 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,” Little said.
