Tech and Trust Report Reveals Data Privacy and Safety Is an Increasing Concern Amongst Consumers
ATB Ventures, the innovation arm of leading Alberta-based financial institution ATB Financial, announced the findings of its Tech and Trust report, which includes original research from more than 1,000 North Americans on the dichotomy of tech and trust. The report found 62% of respondents are concerned about their data’s safety as the world becomes further digitized, while only 9% strongly feel they have enough information to navigate the world of data privacy.
As people become more aware of their digital selves, the report explores how organizations of the future will be defined by their ability to provide the most trusted experiences for their customers.
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Report highlights include:
- 69% of North Americans wish tech companies would better explain to them how their technologies use their data and how their business make money
- 63% are inclined to move their buying power to organizations that respect their privacy
- Only 18% of respondents feel like they have the right tools to navigate the world of data privacy
- 67% of respondents believe that they should be compensated for the use of their personal data
- 58% of North Americans don’t feel like many companies have their best interest in mind when it comes to their personal data
As the wider adoption of technologies, such as artificial intelligence, continues to accelerate and create new opportunities for improving people’s lives, organizations are coming under increasing pressure to demonstrate that they are using data in a responsible way. The ATB Ventures Trust Stack is a systematic rethink around how consumers and organizations can extract value from their data in an era where data misuse is at an all time high.
“The Trust Stack provides a strategic roadmap for organizations to build privacy, fairness and transparency into their digital environments – starting from their technology architecture and extending right through to the customer experience,” said Chandra Rink, Director of Product Innovation & Strategy, ATB Ventures. “Through the application of the Trust Stack, organizations can deliver the most differentiated, AI-driven experiences – without compromising on privacy or innovation.”
In a digitally driven economy, the conversation can no longer be just about the regulations governments enforce. New tools, incentives and paradigm shifts are needed to fuel innovation and drive economic growth.
“Since the beginning, privacy and trust have been core to our work at ATB Ventures,” said Sue McGill, SVP of ATB Ventures. “Our team continues to work with industry to drive change and develop commerical products that allow organizations to strengthen their privacy practices and provide users with greater transparency and control of their data.”