Just before the General Data Protection Regulation (GDPR) was set to enter into force, there was a mad scramble and palpable panic among SMEs and startups regarding their data protection and regulatory compliance obligations. What systems would have to be upgraded? What processes would have to be amended? What notifications would users have to be given? And how would it be possible to deliver the same customized and tailored user experience with so many restrictions?
Now, over two years later, many of these companies have realized that having a GDPR compliant data strategy isn’t just a political issue. Implementing strict data protection policies and measures is a way to demonstrate the value they place on customer privacy and security. Ultimately, the GDPR offered a great incentive to bolster customer satisfaction and trust. But how can companies build trust and maintain the same personalized user experience?
How are businesses prioritizing trust while guaranteeing a great user experience?
Building a trusted business relationship in the digital age hinges on striking the right balance between user-friendliness and security. Measures used to ensure the safe access and storage of data shouldn’t be so complex that they deter customers from using a service. Identity and Access Management systems (IAM) provide the perfect framework for defining and enforcing these security controls by definitively verifying users before providing access to systems and services.
And in the case of B2C and B2B operations, CIAM - Customer Identity and Access Management - systems make it possible to give customers significant control over their own digital identity. By relegating control of data, settings, and preferences to customers and letting them determine for themselves what they see and share, businesses and service providers can focus on the customer experience.
One of the most popular tools for enhancing this experience is Single Sign-on. Especially given the proliferation of software-as-a-service and an increase in the number of affiliated online platforms and service providers. After a thorough onboarding process, users have access to all their data, settings, and preference across multiple services with just one username and one password. This eliminates the cumbersome need to sign in to multiple services and remember different passwords.
The price of trust
Companies and service providers that approach GDPR compliance as nothing more than an added expense are missing out on a great opportunity. Trusted engagements and interactions with your business and services send the message that your brand is reliable, responsible, and customer-centric. As consumers look on helplessly while their data is poorly protected and abused by many Tech Giants, the companies and brands placing security and the user experience first have a chance to gain a market advantage.
It’s not possible to put a price tag on trust. However, any investment made in CIAM systems that facilitate usability, safeguard data and enhance the customer experience will keep your customers satisfied and coming back. With the right CIAM tools, you can differentiate yourself from the competition and position your brand as one that customers can place their trust in.
Making the most of B2B and B2C relationships
Empowering customers to control how their data is viewed and shared not only builds trust, it also provides invaluable insight into what kind of products and experiences they want. In turn, this knowledge can help businesses launch new services, further customize current offers and products, and eliminate features and functions that customers aren’t interested in. This has the potential to lower expenses and increase the return on investment in GDPR compliance efforts.
Indeed, trust has no price tag, but the benefits it provides can have a sizable impact on annual turnover and future brand success.