Consumers value DIGITAL TRUST and will take their business elsewhere when companies don’t deliver it.

Consumers report that digital trust truly matters—and many will take their business elsewhere when companies don’t deliver it.

Consumer faith in cybersecurity, data privacy, and responsible AI hinges on what companies do today—and establishing this digital trust just might lead to business growth.

The results of our survey of more than 1,300 business leaders and 3,000 consumers globally suggest that establishing trust in products and experiences that leverage AI, digital technologies, and data not only meets consumer expectations but also could promote growth.

The research indicates that organizations that are best positioned to build digital trust are also more likely than others to see annual growth rates of at least 10 per cent on their top and bottom lines.

However, only a small contingent of companies surveyed are set to deliver. The research suggests what these companies are doing differently.

• 70% of consumer respondents believe that the companies they do business with protect their data vs. 57% of executives report that their organisations suffered at least one material data breach in the past 3 years
• 70% of consumer respondents believe that the companies they do business with protect their data vs. 57% of executives report that their organisations suffered at least one material data breach in the past 3 years

Most consumers believe that the companies they do business with provide the foundational elements of digital trust, which we define as confidence in an organization to protect consumer data, enact effective cybersecurity, offer trustworthy AI-powered products and services, and provide transparency around AI and data usage.

However, most companies aren’t putting themselves in a position to live up to consumers’ expectations.

Read more here

https://www.mckinsey.com/capabilities/quantumblack/our-insights/why-digital-trust-truly-matters