Australian businesses are not keeping up with the data privacy expectations of their customers when digitising their offering, according to a new Heart Matters study from SAP.
It found while 84% of Australians expect brands to provide transparency into how their personal data is being used, only 34% are meeting this expectation.
Scott Treller, Executive General Manager, SAP Customer Experience, Australia and New Zealand says the findings highlight the concerns that Australians have around how brands are collecting and using their data.
“Today’s consumers are digitally-savvy and intentional about the information they share. As a result, they expect assurance that their data is secure,” he says.
“Brands need to ensure that they protect customer information and offer the ability to control how it’s used, if they are to gain trust, and ultimately business, from consumers.”
A matter of trust
The study found there is a mismatch between customer expectations around data privacy and how businesses are delivering, which will have a significant impact if left unaddressed.
84% of Australians expect that organisations will not share their data with a third party. However, only 37% believe that a business they shared their data with has kept it secure.
To stay ahead of customer expectations, brands must build trust by putting customer needs first and providing them with the freedom on how they want to be engaged.
“Start by offering customers transparency and control of their own personal data. Not only will this give customers a better understanding of your data practices, but it can also let them define their own experiences, to build trust. For businesses, there’s no better partner than an informed, empowered and data-driven customer,” says Mr Treller.
Expectations vs experiences
The Heart Matters study also indicated a gap between customer expectations and actual experiences in areas such as:
- Responding to a customer query within 24 hours (82% vs 41%)
- Resolving customer issues in less than three interactions (83% vs 43%)
- Treating suppliers ethically (78% vs 44%)
- Actively working to reduce gender and racial inequality (73% and 43 %)
- Respecting the rights and welfare of their workers (81% vs 58%)
- Implementing specific policies in place to reduce and report their carbon emissions and carbon footprint (57% vs 36%)
The full report of the Heart Matters study is available for download here: sap.com/asia/heartmatters.