Compliance with data and privacy regulation is, and should be, table stakes for any company that process customer information. And since transparency and consent to store and use personal data forms the backbone of regulation, there’s a big opportunity to go further and build new services on top. Here Emma Firth, Communications Editor at digi.me argues why that’s the case.
Over a year on from the introduction of the EU GDPR, and with the upcoming California Consumer Privacy Act in the US, data privacy regulation is once again making headlines across the world.
Compliance is obviously high on the agenda, with a wealth of articles and advice on what this looks like. And that’s obviously very important for both businesses, who don’t want to risk fines or reputational damage, and individuals, who can have more confidence in how their personal data is being treated, and more redress when this goes wrong.
But compliance is sometimes treated as the Holy Grail, when actually it should be the absolute bare minimum that companies should be aiming for.
Looking, necessarily, into privacy in one area of your company should lead to exciting conversations and ideas about how it could be integrated or developed into others. Building a privacy-first outlook opens up opportunities in many areas.
Examining how you store data and consent, for example, can naturally lead into looking at what more you can do with that data, for the benefit of both customers and your business. Can you help increase data mobility, so your users can use it elsewhere if needed, or offer them personalised deals in exchange for them sharing some data with you on a consented basis so you can get to know them better?
In this way, data privacy compliance becomes a building block towards unlocking the full potential of customer data, with complete compliance, security and consent. Showing you treat data with respect also builds consumer trust.
Ethical use of consented data is a massive opportunity for businesses and consumers alike – see data monetisation platform UBDI, which is built on digi.me, and which has created a whole business on just this.
Thinking outside the box to build value in your business, along lines which also bring value to your customers, offers a chance to do something truly radical – and set yourself apart on ethical grounds in the process.
Emma Firth, Communications Editor, digi.me