Big data is king but we don’t need to be servants

This sentiment has been rapidly growing over a number of years as the world has become increasingly digital and data has become king. In its 2021 Consumer Privacy Survey, Cisco found 86 per cent of respondents care about data privacy and want more control over how their data is collected. Similarly, in a February 2022 Global Consumer survey, Axway found 90 per cent of respondents wanted more transparency on the data companies collect about them.

“With consent regulations evolving globally, and an increased focus on customer privacy and control, organisations must carefully consider the data they collect and how it is used, particularly for personalisation.” - Danny Tyrrell, Co-founder of DataCo

However, on the flip side, consumers want the offerings they receive to be personalised to their needs and wants. In its “Next In Personalization” 2021 report, McKinsey & Co found 71 per cent of respondents “expect personalisation” from brands and businesses and 76 per cent “get frustrated” when this expectation is unmet.

As a result, companies today have a very fine line to tread: keeping customers’ trust through transparency and security while accessing enough information to maintain the high level of personalisation in ads, offers and products customers’ desire. This is not just a problem for the large corporations, it is a challenge faced by organisations big and small.

Corporate legal structures, enterprise partnerships, a cookie-less future and privacy legislation drive, and often limit, what corporate and government can do with the data they collect, what can be analysed, and what and how the data is shared.

In Australia, the Attorney General, Mark Dreyfus, is currently reviewing the Privacy Act to determine the controls and penalties needed to limit the personal data companies hold from customers and for how long. While Australia awaits a revision, legislation overseas, particularly in the UK and Europe with GDPR, has organisations facing heightened responsibilities, obligations and reporting - all with greater consumer protection built in.

Consent

With consent regulations evolving globally, and an increased focus on customer privacy and control, organisations must carefully consider the data they collect and how it is used, particularly for personalisation. By partnering, organisations can deliver personalised offers and create new shared value but the question is how to do it in a way that doesn’t compromise the consumer.

ANZ searched for a solution to balance ongoing collaboration with strategic partners with the increasing customer demand for greater protection and control of their personal information. This solution needed to securely address concerns related to data breaches, ensure personal and sensitive data were never revealed, and ensure data use was always in line with customers' consent.

After an unsuccessful search to find a holistic solution, DataCo Technologies was formed out of the Ventures Lab of 1835i, ANZ’s external innovation and venture capital partner. The aim was to develop a secure platform that places privacy front and centre of every data interaction and collaboration.

With the recommendations of global privacy and data regulators top of mind, DataCo developed a platform that embraces the best in privacy and data protection techniques and technologies.

{CF_IMAGE}

It goes without saying businesses should be doing everything possible to keep their customers' data safe, but, at the same time, they need to continue innovating to best serve their customers. We believe considering and implementing these three critical areas will help organisations deliver on their promise of privacy preservation and still meet the expectations of their customers.

Danny Tyrrell is Co-founder of DataCo