For those companies who handle consumer data, consent has to be a priority. While consumers want the services they can get from them, they also want to have control over their personal information when applying for those services.
“An individual’s consent journey has evolved considerably over time,” says Bryan Orsmond, chief information officer at Comcorp, a software innovator and authentication technology specialist.
“In the 1950’s, handshakes and one’s word was sufficient. Later this was replaced with ID books, smart cards, check boxes and signatures on forms. In these early days, and before the rise of mass marketing and social media, consent to hold and process personal information was not a big issue.”
Today consumer rights and the right to retain control over one’s digital footprint and data is covered by strict laws governing the storage and processing of personal data like GDPR and PoPIA.
For the consumer, the issue with providing consent comes down to a lack of trust and transparency; they have become increasingly sceptical of companies who use their data. They need to know that their private information will only be legitimately used. Once this can be achieved and trust built up consumers will benefit from the convenience of sharing data to enable digital financial transactions.
From the perspective of companies who process consumer’s information obtaining consent can introduce additional friction (resistance) along the journey.
“While a degree of friction is actually good, it is when companies are not properly geared for obtaining and managing consent that the friction becomes a hinderance for both the business and the consumer,” says Orsmond.
Orsmond shares four ways to empower consumers through data control:
In conclusion, the consumer is in control of their own data, and companies can play a significant role in empowering them.
By prioritising consent, companies can build trust, improve customer satisfaction, and contribute to a more consumer-friendly digital landscape where privacy and personalisation coexist harmoniously.