Last week the World Economic Forum release a report called, “Unlocking the Value of Personal Data: From Collection to Usage.” As part of the Forum’s steering board on personal data, I was able to contribute to the report, which explores the importance of unlocking the value of data in a way that preserves the trust of all stakeholders.
One important theme in the report is the value of managing consumer expectations through context setting. What that means is the use of personal data should be understandable when compared to what is being shared and why. Most consumers don’t need or want every detail of every data flow. What they are ultimately looking for is clear benefits from use of their data. For that they need context.
At Visa we understand the importance of context. In the Visa system, for example, consumers are delighted when analytics are used to identify attempted fraud on their accounts. I have repeatedly heard from consumers who applaud us for working with their bank to flag a suspicious purchase. It makes them feel safer. It is only possible if we use their own shopping behavior to look for patterns. But this data use is expected — and welcomed — by consumers because they understand the context. And they support its purpose.
As companies explore new ways to use data and the opportunities and responsibilities that come with them, they need to keep the importance of context and consumer expectations in mind. When consumers understand the context, they feel a sense of transparency and control. With context, there is trust. And with trust, there is opportunity.
Posted by: Ellen Richey, Chief Enterprise Risk Officer on March 6, 2013 at 4:02 pm