Trusted Customer Engagement with Data Governance and Privacy by Design
Customers today have high expectations. They expect organizations to provide relevant, timely and personalized offerings. These expectations have been shaped by the emergence of broad-scale customer-engagement transformation in recent years. Examples include organizations driving disruptive innovations in retail (Amazon), transportation (Uber), hospitality (Airbnb) and entertainment (Netflix).
Along with these high expectations based on their needs, customers want their experiences with an organization to be safe and trustworthy. Research has found that 69% of consumers will boycott a company that does not take data protection seriously; and that 83% of US consumers will stop spending months after a breach occurs. In addition, Edelman, a global public relations consultancy, found in a recent survey that 4 of 10 social media users have deleted accounts due to privacy concerns.
Consumer sentiment parallels the demands of new and emerging data privacy laws. Leading the pack is GDPR which has spawned new legislation from several nations and states. California has enacted the CaCPA, and in July, the European Commission and the Japanese government published a joint statement on international transfers of personal data. More countries and states are expected to announce regulations, and the United States continues to show growing interest in enacting a national uniform privacy law. Further, enforcement of privacy laws has become reality, no longer a vague threat. Jailtime and serious fines have been handed out for individuals and organizations who have violated the privacy rights of customers.
To help organizations drive better customer engagement, Informatica is announcing the industry’s first data hub reference architecture for customer engagement. This hub simplifies and automates the delivery of trusted, contextual and relevant data, for any volume, velocity, veracity and variety of data, to transform customer experience.
Key to this architecture is the safeguarding of customer information with data governance and privacy to help organizations ensure customer trust and comply with the growing labyrinth of privacy legislation. Comprehensive enterprise data governance fuels strategic business initiatives, drives privacy and protection, and supports regulatory compliance efforts. Data privacy by design principles help you intelligently discover sensitive information, identify who it belongs to, determine how it moves through the organization, and access its protection status for ethical data processing. New capabilities or enhancements include:
- Discover and classify sensitive data across structured and unstructured sources automatically at scale as well as intelligently match and map sensitive information to data subjects and assess risk exposure
- Define policies to protect sensitive data, ensure quality and manage consent with well-defined ownership and accountability
- Ensure policy enforcement in systems and business processes to drive privacy outcomes as well as monitor and report compliance over time
It is critical to make data governance and privacy foundational for customer engagement. Customers expect companies to take their privacy seriously. Moreover, privacy laws require organizations to safeguard customer information. Data governance and privacy must be foundational for any organization to minimize risk to both the customer and the organization.
To learn more about how Informatica’s data privacy solution, please join us for the Informatica’s virtual launch event on December 4th: