cxo voice
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home Productivity

How to win customer trust by maintaining a privacy policy 

Santosh Kumar by Santosh Kumar
January 31, 2023
Reading Time: 4 mins read
customers trust and privacy

Image credit: Pixabay

Share on FacebookShare on Twitter

Customer trust is crucial for the success of a company. Building and maintaining customer trust requires transparency in how customer data is collected and used and robust security measures to protect it from theft or misuse. 

Nowadays, companies collects their customers and visitors data to further use it for audience analyzing, research, understanding customer behaviors, and marketing advertising purposes. Moreover, some companies use AI and ML tools to explore new opportunities. 

But unfortunately, some companies do misuse customers data. This can include sharing or selling customer information without consent, using it for purposes other than what was initially stated, or failing to protect it from theft or unauthorized access adequately. 

Misusing or using customer data without consent can lead to a loss of customer trust and can face significant consequences, including loss of customers and damage to their reputation.

To maintain reputation and customer trust, companies must have clear and transparent data collection and usage policies and implement robust security measures to protect customer data.

Transparency is key to building and maintaining customer trust

Transparency about data collection and usage helps build customer trust and promotes understanding about what the company is doing with it. 

ADVERTISEMENT

Transparency is key to building and maintaining customer trust. When companies are transparent about their data collection and usage practices, customers are more likely to feel informed and in control of their information. This can lead to increased loyalty and better business outcomes for the company. Companies should be clear about what data they collect, why they collect it, how it is used, and who it is shared with. 

They should also provide customers with clear options for managing their data, such as opting out of certain types of data collection or sharing. 

Implement strict privacy and security measures to protect customer data and maintain their trust. Adhere to ethical business practices and take responsibility for any mistakes or missteps to maintain customer trust.

Additionally, companies should be transparent about any changes to their data practices and be open to answering customer questions and concerns.

Be More careful while using customer data in AI and automated decision-making

Maintaining transparency with customers while using AI and ML can be challenging. AI models often use complex algorithms to process vast amounts of data, making it difficult to explain their decisions. 

A Cisco study shows that approximately two-thirds of customers have already lost trust in companies because of their AI practices. As a result, many customers are switching to another company or looking for alternatives because of data practices and policies. 

While using AI and ML, companies should be transparent with customers not only on data practices and policies but also should explain their AI systems and processes. 

A lack of transparency, biased results, and data breaches can erode customer trust in AI systems. These practices will help maintain customer trust while using AI.

Be transparent with the customer: Provide clear explanations of how AI models make decisions and allow customers to access and review the data being used.

Accuracy: Ensure that AI models produce reliable and consistent results. Regularly evaluate and test the models to identify and address any biases or inaccuracies.

Fairness: Ensure that AI models do not discriminate against any specific group and make decisions based on objective data.

Privacy: Protect customer data privacy by implementing strict security measures and adhering to data protection regulations.

Ethics: Establish and follow ethical AI practices to ensure that AI models are aligned with customer values and interests.

Customers have a right to know how their data is being used and should be able to make informed decisions about whether or not to share it. Transparency builds customer trust and can help establish a positive relationship between companies and customers.

Also Read: Strong growth for Low-Code, No-Code, and Intelligent Developer Technologies: IDC

Santosh Kumar

Santosh Kumar

Senior Writer at CXO VOICE. His email is santosh@cxovoice.com

Related Posts

Image Credit: Pixabay
Business

IT spending in MENA region to reach $183.8 billion in 2024: Gartner

September 23, 2023
NVIDIA Infosys
Business

Infosys collaborates with NVIDIA for generative AI solutions

September 20, 2023
banks
Finance

Banks Struggle to Achieve Priorities: Report

September 15, 2023
Google AI
Business

Google launches $20 mn fund to support responsible AI

September 12, 2023
Bengaluru IT
News

Bengaluru has potential to become world no 1 in IT, BT exports: K’taka CM

September 4, 2023
AI IBM
AI

AI will help companies grow faster: IBM CEO

August 25, 2023
VMware AI
Business

VMware announces AI integrations to Anywhere Workspace platform

August 24, 2023
steal passwords by 'listening' to keystrokes
AI

AI with 95% accuracy can steal passwords by ‘listening’ to keystrokes: Study

August 16, 2023
Load More
ADVERTISEMENT

Expert Views

Credentials database theft, reused passwords dangerous entryway
Cyber Security

Can SASE be used as your initial defense against ransomware?

September 12, 2023
Smart Cities challenges and security
Cyber Security

Do our abilities match the ambitions of Smart Cities?

August 23, 2023
Why 5G Network Uptime is Essential for a Digitally Interconnected Society
Opinion

Why 5G Network Uptime is Essential for a Digitally Interconnected Society

July 18, 2023
Responding to cyberbullying with cyber confidence and resilience
Cyber Security

Responding to cyberbullying with cyber confidence and resilience

July 17, 2023
Five Ways All-Flash Data Centers Can Drive Sustainability Goals 
Opinion

Five Ways All-Flash Data Centers Can Drive Sustainability Goals 

July 7, 2023

Latest Updates

Airkit.ai

Salesforce to acquire Airkit.ai to boost AI capabilities

by IANS
1 day ago

Working in a post-pandemic world: What is the new normal?

25 million employees now returning to offices globally in the hybrid work era

by News Desk
1 day ago

Image Credit: Pixabay

IT spending in MENA region to reach $183.8 billion in 2024: Gartner

by News Desk
1 day ago

Samsung Huawei

Samsung, Huawei to drive mass adoption of foldable smartphones next year

by IANS
2 days ago

GenAI

GenAI to generate economic value worth $2.6-$4.4 trillion annually: Report

by IANS
3 days ago

SK hynix

US to ensure S. Korean chipmakers’ smooth operation regarding China curbs

by IANS
3 days ago

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

NewgenOne
Leaders Talk

NewgenONE bridges the gap between business users and IT teams with its low code capability: Varun Goswami

-
Interview with Prasanna Arikala, CTO, Kore.ai on AI chatbots
AI

Can AI chatbots enhance customer experience and reduce the cost of serving customers?

-
Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain
Cyber Security

Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain

-
Axis Bank's Cloud-driven digital banking solutions
Banking

Axis Bank doubles down on cloud based digital banking solutions

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

We bring business leaders' opinions and unique ideas on what’s happening in the market and its impact. Also, get the daily news, analysis, and insights.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

contact@cxovoice.com
  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2023 CXO VOICE

No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion

© 2023 CXO VOICE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/