The backdrop of MEF’s 2017 Global Consumer Trust Study sees a rapidly changing global regulatory landscape when it comes to data protection. In May 2018 the European Commission’s General Data Protection Regulation (GDPR) will come into force affecting any business collecting data from European citizens. All data processors – most companies – will be required to put the customer at the heart of any data exchange. Meanwhile, in the US privacy laws are under scrutiny and around the world new internet laws are being debated.
Clearly the challenges facing all data holders and enablers of data-driven products and services are considerable. Yet the opportunities to build consumer trust are arguably greater. A new generation of services are emerging that give consumers the tools they need to take control of their data. The more mobile users engage with their data – adding to it, updating it, verifying it, providing permission for its use – the more valuable the data becomes to the company holding it.