• Industry: Media, Telecommunications
  • Type: Survey report
  • Date: 12/5/2011

New market entrants are quickly gaining consumer trust 

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In the new digital world, ‘trust’ is a critical requirement. But businesses may be surprised to find out who their customers actually trust, and what it takes to maintain their trust.

"The company or group of companies that is able to crack the code of consumer trust in this emerging marketplace is sure to gain massive dividends from their online business."

Paul Wissmann, US National Sector Leader, Media and Telecommunications

In every country and across all industries, security and privacy continues to be the biggest barrier to the adoption of new business models.

Indeed, nine out of ten respondents said they were concerned about the security of their Personal Identifiable Information (PII) and almost half said that they were 'very concerned' about the theft of their PII.

In the battle to build trust, banks seem to have maintained the upper hand with more than half of all consumers (56 percent) saying they place their trust in their financial institution.

But there are also a number of non-traditional players that are also making significant progress in gaining consumer trust: almost one in three respondents said they trusted secure payment services such as PayPal more than their banks, and slightly less than one in ten said they trusted their retailer the most. Clearly, trust is set to play a much more critical role in the future of e-commerce than ever before.

"From our experience, customers tend to have greater trust for organizations that meet or exceed regulations," noted Malcolm Marshall, Head of KPMG's Information Protection practice in the UK. "This might include compliance to the EU Cookie Directive, or certification against international standards like ISO27001, but regardless, any businesses that can prove their credentials will ultimately gain more trust from customers and – if security is tightly managed – enhance their online reputations."


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