With consumers increasingly adopting digital technology, they are generating data that presents both opportunity and responsibility for enterprises - an opportunity to innovate and improve CX and a responsibility to protect customer privacy.
Many organizations, for example, use data to better understand the consumer’s pain points and unmet needs. These insights help to develop new products and services, as well as to personalize advertising and marketing. However, with a growing emphasis on a privacy-first world, the big tech platforms are now limiting the use of third-party data collection and providing their own ‘walled garden’ solutions.
For example - Apple was the first to impose limitations on the use of third-party tracking on its devices. Google also charted a similar path with Chrome announcing its intent to remove support for third-party cookies.
To navigate your business in this unfamiliar terrain and still be able to effectively reach customers and deliver a personalized experience, brands must develop a more strategic approach.
When consumers were asked (in a survey by ActionIQ) to rate factors that drive their interaction and engagement with a brand, the top three results were related to the theme of trust.
The two factors that were rated “very important” were “protects my data (55%) and “respects my privacy” (48%).
Consumers being so particular is justified. For years, they have reacted to companies’ data privacy commitments with distrust. High-profile data breaches and ethical abuses have stigmatized the idea of data privacy and they continue to do so - forcing a large number of consumers to tune out.
According to a new study by cybersecurity company Surfshark, there has been a staggering increase in data breaches worldwide. A total of 108.9 million accounts were breached in the third quarter of 2022, a 70% increase compared to the previous quarter.
1. In January 2022, hackers carried out an attack on servers hosting the personal information of more than 500,000 people receiving aid from a leading humanitarian organization. The attack compromised the confidential information of people who were separated from their families due to migration, natural disasters, and man-made conflicts.
2. In April 2022, a prominent money transfer app’s parent firm disclosed that a former employee had accessed and downloaded information from as many as 8.2 million customers in December 2021. This included the full names and account numbers of customers, and in some cases their brokerage portfolio holdings and account activities.
3. In May 2021, it was reported that a leading airline of India was subjected to a cyberattack that compromised the confidential details of about 4.5 million customers around the world including passport, credit card details, birth dates, name, and ticket information. However, the airline ascertained to its passengers that no misuse of personal data was reported.
It’s not that consumers don’t want to share their data under any circumstances. It’s just that they are very particular about the type of data they share and with whom. For example, they are more likely to set aside their privacy concerns for healthcare and financial service providers (if they have a positive experience and meaningful interaction).
During the pandemic, many consumers agreed to partially give up on their privacy for the greater good. They shared their data to help in optimizing contact tracing solutions such as TraceTogether in Singapore, color-coded QR codes in China, and Test & Trace in the U.K.
Mckinsey did a survey to understand the privacy and protection concerns of consumers.
50% of the respondents said they would trust a company more if it asks for information strictly relevant to its products or if it requests limited personal information. These markers make companies appear thoughtful and serious about data privacy to consumers.
50% of the respondents said they trust companies that react swiftly to hacks and breaches or who readily disclose such incidents to the public. These honest practices hold a lot of value for consumers as the impact of data breaches grows.
Other factors include the level of regulation in a particular industry, the location of the company headquarters, and the willingness of the company to share best cyber practices on websites or other public platforms.
When you offer something valuable (purpose, feature, or experience) people can become flexible with their privacy. The way you establish your brand identity and communicate with customers can become a point of differentiation and even a source of competitive business advantage.
It is important for businesses to put forward an authentic brand identity and communicate transparently: customers should know who is reaching out to them and why.
Brands shouldn’t only think of customer privacy as the protection of personal data or identity. Privacy is now an exchange, and people agree to open up and share their feedback and insights for a frictionless experience.
Today’s consumers are better informed on how brands are using their data. “The Privacy Mandate” found that 73 percent of respondents believe their data is used to target or re-target ads that serve them better, while 69 percent think that brands use their data to create personalized content and advertisements. Consumers are willing to become flexible with their privacy to get more personalized services.
According to a survey by McKinsey, 50% of customers are willing to freely engage with businesses if they get a better brand experience and customer service in return.
Source: McKinsey Survey
Customer privacy concerns can create barriers for businesses to have personalized interactions, as they may find it difficult to get the required customer insight and feedback.
By improving your brand experience over voice calls can help you break this “privacy barrier” and gain customer trust. How you interact as a brand across touchpoints (voice call, website, email, SMS, chatbot) determines the kind of brand experience you deliver to consumers. The question is - Do you come across as a genuine, distinctive, non-intrusive, and informed brand when communicating with customers?
This becomes crucial for businesses in an environment where fraudsters are stealing brand identities and scamming gullible consumers across channels.
Often fraudsters send emails having links that contain malware. The language used in the emails creates a sense of urgency in consumers and persuades them to take prompt action. Below is a screenshot of a fraudulent email.
2. Scammers posing as a prominent bank and claiming there are issues with the customer’s account or credit cards is a common practice. The SMS usually contains a link to a fraudulent website mimicking the bank.
3. Fraudsters steal the identities of prominent brands (banks, insurance, fintech companies etc) and manipulate customers to share sensitive information like OTP or PIN over phone calls. Below is a mockup of a suspicious Caller ID.
To standout from the fraudulent players and deliver a positive brand experience, you need to understand:
What do customers truly want?
What is the best-suited communication channel (Voice Call, Website, Email, SMS, and Push Notification)?
How can you come across as a trustworthy brand at each channel?
If Voice Call is your primary communication channel, then there are advanced tools and capabilities that can help you build customer relationships around trust and transparency.
As far as voice calls are concerned, we have identified three qualities that can help you win customer trust and loyalty in a big way.
Trust, transparency, and context
Differentiation, and brand recall
Timeliness of the calls
These are the communication capabilities that perfectly align with the above qualities and are a must-have for businesses in a privacy-first world.
There is a reason why people are often suspicious of the caller and don’t engage further. They don’t know who the caller is or what’s the reason behind the call. They fear the caller might be an imposter or scammer. This hesitancy and lack of response can derail not just the customer lifecycle but potential business opportunities.
You should make your outbound calls branded and meaningful so that customers feel safe and valued. Truecaller Verified Business Caller ID, enables trusted communication for businesses with:
Green Screen - to exude positivity and genuineness.
Brand Visibility - accurately displaying a non-editable brand name and logo.
Verified Badge for Business - making the brand stand out from fraudulent callers.
Call Reason - reaching out to customers with utmost transparency.
Business Category Tag - adding the industry angle to the call.
This capability is an extension of the Verified Badge for Business Caller ID that can make your customer communication deeply distinctive - by augmenting your Caller ID with branded, customizable use case videos (as shown below).
You can have two major advantages with a Video Caller ID:
They can add an extra layer of brand trust and identity to their outbound calls and deliver a more lively communication experience to customers.
The regular appearance of such videos on customers’ phone screens can improve brand recall.
Call Me Back is an advanced feature we offer along with Verified Badge and Business Caller ID. It enables contact centres to differentiate between customers who might have genuinely missed the call and those who don’t want to have a conversation. Getting a clear idea of the customer's intent and preferred time to call can result in meaningful conversations. With Call Me Back, you can:
Significantly reduce the number of repeat calls.
Save yourself from persuading disinterested customers, and reduce the number of escalations.
Allow your agents to connect only with interested customers.
For business calls that are unattended or missed, interested customers can request a call back from the contact center agent (as shown below). Upon receiving the callback request, the agent can connect with customers at their preferred time and have detailed conversations.
This way you can depict yourself as an empathetic brand that values customers’ time and privacy.
Businesses need to differentiate themselves by taking deliberate, positive measures, as the instinctive reaction of consumers is not to trust anybody with their privacy. Truecaller for Business is enabling enterprises and digital startups to have trusted communication and deliver a positive brand experience to consumers over Voice Calls. An authentic Caller ID can go a long way in making consumers feel less paranoid about their safety and privacy - allowing them to open up and have free-flowing conversations with genuine businesses. Frequently Asked Questions
How does the Verified Badge contribute to privacy in communication?
The Verified Badge acts as a symbol of trust, validating the authenticity of the communicating entity and consequently lowering the likelihood of privacy infringements such as impersonation or phishing attacks. By offering confirmation that the source of communication is legitimate, it paves the way for safer and more private exchanges in both personal and professional scenarios.
How is the future of communication being shaped by privacy-first approaches and the use of tools like the Verified Badge?
Privacy-centric strategies, including tools such as the Verified Badge, are becoming increasingly crucial in sculpting a future that emphasizes secure, reliable communication. These approaches facilitate improved protection of personal data, tackle cyber threats, and foster an online atmosphere where users can confidently engage, secure in the knowledge that their privacy is both respected and protected.
How does a Verified Badge work in conjunction with privacy regulations and laws?
The Verified Badge synergizes with privacy laws and regulations by serving as a concrete sign of credibility and authenticity, thereby ensuring that communication aligns with the rigorous standards imposed by these legal provisions. As a preemptive strategy, it aids in preventing data breaches and misuse, strengthening the legislative structure designed to safeguard individual privacy rights in the digital sphere.
What are some potential challenges when implementing the Verified Badge in communication, and how can they be mitigated?
While implementing the Verified Badge in communication, potential hurdles may involve gaining extensive recognition and establishing trust in the badge, as well as dealing with possible misuse or imitation by fraudulent parties. These challenges can be addressed through comprehensive educational campaigns about the importance of the badge, strong verification procedures during its issuance, and stringent enforcement of penalties for misuse, all of which ensure the badge's integrity and its effectiveness in bolstering privacy in communication.