Digital brands seek to enhance user privacy
Trend - With large brands like Facebook profiting off of user data and being constantly critiqued for it, there is now a growing trend in the opposite direction–where brands are ensuring user privacy and in some cases, even allowing customers to control their personal data themselves.
Insight - The acceleration of data breaches and instances of consumer data exploitation are on the radar of individuals who are increasingly wary about the platforms they use and how their valuable information is stored in the digital environment. Since consumers are moving much of their personal and financial interactions online due to a desire for efficiency and convenience, many are looking for ways to ensure that their data is secured and their privacy maintained for added peace of mind and safety.
Insight - The acceleration of data breaches and instances of consumer data exploitation are on the radar of individuals who are increasingly wary about the platforms they use and how their valuable information is stored in the digital environment. Since consumers are moving much of their personal and financial interactions online due to a desire for efficiency and convenience, many are looking for ways to ensure that their data is secured and their privacy maintained for added peace of mind and safety.
Workshop Question - How could your brand better ensure privacy for its customers?
Trend Themes
1. Privacy-first Social Apps - The trend of privacy-focused social apps allow individuals to better control their personal information and to stay in touch with people in a secure manner.
2. Telecom VPN Services - The trend of VPN services offered by telecoms allows individuals to remain secure while they are connected to public Wi-Fi networks.
3. Blockchain-based Identity Management - The trend of blockchain-based identity management solutions promotes security, transparency and control over personal data and combats online anonymity and trolling.
Industry Implications
1. Social Media - In order to stay relevant, social media platforms need to focus on increasing privacy protections for their users.
2. Telecom - Telecom companies can capitalize on the trend of VPN services to provide greater security and data protection to their customers.
3. Financial Services - Financial services companies can leverage blockchain technology to provide more transparent and secure identity verification and management solutions.
