Digital identity proliferation spurs customer concern for ethical data usage, says ATB report
Consumers in North America are distrustful of tech companies and their commitment to data privacy, according to a Tech and Trust report published by ATB Ventures with significant implications for digital identity providers.
ATB Ventures is the innovation arm of ATB Financial, a Canadian financial institution driving economic growth. 62 percent of survey respondents are concerned about their data’s safety as the world becomes further digitized, while only 9 percent strongly feel they have enough information to navigate the world of data privacy. Companies demonstrating ethical data usage can set themselves on the path to future customer loyalty, the report says.
With the acceleration of technology across all aspects of society, particularly during the past year, organizations and governments are facing increasing pressure to adhere to or develop data regulations in protecting people’s privacy. The digital gap between those with access, privacy, and security, and those without will only become more significant if the concept of trust architecture is not implemented within our developments, according to the report.
The report focuses on how customer trust will become a defining feature of the success of organizations, including new tools, incentives and paradigm shifts needed to fuel innovation and drive economic growth. Each day, we create new digital identities, or versions of ourselves without knowing how much data each transaction contains, where that data is housed, or who has access to it, says the report.
Report findings include; 69 percent of North Americans wish tech companies would better explain to them how their technologies use their data and how their business make money; 63 percent are inclined to move their buying power to organizations that respect their privacy whilst Only 18 percent of respondents feel like they have the right tools to navigate the world of data privacy.
Yet while AI and machine learning techniques are beginning to be adopted in meaningful ways, it is important that careless implementation of these tools do not amplify biases or create unfair outcomes.
Earlier this year ATB Ventures announced an intention to support work into digital identity advancements and removing bias from artificial intelligence applications like biometrics.
People are now pressed to prioritize convenience over privacy, therefore trust must be realized nearly instantaneously — from the point of data’s inception to the customer value being received. ATB has recently launched two privacy enhancing technologies. ATB Turing Box, a methodology for unlocking responsible AI and Oliu, a digital identity and credential management platform that is geared towards a “self-sovereign” identity.
“The Trust Stack provides a strategic roadmap for organizations to build privacy, fairness and transparency into their digital environments – starting from their technology architecture and extending right through to the customer experience. Through the application of the Trust Stack, organizations can deliver the most differentiated, AI-driven experiences – without compromising on privacy or innovation,” says Chandra Rink, Director of Product Innovation & Strategy at ATB Ventures.
Sue McGill, SVP of ATB Ventures says that the company is committed to securing data privacy for its customers. “Since the beginning, privacy and trust have been core to our work at ATB Ventures. Our team continues to work with industry to drive change and develop commercial products that allow organizations to strengthen their privacy practices and provide users with greater transparency and control of their data.”
ATB says that no technology should be employed without tangible human value.