Building digital trust: Technology can lead the way

Technologies used for digital transformation can also be leveraged to enhance trust when they’re used to enhance transparency, reinforce ethical practices, boost data privacy, and harden security. That’s the dilemma that many business leaders find themselves in today as they pursue digital transformation efforts to embed technology into every facet of their operations. With the advent of digital technology, businesses have been asking customers to trust them in new and deeper ways, from asking for their personal information to tracking their online behavior through digital breadcrumbs. At the same time, technology issues like security hacks, inappropriate or illegal surveillance, misuse of personal data, spread of fake news and misinformation, algorithmic bias, and lack of transparency are regularly hitting the headlines. The resulting distrust these incidents breed in stakeholders employees, investors, and regulators as well as customers can significantly damage an organization’s reputation.