MANILA – Despite the boom of digital services in the Philippines, a recent study from Microsoft and IDC Asia Pacific, Understanding Consumer Trust in Digital Services in Asia Pacific, revealed that only less than half (44%) of consumers in the Philippines believed that their personal data will be treated in a trustworthy manner by organizations offering digital services.
Today, almost all transactions and interactions in the Philippines, from organizations and government agencies, to banks and retailers, are becoming digital. At the same time, consumers are becoming more aware of the cybersecurity risks and the risks to the privacy of their personal data, not just from cybercriminals but also from organizations holding on to their personal data.
The study, which surveyed 454 consumers in the Philippines, asked respondents to provide their opinions on the five elements of trust jointly defined by IDC and Microsoft – namely privacy, security, reliability, ethics, and compliance – when using digital services.
The data uncovered that more than two out of five (44%) consumers have had their trust compromised when using digital services. Because of this, more than half (57%) of the respondents would switch to another organization, while two out of five (38%) would reduce the usage of the digital service. Close to one-third (31%) of consumers would stop using the digital service altogether.
“The upside for organizations with a trusted digital platform is tremendous as the Philippines is one of the fastest growing digital services markets in Asia Pacific,” said Andrés Ortolá, Microsoft Philippines’ General Manager. “However, despite consumers’ increasing reliance on digital services, there is still a considerable trust gap that needs to be addressed. Most consumers still do not perceive organizations to be trusted data stewards. We urge business leaders to do more to understand what drives consumer trust and focus on how they can build trust and make it a key competitive advantage for their digital services,” he added.
The study revealed that consumers feel that all five elements of trust are almost equally important to them. Specifically, security (87%), privacy (93%) and compliance (89%) emerged as the top three most important elements. Consumers also have the highest expectations of trust from financial services institutions, followed by education institutions and healthcare organizations.
As organizations in the Philippines continue to transform their business models, offerings and customer engagement strategies, the range of digital services available to consumers continues to grow in number and variety.
According to the study, Filipinos feel that the government (44%) should take the lead in building trust, followed by technology companies (35%), indicating the need for a stronger partnership between governments and technology companies.
— The Summit Express
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| Data shows that (44%) of consumers in the Philippines have had their trust compromised when using digital services. |
Today, almost all transactions and interactions in the Philippines, from organizations and government agencies, to banks and retailers, are becoming digital. At the same time, consumers are becoming more aware of the cybersecurity risks and the risks to the privacy of their personal data, not just from cybercriminals but also from organizations holding on to their personal data.
The study, which surveyed 454 consumers in the Philippines, asked respondents to provide their opinions on the five elements of trust jointly defined by IDC and Microsoft – namely privacy, security, reliability, ethics, and compliance – when using digital services.
The data uncovered that more than two out of five (44%) consumers have had their trust compromised when using digital services. Because of this, more than half (57%) of the respondents would switch to another organization, while two out of five (38%) would reduce the usage of the digital service. Close to one-third (31%) of consumers would stop using the digital service altogether.
“The upside for organizations with a trusted digital platform is tremendous as the Philippines is one of the fastest growing digital services markets in Asia Pacific,” said Andrés Ortolá, Microsoft Philippines’ General Manager. “However, despite consumers’ increasing reliance on digital services, there is still a considerable trust gap that needs to be addressed. Most consumers still do not perceive organizations to be trusted data stewards. We urge business leaders to do more to understand what drives consumer trust and focus on how they can build trust and make it a key competitive advantage for their digital services,” he added.
The study revealed that consumers feel that all five elements of trust are almost equally important to them. Specifically, security (87%), privacy (93%) and compliance (89%) emerged as the top three most important elements. Consumers also have the highest expectations of trust from financial services institutions, followed by education institutions and healthcare organizations.
As organizations in the Philippines continue to transform their business models, offerings and customer engagement strategies, the range of digital services available to consumers continues to grow in number and variety.
According to the study, Filipinos feel that the government (44%) should take the lead in building trust, followed by technology companies (35%), indicating the need for a stronger partnership between governments and technology companies.
— The Summit Express
