Digital trust enables new business opportunities in a data driven economy
This article was first published in Dagens Industri, the leading business newspaper in Sweden in both their print and digital editions. You can access the Swedish digital version here.
iGrant.io is a cloud service that helps organisations organisations to leverage customer data while being compliant to data regulations and empowering their customers to control their data. The platform helps companies to be transparent in the way they use their personal data which makes individuals more willing to say “Yes” to sharing their data.
Until recently, many, if not all, digital businesses built their business models based on the mass collection of consumer personal data, even data that is not relevant to their business; and most often without consumer consent, taking advantage of the lack of privacy laws protecting personal data.
Lal Chandran, CTO and co-founder of iGrant.io, observed:
“The GDPR and similar data protection legislations shaping up in jurisdiction across the world create a level playing field for businesses and will fundamentally change the way business models are constructed going forward. The introduction of the GDPR means that all digital businesses in their use of personal data have to act on the basis of the same regulatory framework. Sure, it’s important to protect personal data via data regulations, but it is for the individual to exercise their rights and be accountable.”
A fully scalable real time solution
The emergence of new data regulations, brings in three crucial challenges for businesses:
- Digitalisation requires data. However, with the new regulations, effective use of personal data is increasingly difficult which hampers digitalisation
- Consumer and citizens confidence in sharing their data is at an all time low due to recent data breaches and scandals involving misuse of data
- The lack of effective compliance tooling. The majority of tools are focusing on compliance only, adding a further burden to costs, with little or at best unclear benefit to businesses
Lotta Lundin, CEO and co-founder iGrant.io, emphasises:
“Our solution helps companies to be transparent about their use of personal data and it facilitates customer interaction, creating a win-win between businesses and consumers. People’s preferences and choices can be shared in real time, potentially creating new revenue opportunities with the use of personal data. The solution is fully scalable and can easily be integrated with existing IT systems via Rest APIs”
Consumers and citizens are becoming increasingly aware of the potential misuse of their personal data. They are also getting more familiar with how to exercise their data protection rights to prevent any possible misuse. This places higher demands on companies to engage with their customers in order for them to feel comfortable in sharing information about themselves.
No doubt, businesses have a lot to win if they truly care about the individual’s right to data protection. All of us as individuals should have full control over how our data is used. That’s why our customers own all their data — we only act as mediators. This is an advantage for both consumers and businesses.
With iGrant.io, both organisations and the individuals can benefit and monetise from the personal data asset.
