Trust and Transparency (Morey, Forbath, Schoop)

Question 1

What is the problem around data trust / transparency?

Answer 1

Customers worry about their private information, yet are reasonably unaware of the information they’re sharing online. Moreover, firms steered away from sharing this data as they can get value from it. This then erodes the trust between the customer and firm, leading to less likelihood of sharing data by customers.

Question 2

What is the solution?

Answer 2

Firms should design products and services with transparency and data privacy in mind. They should provide fair-value for the data customers provide, as well as educate how they collect/use data, and giving them control over it.

Question 3

What 3 ways can firms use data? What value do customers place on each?

Answer 3

1) Improve their products and services
2) Use in targeted marketing and advertising
3) Generating revenues through resale

Question 4

What are the 3 data principles in this case?

Answer 4

1) Educate your customers
2) Give them control (e-monitor, what info to share/with whom)
3) Deliver in-kind value

Question 5

What are the 3 types of data?

Answer 5

1) self reported data
2) Digital exhaust
3) Profiling data

Question 6

What elements increase the value of data?

Answer 6

Increased sensitivity
Increased breadth
Increased detail about consumer
Shifting benefit from customer to firm