To understand the scope of these changes, consider this. In 1932, when Franklin D. Roosevelt pledged “a New Deal for the American people,” the three core tenets of the New Deal were to provide relief, recovery, and reform. To achieve these goals, the New Deal included banking reforms, emergency relief programs, work relief programs, and agricultural programs.
Now, consumers are looking for a another “New Deal,” but this time, they want reforms around data collection practices.
Governments are also increasingly aware of this need to help protect the public’s data. In 2016, the European Union (EU) passed the General Data Protection Regulation (GDPR), which went into effect in 2018 and set strong data protection rules for EU citizens and companies that do business in the EU. The State of California has followed Europe’s lead with their own legislation — the California Consumer Privacy Act (CCPA). Brazil and Thailand also have both recently passed data protection laws, and India has a new data protection bill under consideration. We can expect even more countries to follow suit.
Governments are starting to step in to offer consumers more protection around the use of their personal data. But except for those surveyed in Australia and Asia Pacific/Asia Central (AU/APAC), very few consumers — only 28 percent — believe governments are doing an adequate job protecting their personal information.
For forward-thinking, customer-centric businesses, the current state of affairs around data security and privacy practices offers a unique opportunity to set a new standard by crafting a “New Data Deal” with consumers. This deal builds greater trust and loyalty by being transparent, empathetic, and upholding the promise to deliver more value through customized and relevant customer experiences.