Illustrative image (Source: Microsoft) HCM City (VNS/VNA) - Only 32 percent of consumers in Vietnam believe theirpersonal data will be treated in a trustworthy manner by organisations offeringdigital services, according to a study recently released by Microsoft andIDC Asia Pacific.
Thestudy, “Understanding Consumer Trust in Digital Services in Asia Pacific”,aims to understand consumers’ expectations of trust, uncover their experienceswith digital services, and provide tangible insights to organisations to helpbridge the gap by learning about and sustaining the trust of consumers in thedigital world.
The studysaid that today, almost all transactions and interactions in Vietnam, fromorganisations and government agencies, to banks and retailers, are becomingdigital.
At thesame time, consumers are becoming more aware of cybersecurity risks andrisks to privacy of their personal data, not just from cybercriminals but alsofrom organisations holding on to their personal data.
“Theupside for organisations with a trusted digital platform is tremendous as Vietnamis one of the fastest-growing digital services markets in Asia Pacific wherealmost all of the transactions and interactions here will be digital inthe near future,” said Pham The Truong, country general directorof Microsoft Vietnam.
“However,despite consumers’ increasing reliance on digital services, there is still aconsiderable trust gap that needs to be addressed. Most consumers still do notperceive organisations to be trusted data stewards. I urge business leaders todo more to understand what drives consumer trust and focus on how they canbuild trust and make it a key competitive advantage for their digitalservices,” he added.
Thestudy, which surveyed 453 consumers in Vietnam, asked respondents to providetheir opinions on the five elements of trust jointly defined by IDC andMicrosoft – privacy, security, reliability, ethics, and compliance – when usingdigital services.
The studyrevealed that consumers feel that all five elements of trust are almost equallyimportant to them.
Specifically,security (90 percent) and privacy (89 percent) emerged as the top two mostimportant elements. Consumers also have the highest expectations of trust fromfinancial services institutions, followed by government and education organisations.
The studyalso found that establishing a trusted platform needs to be a priority inorganisations’ strategy for digital services as only 4 percent of consumersprefer to transact with an organization that offers a cheaper but less trusteddigital platform.
Additionally,close to three out of four or 72 percent of consumers said they wouldrecommend a trusted digital service to others even if the costwas higher.
Despitethis, the study uncovered that the majority of consumers, about 60 percentin Vietnam, have had their trust compromised when using digital services. Thetop three trust elements that caused consumers to stop using digital serviceswere security, reliability and privacy.
Moreimportantly, the study established that consumers will take action if they havea negative trust experience. Nearly three out of five of the respondentswould switch to another organisation, while 30 percent would reduce the usageof the digital service. More than one out of four (28 percent) consumers wouldstop using the digital service altogether, according to the report.-VNS/VNA
Thestudy, “Understanding Consumer Trust in Digital Services in Asia Pacific”,aims to understand consumers’ expectations of trust, uncover their experienceswith digital services, and provide tangible insights to organisations to helpbridge the gap by learning about and sustaining the trust of consumers in thedigital world.
The studysaid that today, almost all transactions and interactions in Vietnam, fromorganisations and government agencies, to banks and retailers, are becomingdigital.
At thesame time, consumers are becoming more aware of cybersecurity risks andrisks to privacy of their personal data, not just from cybercriminals but alsofrom organisations holding on to their personal data.
“Theupside for organisations with a trusted digital platform is tremendous as Vietnamis one of the fastest-growing digital services markets in Asia Pacific wherealmost all of the transactions and interactions here will be digital inthe near future,” said Pham The Truong, country general directorof Microsoft Vietnam.
“However,despite consumers’ increasing reliance on digital services, there is still aconsiderable trust gap that needs to be addressed. Most consumers still do notperceive organisations to be trusted data stewards. I urge business leaders todo more to understand what drives consumer trust and focus on how they canbuild trust and make it a key competitive advantage for their digitalservices,” he added.
Thestudy, which surveyed 453 consumers in Vietnam, asked respondents to providetheir opinions on the five elements of trust jointly defined by IDC andMicrosoft – privacy, security, reliability, ethics, and compliance – when usingdigital services.
The studyrevealed that consumers feel that all five elements of trust are almost equallyimportant to them.
Specifically,security (90 percent) and privacy (89 percent) emerged as the top two mostimportant elements. Consumers also have the highest expectations of trust fromfinancial services institutions, followed by government and education organisations.
The studyalso found that establishing a trusted platform needs to be a priority inorganisations’ strategy for digital services as only 4 percent of consumersprefer to transact with an organization that offers a cheaper but less trusteddigital platform.
Additionally,close to three out of four or 72 percent of consumers said they wouldrecommend a trusted digital service to others even if the costwas higher.
Despitethis, the study uncovered that the majority of consumers, about 60 percentin Vietnam, have had their trust compromised when using digital services. Thetop three trust elements that caused consumers to stop using digital serviceswere security, reliability and privacy.
Moreimportantly, the study established that consumers will take action if they havea negative trust experience. Nearly three out of five of the respondentswould switch to another organisation, while 30 percent would reduce the usageof the digital service. More than one out of four (28 percent) consumers wouldstop using the digital service altogether, according to the report.-VNS/VNA
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