The global shift toward digital transactions and processes is transforming how businesses operate, nowhere more so than right here in the Middle East. As the region embraces this trend, the volume of digital interactions is rising rapidly. However, with this growth comes an increased focus on security and trust. Consumers are acutely aware of the risks of fraud and data breaches and expect businesses to address these concerns with transparency and strong digital safeguards. Building trust is now a critical factor for businesses navigating this digital transformation.
Digital trust professionals agree. 82% believe digital trust will play an even more important role in consumer decision-making over the next five years (ISACA). However, being trustworthy is not enough. Organizations also need to communicate their digital trust credentials effectively. Of the 5,800 professionals surveyed in the ISACA study, 81% believe organizations that can demonstrate their commitment to digital trust will be more commercially successful than those that fail to do so (ISACA).
The cost of losing trust
Digital breaches and security failures cost businesses dearly. While financial punishments can be extensive, it is often the reputational impact that deals the heaviest blow. Consumers now understand the potential consequences of security breaches and poor security practices. Research suggests that 85% of consumers believe it is important to know a company’s data privacy policies before purchasing (McKinsey).
While organizations can and do receive financial penalties for non-compliance with data protection regulations and standards, they regularly lose customers, too. McKinsey research shows that 40% of consumers report having pulled their business from a company after learning it did not adequately protect its customers’ data. A loss of trust can be very serious for organizations that need to utilize digital processes to remain competitive.
Using verified systems to build trust
EDC’s eKYC and digital onboarding solutions enable businesses in the UAE to automate key business processes in a safe and compliant manner using digital devices. Our systems deliver immediate identity verification and fast application approval.
By enabling the scanning of national identity cards, auto-filling details, and facilitating additional document upload, EDC solutions facilitate simple and efficient processing of personal and business credentials. We also integrate our eKYC and digital onboarding solutions into clients' backend systems to ensure a high-quality customer experience and prevent the formation of data silos.
Strengthening transparency through omnichannel solutions
Businesses also build digital trust through effective, coherent, and consistent communication with customers. Consumers expect brands to have a well-defined and developed brand identity and for it to be conveyed in all interactions.
With this in mind, organizations must guarantee consistent messaging across all channels. One way of achieving this is via a comprehensive Customer Communication Management, or CCM solution. These solutions allow organizations to embrace a more effective omnichannel approach by enabling them to create, generate, and deliver various personalized documents in different formats and across many channels simultaneously.
Build digital trust with EDC
We design EDC solutions with digital trust at the forefront of the development process. We recognize that digital trust is a vital consumer issue and that, in an increasingly digital world, those businesses that can demonstrate their trustworthiness will thrive. Whether working to provide fast and reliable verification via our eKYC and digital onboarding solutions or helping brands build trust with consistent omnichannel communications, EDC is here to help you implement safe and trusted digital processes and showcase your digital credentials. In doing so, our technology drives fast and sustainable business growth that puts you ahead of the competition.
Reach out to us to discuss in more detail how we can help your organization build trust and loyalty.
Learn more about EDC’s eKYC solution.
Learn more about EDC’s Digital Onboarding solution.
Learn more about EDC’s Customer Communication Management (CCM) solution.
