More than half of consumers surveyed are willing to pay a premium for products and services from companies they trust more. However, only 43% of consumers trust companies fully and nearly 40% plan to switch to the competition or to a digital startup due to the trust-issues. The biggest threat to companies today is not from the competition, but from their own ability to win and keep consumer trust as data ethics has become the new purpose for businesses. Companies that view trust not just as privacy, security, or technology issue, but a brand-building opportunity and place consumers before near-term profits and self-interest will be best equipped to sail through the choppy waters of trust-driven business disruption.
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