In the last blog post, I wrote about the increasing willingness of consumers to share their data. The other factor to consider is who consumers are willing to share their data with.
If you follow Bango, you may have seen a diagram illustrating the Bango ‘triple lock system’ for protecting consumer data. Triple lock is a process for managing consumer data that we process in our business. The steps are 1) check customer consent is obtained by the primary data collector, 2) keep transaction data anonymized and encrypted, and 3) check that consent to advertise to the customer is obtained by the social media platform. This triple lock system prioritizes customer consents and ensures compliance with industry standards as set out in regulations such as GDPR and the CCPA. Moreover, in the course of our business, Bango does not transfer data across to third parties and certainly never sells data.
The primary data collector mentioned in step one of our Triple Lock system is most often a telecoms company – your mobile phone operator or broadband provider. At this year’s Mobile World Congress, analyst Oliver Wyman revealed that the telco sector is now the second most trusted sector when it comes to protecting privacy, second only to banks . However, when looking at how that trust has changed between 2019-2021, it’s interesting to see that the trust in telcos grew the most in each of the 4 countries surveyed.
But, as I mentioned in my earlier blog, most consumers share their data on the basis that they want something in return. So how can telcos make use of the data they have to improve their offering?
By integrating with Bango for carrier billing or subscription bundling, Bango analyses data to optimize the entire consumer journey, from the services telcos offer, what tailored offers a customer is mostly likely to want and respond to, how consumers discover these services, managing entitlements to ensure consumers get what they signed-up for, through to optimizing the customer billing cycle. All of this analysis and optimization helps improve the customer experience and ensures the telco remains a trusted partner to consumers and their data.
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