Consumers should put a price on their personal data

Lu Zurawski, Consumer Payments Practice Lead EMEA, ACI Worldwide has said:

GDPR is now a term in the general public’s vocabulary, thanks to the influx of data protection updates from companies ahead of today’s deadline. But while GDPR is being treated as a compliance issue, it actually puts the power back into the consumers hands, so businesses must adapt accordingly.

 

I predict a wave of class actions once GDPR has come into force, brought forward by legal groups and consumers, fuelled by occasional data breaches – both physical and legal. This likely to be noisy and chaotic, but it could pave the way away from traditional definitions of B2B and B2C towards a personalised data economy, where consumers become far more aware of the potential value of their own data, and of their opportunities to convert this potential value via new so-called ‘Me2B’ propositions.

 

‘Me2B’ means the consumer dictates the terms of how business relationships are formed. The ‘Me2B’ customer defines his or her own concept of loyalty, inviting businesses to sign up to the ultimate customer-centric loyalty program managed by ‘me.’ This would turn existing notions of loyalty and marketing upside down.

Companies need to think beyond GDPR compliance and move towards proactive data privacy, consent management and customer-centric controls.

 

Awareness of citizens’ rights in regards to their own data is growing. But as the continuing saga of companies such as Facebook and Cambridge Analytica surrounding the use / misuse of personal data shows, the landscape for big data has shifted. It will no longer be acceptable to process and monetise consumers’ data without their explicit buy-in. And that will require new incentives and motivators. The winners in the next generation of Big Data will need to work out how to manage relationships with preferences of individual consumers.