Balancing these two aspects proves particularly important against a backdrop of increasing consumer experiences driven by artificial intelligence and other new technologies.
One of the essential factors in the relationship between companies and consumers is the consumption journey and the data that permeates it. The personalized experiences companies create for customers are only as good as the data used to build them. Especially in a world where artificial intelligence (AI) is becoming more prominent, it's imperative that companies trust their own, real-time data collected from their customers, rather than third-party data. As data becomes increasingly important, consumers are also more wary of security issues, and businesses need to step up and deliver these personalized experiences while ensuring trust and security. This is what two recent surveys released by Twilio point out.
Twilio, a customer engagement platform, annually launches several surveys and reports that aim to help companies better understand their consumers, and customers to know and demand the best in terms of consumption journeys. Recently, the company released two reports that point to very pertinent data involving how to create an ideal consumption journey.
The first of these is the 2023 Customer Engagement Report, which points out that:
- 42% of brands say the top customer engagement challenge in 2023 is finding a balance between security and customer experience;
- 22% of brands in Brazil reported contact center fraud in 2022;
- 36% of brands say their own customers are frustrated with inconsistent experiences;
- 97% of consumers say they trust brands more when they have control over their own data.
The second report is the State of Personalization, which points out that:
- Companies are increasingly embracing AI and machine learning to power their personalization efforts;
- 9 out of 10 companies (92%) are already using AI-driven personalization to drive their business growth
- Only 51% of consumers trust brands to keep their data secure and use it responsibly.
These two collections of data, in addition to highlighting the need to balance security and personalization to better meet consumer demands, put data at the center of everything. This shows that it is much more interesting for companies to invest in capturing primary data, tools and security infrastructure and in customer relationship and data management platforms that allow personalization and automation without renouncing security, which is subsequently passed on to the customer as shows quality and efficiency.
“Consumers should not have to choose between an impersonal and safe experience and a personal and insecure experience. We already have the technology and business intelligence to get the best of both worlds. The next step may be to make this reality more evident for brands and their customers”, concludes Rodrigo Marinho, Regional Sales VP LATAM at Twilio.
