By Emmanuelle Rivet
Never have people been more alert—nor in a more deeply personal way—to matters of trust in the technology they use. The COVID-19 pandemic necessitated a greater reliance on technology than ever before, and over the past two years consumers have become more deeply aware and concerned about possible biases of algorithms, invasions of privacy, and cybersecurity threats.
Whether a loss of trust in technology will create deeper financial worries is still unclear. Over the past several years, quick assertions have been made about the fact that any backlash against the tech industry’s largest companies has actually had little effect on profits and that it has been a powerful force against investing in trust. But in the course of our work with clients around the world, we have seen contravening evidence.
A number of leading organizations—digital natives as well as established companies—are making responsibility and trust a fundamental feature of their tech offerings. From digital app creators choosing not to collect user data, platforms doubling down on moderation efforts to hardware suppliers opting for rigorous, end-to-end transparency, companies are weaving trust into their innovation strategies and turning trustworthiness into operational reality. In doing so, they’ve made trust a competitive differentiator.
Based on our research into these companies and the work of PwC’s Trust Leadership Institute, we’ve identified four main areas to help build trust. We’ve kept these guidelines broad, since trust is a dynamic and fluid concept. What you need today won’t be the same as what you need tomorrow.
The most well-intended efforts will also likely do little good unless a broader purpose guides them and you clearly and consistently communicate your progress—and honestly admit the work that remains to be done. That requires connecting purpose to all your actions. It also requires you to be intentional about creating a culture of transparency that addresses your stakeholders’ top concerns.
When used strategically and responsibly, technology can power growth, innovation, more efficient operations and better experiences—all while increasing trust. One of the promises of blockchain, for example, is trust through the enhanced transparency and traceability of data. Responsible AI can help you make more trustworthy decisions. The right technology can also make nearly every part of your operations more trusted—if you weave in trust at the start.