Mastercard Official: Trust Can Resolve Conflict Between Data Needs and Consumer Privacy
As AI and other data-rich emerging technologies become more prevalent and amp up the need for information, organizations must ensure their privacy policies and practices help engender customer trust, said JoAnn Stonier, Mastercard fellow of data and AI, said Wednesday.
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During a panel at the Masters of Data Conference hosted by the Association of National Advertisers, Stonier noted the lines between data collection, AI and privacy have become "blurrier." The former chief data officer at Mastercard added, "As a privacy professional, I worry about this all the time." Moreover, “What we're seeing is less privacy [and] more surveillance.”
“How do we square that circle now, when we know that there is constant conflict?” asked Stonier: There's always “more data to learn from, more data to improve the [customer’s] experience,” but companies are also starting to have a “harder time getting permissions.”
A big question as new technology and products are created is “How do we still generate trust?” Stonier said. “Who is ultimately going to be accountable [for the technology], and where do the boundaries live as this new world and new products and solutions come to pass?”
This is where corporate governance is critical, she said. Organizations “need to actually do the hard work" when developing and designing products. They must set “policies and standards and program definitions,” as well as “making sure" they understand the risks.
In sum, “if [customers] don't trust that we're going to keep your data safe and secure and protect you from fraud and not misuse your information, why would you do business with us?” Having “that type of mindset” switch is crucial, so companies don't focus on “’How does data matter? How does privacy matter?’ But ‘What does it mean to your consumers, the interaction of data with you and your firm?’”