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HK consumers opt for safety over cost – prefer secure digital services

As an increasing number of organisations undergo digital transformation, establishing a trusted platform appears to be of the utmost importance in a digital services strategy.

According to a recent report, a survey by one of the world’s most prominent technology companies noted that only 4% of consumers prefer to transact with an organisation that offers a cheaper but less trusted digital platform.

The study, which is the latest edition, is titled “Understanding Consumer Trust in Digital Services in Asia Pacific”. It surveyed 456 consumers in Hong Kong and aims to understand consumer expectations of trust, uncover their experiences with digital services, and provide tangible insights to organizations trying to bridge the gap by earning and sustaining the trust of consumers in a digital world.

The study reveals that nearly half of the respondents were willing to pay more to a digital platform with higher trust. In addition, 50% of the consumers highlighted that they would recommend a trusted digital service to others even if the cost was higher.

These results indicate that consumers growing increasingly aware of cybersecurity risks and the risks to the privacy of their personal data, not just from cybercriminals but also from organisations holding on to their personal data.

The top three trust elements that caused consumers to stop using digital services are privacy (69%), security (61%), and reliability (49%).

The research director of the survey noted that trust is critical for organisations to succeed in this digital world as consumers overwhelmingly prefer to transact with organisations with a trusted digital platform. As competition between digital services becomes more intense and global in nature, advocacy through word of mouth can be a strong differentiator for the organisation and a shot in the arm for the brand.

The study found that consumers will take action if they have a negative trust experience. Nearly half (47%) of the respondents would either switch to another organization or reduce the usage (48%) of the digital service as the result of such an instance. Close to one-third (30%) of consumers would stop using the digital service altogether.

The research also discloses that only 21% of Hong Kong consumers distrust organisations offering digital services. Consumers have the highest expectations of trust from the government, followed by financial services institutions and healthcare organisations.

The Corporate Vice President, Chairman and CEO the company’s Greater China Region (GCR) branch noted that the upside for organisations with a trusted digital platform is tremendous as Hong Kong is one of the most digitally active markets in Asia-Pacific and almost all of the transactions and interactions here would be digital in the near future.

However, despite consumers’ increasing reliance on digital services, there is certainly more that organisations can do to earn consumer trust.

The expert urged business leaders to better understand what drives consumer trust and focus on how they can build trust and make it a key competitive advantage for their digital services.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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