ICS 2021: Transparency is the key to building credibility

Customer trust is the priority for all businesses. Whether in critical sectors like finance, cybersecurity, and healthcare or in any other form of business. Customers expect zero compromises when their data is at stake. Transparency of data policies, complex security measures and effective handling of customer trust becomes essential to reputation management and credibility building.

Rohit Sarin, co-founder, Client Associates Wealth Management; Rahul Munjal, chairman and managing director, Hero Future Energies and Atul Sharma, president, PRCAI engaged in a chat to explore what brands must do today in order to build, solidify and sustain this trust in today’s environment.

Sharma started the discussion by pointing out how more and more brands and companies are laying more and more focus on the power of trust and especially with the power of social and digital media. “Access to information has become very easy. And the only way to build credibility is through transparency. You want more and more people to tell you a story. You need them to trust you. And that only happens when every stakeholder knows that you are honest and transparent with them,” he said.

He also added that customers expect zero compromises especially when their data is at stake. And in today’s world, transparency of data policies, concrete security measures and effective handling of consumer trust is becoming more and more essential to reputation management and credibility building.

Speaking about the approach towards credibility and reputation management, Munjal highlighted how consumers have an abundance of choice. “No matter what product or what service you’re getting into, consumers have access, they have options to a bouquet of global brands, besides the ones which are only homegrown in India. So even if you don’t have access to the product, you at least know how that product or service is being delivered anywhere in the world,” he said adding that information dissemination is democratic and everybody has access.

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By Sohini Ganguly