Building Trust and Safety Brick by Brick

A critical question in the trust and safety industry is how do we ensure that the values of safety by design are built into an organization and a product. I recently took part in a panel session hosted by Marketplace Risk at their annual conference, alongside trust and safety experts Adam Haitt, Kenneth Lau and Tomer Poran. These are the topics that most resonated:

Shifting the Paradigm - Making Trust and Safety a Forethought 

Traditionally, trust and safety hasn’t always computed to the bottom line of business, and therefore is often not the top priority. Rather, it’s viewed as a potential obstacle to growth. But businesses have recently caught on to financial benefits that come along with prioritizing trust and safety into the organization from the start. 

Customer Satisfaction Guaranteed

By creating a safe environment for users, businesses are ensuring a positive customer experience by keeping the bad actors out, allowing for retention of already existing customers. It also allows companies to build a strong brand reputation in a world where customers are increasingly concerned about data privacy, security and ethical practices. 

No Fraud, No Problem

By mitigating online fraud with robust trust and safety measures, businesses are preventing the loss of revenue associated with fraud, identity theft, account takeover or data breaches. Strong methods of authentication, verification processes and proactive identification of fraudulent behavior will create a safe environment for loyal customers, allowing for long term customer retention. 

The Tradeoff: Customer Experience vs Trustworthiness

A central question that emerged during the panel was whether trust and safety represents a tradeoff that compromises the customer experience. 

Do we put our walls up to stop the fraud coming in? But what about if those walls are too high for our good users to climb? 

We challenged this notion, suggesting that it is not a tradeoff at all, but rather an investment decision. Trust and safety professionals should have a seat at the decision-making table to advocate for its implementation and prioritization when organizations make decisions. The issue of customer friction is one that holds great importance to us here at Identiq as it is something that our product directly tackles, allowing us to prioritize the seamless customer experience without compromising on trust and safety. 

The trend of a customer-centric approach is one that organizations have been shifting towards for some time. By prioritizing customer well-being, customers feel valued and secure, allowing organizations to build trust and foster long-term relationships. 

Moving Forward with Trust and Safety

Trust and safety by design should not be considered in hindsight or as a tradeoff. Rather, it should be embraced as a crucial investment in the success and longevity of any organization. Leveraging trust and safety allows companies the opportunity to provide smoother customer experiences. 

By placing trust and safety at the very forefront and involving professionals in the decision making process, organizations can build a business landscape that fosters trust, ensures safety and cultivates enduring relationships with customers.

Interested in learning more about keeping your users safe and happy from the very start of their customer journeys? Talk to us about how our private network for identity validation lets the good actors in, and keeps the bad out.

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