Does digital trust matter. Will it become a differentiator?
Today in health, it. Why digital trust matters. My name is bill Russell. I'm a former CIO for a 16 hospital system and creator of this week health, a set of channels dedicated to keeping health it staff, current and engaged. We want to thank our show sponsors who are investing in developing the next generation of health leaders, accordion dynamics, Quill health tau site nuance, Canon medical, and current health.
Check them out at this week. health.com/today. All right. So as reading a bunch of articles and this one caught my eye, why digital trust matters? It's actually on the McKinsey mckinsey.com. , website and, , you know, I think it's an important article. Let's see September. 12 20 20 it's based on a survey. So consumer faith in cybersecurity, data privacy.
And responsible AI hinges on what companies do today and establishing this digital trust. Just my lead to business growth. So they did a survey 1300 business leaders. And 3000 consumers globally, suggesting that establishing trust in products and experiences that leverage AI, digital technologies and data not only meets consumer expectations, but also could promote growth. The research indicates that organizations that are best positioned to build digital trust are also more likely than others to see, you know, growth rates of at least 10%.
I think this is going to be foundational in the future. We sometimes, I mean, historically healthcare has taken a rap for not, , protecting. Patient data protecting, , , the assets that reside within our network. And I think this is more and more going to become a foundational item for people as they seek care. And that is.
The the digital trust do I trust them to protect my digital assets? This is one of the things I know I take a lot of heat for this because I come down hard on the industry on this one, but I don't trust my medical record with And CIO for whatever health system. I just don't trust my medical record with you too. Many of you have said to me,
It's not if, but when, and I'm going, okay, then just give me my record. I can protect it. Like, I know what phishing looks like. I know what bad actors look like. If you just give it to me, let me put it on my phone. Then, , I can protect it. And then when I come into your house with some, I'll give it to you.
And you can provide Now I take a lot of heat for obvious reasons for that. , for that position, but at the end of the day, , , you know, I, I would challenge somebody to come on the show and say to me, no, no, we can protect your record better than you can in, , on your phone or, or, , in other ways that I would choose to
, or explain to me why that doesn't work, but regardless. , I'm not trying to throw down the gauntlet here. I'm just trying to share the digital trust is going to matter, and it's going to start to matter more and more. I believe so. , let's take a look at some of the survey things, the inquiry groups.
In Congress, state of digital trust. So 70% of consumer respondents believe. That the companies they do business with protect their data. 57% of executives report that their organization suffer. Suffered at least one material, data breach and the past three years. Okay, so more and more it's going to become, I think this is going to become front and center. How do you handle digital assets? How do you provide transparency for the, , algorithms and AI technologies that you're using? How do you tie them to the outcomes you're going to deliver within your health system?
This whole foundation for digital trust. I think it's going to be important. And it's a discussion that we need to lead and get out there in front of. Okay. So more from the study, most responded to say it's important for companies to provide transparency around their digital trust policies. Consumers want to know the company's data and AI policies before buying its products and services.
Now clearly in healthcare, this is a little different, but I think physicians. Nurses want to know what's in that algorithm before they start utilizing those things. So this, this whole idea of transparency, just because they're talking about consumer , we can think of our internal consumers as well. They want to know what's being utilized. And I think as, as a healthcare.
, consumers I'll use that word judiciously here. , become more sophisticated. They are going to, , be able to find data on where the best care is and who's providing the best care. And that will be a direct result. I believe of how data's being used effectively in the delivery of care. , that remains to be seen. We will see what happens.
, let's see, they want to, they want clarity about how their data will be used. I definitely want that nearly half of all respondents frequently. Considering another brand. If the one that they are considering purchasing from is. Unclear about how it will use their data. , you know, I haven't gotten to the point yet where I'm saying.
, I'm going to look at my house or something, how they're using my data. Quite frankly, because we've done a good job. Of keeping that pretty opaque for people. It's hard for them to know when are, when their data is being used and where it's being used, how it's being moved around. , I have a general idea because I've been in the industry so long and
I know that companies that, , have been sold to IBM have my data in their dataset. I know that my data has moved, , around it's now in the, , true Veta dataset. And, , yeah, I, I know that my data is being utilized now in. , transparent and anonymized ways it's being utilized for research and for the good of mankind.
But even, even still, I think, , some of my data's being used. For things beyond the good of mankind. I think it's being sold to pharma. I think it's being sold elsewhere. , just based on things I know as a CIO, but I don't think the average individual knows. Or cares about that just yet. And, , I think that will change. I think we're going to have a changing of how people view privacy.
As we have more and more events and more and more things. That people go. I don't know how I feel about that. That's a little creepy that I went in to see my doctor and my information ended up over here. And now I am being filling the blank. , you know, my information is being used in research that I don't really feel good about or fill in the blank. I don't know.
, consumers even believe some digital trust tenants are nearly as important as common purchase decision factors, such as costs and delivery and time. Right. So ethical and trusted reputation, amount of personal data required. I'll tell you in a recent purchase of a car, I went in and they required so much information.
Like when I just sat down, hadn't even established me as a buyer. They required so much information. I walked I walked out without even asking them because they just kept saying, well, we need this information. I'm like, you don't need this information. I just need to know if you have these cars on your lot.
And they wouldn't answer the question until I gave them the information and sure enough, all I gave them was my phone number. They called me like 15 times in the next three weeks. And so, , so again, we have to, we have to be careful how we're using people's information, especially as we've come more consumer oriented in terms of our healthcare and our outreach.
Many will only buy from companies that are known for protecting consumer data. , I made a majority of consumers look specifically for companies that have a reputation for protecting data. You know, I, again, I think this is true. I think this is going to grow,
It's interesting as I read this, because if I wanted to play devil's advocate here, I'd say, look at the number of people who were signing up for Tik TOK, and we know Information is being used. Look at the number of people on Metta, Facebook, and how that information is being used. Looking at the number of people who routinely go out to Google and type things in.
Even though they are clearly a data company and collecting information on that. , people who buy Android phones. And, , provide, , or, or just use the Google maps app and provide information on where they're going. , people who open up to add. , advertisements. , based on a geo location.
, and you know, that's providing , personal information on you as well. So on one side, I hear this, I see this depends how this is positioned. And then the question becomes are will the, , end users become more sophisticated at least Fisk skated enough to know. , when and how their data is going to be used and, , be able to ask the right questions to figure it out.
, I'll go on. I realized I'm playing both sides of this argument now could get a little confusing, but I'm going to keep going. , and this substantial portion of the respondents will take their business elsewhere. If trust is violated. I think that is absolutely If people feel like a health system.
As utilizing their information in a, in a way that is not appropriate. Or in a way that is not caring for them or looking out for their health. I think they will. They, they will have a visceral reaction People do have a visceral reaction when they realize that their data is being used incorrectly. So we've got to be careful at all times.
, many consumers report that they've stopped buying from a company when it violates digital trust. , let's see consumers believe that companies establish a moderate degree of digital trust. So that's they think is the current state of things. Most businesses are failing to protect against, , digital risks, few respondents report that their organizations are mitigating. The digital risks.
, So that's pretty interesting. And actually it's a low percentage and all of these. Cyber security data, privacy, it operations data quality. , so there's a lot of digital risks that aren't being accounted for, or at least the perception of people that they're not being accounted for. More than half of executives reported a recent data breach or AI incident.
So 55, 50 7% respectively. , this is an interesting report. I think digital trust is something we're going to have to keep an eye I think at some point. , you're going to see a tipping point on , I think apple really has this ripe apple is positioning their platform. Their entire ecosystem. As one that cares about privacy and cares about security.
And I think they continue to win on that. You know, I think more and more as people look at the difference between. , the difference between apple products, especially the phones. And let's say Google, Android phones. You know, one of the primary things is how they think and act around privacy. And I think it's hurting Google. I think it's hurting Android and I don't think they care because their business.
Is not based on those. , devices. , being sold as much as, as the data that they're collecting. So just something to keep in mind. I think this is a great article. It's on the McKinsey website. Why digital trust truly matters worth taking a look at? I thought I'd share it with you. That's all for today. If you know someone that might benefit from our channel, please forward them a note.
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Canon medical and 📍 current health. Check them out at this week. health.com/today. Thanks for listening. That's all for