Odeleye cautions brands against exposing customers’ data
By Felicia Nwosu
A tech guru, Wale Odeleye, Technology Lead, Financial Services, Microsoft, has warned that brands, in their journey to innovate and become data-driven organizations, must take precautionary and proactive measures to ensure they protect consumers from data breaches and fraudulent business practices.
For brands to build trust with consumers, Odeleye urged them to incorporate fairness into their products and models to foster transparency. He noted that exposing consumers data will not only expose consumers to fraudulent practices but also cause reputational damage to the company.
Delivering his presentation as one of the speakers at the Zenith Bank TechFair, held recently in Lagos, the tech expert gave valuable insights that revolved on the topic: “Data-driven Organisation”. He highlighted ways companies can operate as data-driven organisations successfully without endangering the consumers.
“You need to build strong foundations to be able to deliver value to new markets. It is important that when we innovate as people, as young people especially, we take a very pragmatic approach. In your efforts to innovate, to change, to adopt new technologies, don’t put your customers’ data at risk. You shouldn’t expose yourself to cyber crime.
“We shouldn’t have situations where because you are trying to transform, someone comes on the internet to say they hacked your database and they post your credit cards online. This means you need to build a robust foundation for trust, for compliance, for security to ensure that your customers’ P.E. is the true business value you are bringing to them at all costs,” he said.
Odeleye emphasised the need for brands to be more responsible by playing important role in a reliable market economy, in their quest to occupy top list of leading tech-savvy companies.
“When you are building technologies for the future, it is important to realize that your ability to understand the impact that modern data services and AI have on not just your employees and your operations, but even your consumers. This is what will be your major differentiator when you are requesting for investment from venture capital funds or when you are even trying to revolutionize your products. We see customer experience transformation happening where we are using AI for the purposes of understanding consumer behaviour to be able to identify the kind of products and services we position for them.”
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