Mindful practices ensure ethical data use worthy of member trust

Whether it’s Elon Musk’s “firehose” access to Twitter data or controversy over the legitimacy of ESG investment data, consumers and businesses alike are spending more time considering the ethical tentacles of data.

Fears about how data is collected, how it’s used and how it’s shared are more relevant now than perhaps at any other time in history. In fact, 86 percent of survey respondents recently said they feel a growing concern about data privacy, while 40 percent said they don’t trust companies to use their data ethically.

If there’s one asset credit unions are eager to maintain, it’s trust. Becoming intentional about member data ethics, therefore, will be a critical piece of every credit union’s strategic plan going forward.

 

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