Posted on: Monday 16th of July 2012
Today marks an important milestone in the personal data landscape. The US based Respect Network – which has developed the award winning Respect Trust Framework enabling members to securely share identity and personal data – has announced two major corporate founding partners, leading global technology company Neustar and telecoms giant Swisscom.
It’s an important development for two reasons.
Firstly, it means that the concept of a Vendor Relationship Management network, one that connects people to people and people to companies in a trusted, two way information contract, has taken a major step towards market availability. It is the first global, open standard network where individuals have direct control over where, when, how and with whom their personal data is being shared.
The Respect Network, which is listed on the Open Identity Exchange, works like a credit card network with a legal contract to which every member (individual or business) agrees when they join, but all parties also have to comply with a common set of ‘trust’ principles and rules, ‘a promise of permission, protection, portability, and proof’. Thus the vital ingredients of trust and privacy become integral ingredients of all relationships using the network and the foundation for valuable transactions. This creates a win win opportunity for everyone involved. For vendors valuable volunteered personal information leads to customer loyalty, an improved product and service offering, and reduced customer acquisition and retention costs. For individuals it means stronger privacy, more timely and relevant offers, and more simple, faster transactions. Enabled by the Respect Network personal data becomes a personal asset as well as a corporate asset.
The second reason this announcement is important is its potential market impact and stimulus. With these two influential corporate founding partners working hard to develop the Respect Network, along with the other partners including Ctrl-Shift, we can expect some quick developments. The Respect Network will be inviting select global brands to become involved in the new consortium and we are anticipating over the next year or so participation from key infrastructure players, and the provision of new, innovative consumer facing services that will transform the vendor/customer relationship.
The network creates multiple possibilities for innovation and value creation. Ctrl-Shift is one of the Consulting Partners for the Respect Network and we will be working closely with Neustar, Swisscom, the other partners and the Respect Network management team to ensure the maximum benefits of consumer empowerment are achieved.