Midata – Don’t just comply. Get business advantage
MiData is a government initiative which calls for regulated businesses to return to customers the data they hold about them. Customers can then use MiData to get better deals or gain confidence that they have made the right purchase choices. Although, not yet mandatory, a number of organisations have already signed up to its principles including British Gas, Lloyds Banking Group, E.ON and Visa. But some still fear both the cost of compliance and the implications for their business, including the potential damage of exposing what poor quality data they are holding. They find it hard to decide whether and where to start on their journey to empower customers.
Other businesses have grasped the potential of midata and are starting to focus on the Customer Effort required to access their products and services. Techniques like Customer Journey Mapping are becoming mainstream and expose how difficult it can be for customers to navigate business systems and operations. This difficulty is one of the common causes of poor customer satisfaction and some organisations like BT are now embedding Customer Effort into their end-to-end operations.
Technology advances mean most individuals have access to countless apps and systems that simplify their life, raising their expectations on the businesses they interact with daily. If organisations don’t adapt to meet these expectations, the consumers will start to take control, and vote with their feet.
Taken on its own, Midata is a compliance cost and a potential threat. Steria’s Customer Information Lab will show you how to turn it into an investment and opportunity. Get in touch to find out more.