November 27, 2024 | Singapore As global businesses race to enhance customer experience (CX), a startling finding has emerged: only 10% are truly experience-orchestrated (X-O). A new report by Affinidi, a Singapore-based leader in data and identity management, highlights the challenges digital-native businesses (DNBs) face and how they can overcome the privacy-personalisation dilemma through advanced identity frameworks.
The Rising Need for Hyper-Personalisation
According to Affinidi’s commissioned IDC InfoBrief, ‘Unlocking Customer Value as an Experience-Orchestrated (X-O) Business’, commoditisation and the similarity of offerings are pushing organisations to prioritise hyper-personalised experiences.
“To particularly compete in today’s world, businesses must strive to adopt X-O practices to effectively outpace their competition,” the report stresses.
In competitive markets such as North America and Australia-New Zealand (ANZ), hyper-personalisation is already a top business priority. Meanwhile, companies in Asia, particularly Singapore and India, are still focusing on profitable growth but are expected to pivot toward personalisation as a key driver of loyalty and differentiation by 2027.
The Privacy-Personalisation Dilemma
While customers demand personalised services, businesses struggle with data collection and management. The IDC survey reveals that 56% of companies cite data handling as their top challenge.
“End-users are becoming more cautious about the data they share with companies; only when a business has earned the customers’ trust do they feel comfortable enough to share more data,” states the report.
Balancing personalisation and privacy requires a fine-tuned approach. Regulations like GDPR (Europe), DPDP (India), and PDPA (Singapore) set a foundation for trust but present compliance challenges for businesses.
Unlocking the X-O Advantage
Becoming an X-O business means integrating systems, applications, and data into a seamless framework for customer engagement. Key pillars for success include:
- Unified Customer View: Breaking data silos to create actionable insights.
- Trust-Centric AI Integration: Building customer confidence in data-driven insights.
- Actionable Intelligence: Turning data into real-time, value-driven interactions.
Glenn Gore, CEO of Affinidi, explains: “Turning X-O will be pivotal for businesses to stay competitive in today’s digital landscape. It is no longer about just acquiring data but knowing how best to utilise it to cater to customers’ needs and preferences.”
Holistic Identity: The Game-Changer
Affinidi’s Holistic Identity framework empowers businesses to overcome the hurdles of hyper-personalisation while adhering to global data privacy norms. The framework supports:
- Identity verification.
- Consent management.
- Secure communication and interoperability across platforms.
This ensures businesses can deliver tailored experiences without compromising privacy.
“HI provides the scalability and flexibility businesses need to meet growing personalisation demands while ensuring their customers feel secure, valued, and in control of their personal information,” Gore elaborates.
About Affinidi
Founded by Temasek in 2020, Affinidi is redefining data ownership with its Holistic Identity framework. Headquartered in Singapore with global hubs in Berlin, Ukraine, and Bangalore, the company champions the #ReclaimYourData movement, fostering trust, transparency, and secure data exchange.
For more insights, read the full report here.
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