In our 5 minutes with profiles, MEF members talk about their business, their aspirations for the future and the wider mobile industry.
This week, founder and CEO Stuart Lacey introduces Trunomi…
What does Trunomi do?
Trunomi unlocks the power of customer data using consent and data rights. We provide technology which enables businesses to request, receive and capture customer consent to the use of their personal data or preferences – for whatever purpose the business specifies e.g. digital marketing.
For the business, we create consent receipts and convert them to customer data rights, which are accessible across all data systems; enabling them to comply with regulations and data privacy laws (EU GDPR, ePrivacy Directive) and replace inefficient and costly legacy approaches.
For the end customer, we provide control and transparency over how their personal data is used; empowering them to share more data to further personalize services and give greater relevancy to their relationship with the business.
When did you launch and what growth have you seen?
Trunomi launched in 2013 after 12 months of stealth and co-development with a large global bank. We noticed the rising tide of global regulation, technological innovation and changing consumer behaviour around personal data and our business was inspired by the emergence of the personal information economy and society’s increasing reliance on personalized online services.
The Freemium model which has been so prevalent over the past years has emboldened brands to capture significant amounts of personal data “in lieu of payment” from their customer often without their knowledge or informed, opt-in consent. Often this information is sold onwards to 3rd parties which propagates personal data throughout the system compounding the issue. From that point, the data is no longer the ‘property’ of the original data owner; meaning they lose their rights; eroding trust in the system, losing transparency and surrendering any value from its subsequent monetisation.
This will all change as new data privacy regulations (EU GDPR, ePrivacy Directive) will drive a shift in the data landscape and give consumers more transparency and control over who is using their data. Most fundamentally it means that businesses must prove consent before using customer data, or face fines of 4% of global revenue or €20Million. Businesses will no longer be able to treat personal data as a commodity owned by them, and must move to protecting it as a fundamental right.
At Trunomi, we’ve created an approach to customer data management that benefits both individuals and businesses; helping them solve the complexity and consent issues that have hampered the enhancement of customer experience and data monetisation efforts. This also drives us much closer to a world where personalized and relevant products and services can be offered without surrendering privacy or control.
Since launch we’ve seen significant progress with global financial services technology partners FIS, Almaviva, Fujitsu to leverage expert consultancy, integration support and distribution networks to bring our GDPR consent and data rights management solution to market. Our longstanding relationships with KPMG as a shareholder in Trunomi and PwC as a Global Joint Business Relationship Partner have only reinforced our market leadership.
What are your main goals?
Trunomi believes that people have rights, title and interest in their data, and that they should have a trusted and transparent way to control who uses their data, for what reason and for how long. Our goal is to provide organizations with the tools to empower their customers to be in control of their personal data and allow them to unlock the power of customer data using consent and data rights.
Where do you see your company in three years’ time?
The story around consent is just evolving – and we hope our 4 year head start in technology and IP will mean ‘Consent powered by Trunomi’ becomes a vital component of future digital solutions. Currently Europe is leading the way in data privacy, with GDPR protecting personal data as a fundamental right, however we believe this trend will continue globally and we hope to expand to offices in key markets in Asia and Latin America.
What aspect of mobile is most exciting to you right now?
The shift to the open API/ sharing model is exciting to us in all markets – the move to a decentralized model where customers are at the centre of their experiences, empowered to choose the best provider or service for them and in control of their portable personal data.
We’re excited about the role of mobile in accelerating financial inclusion in developing countries, by enabling access to identification credentials like registration of births via SMS and mobile banking. Identity is the first step for financial inclusion and this can be achieved through mobile.
What’s the most critical issue that will hit mobile within the next 12 months?
The rise of intelligent chatbots and AI in real-time messaging; providing customers much better service and cutting costs at companies for call centres.
Apart from your own, which mobile companies are the ones to watch in the year ahead?
We are very aware of the importance of AI and Machine Learning when it comes to end customers being able to receive fully personalized and relevant services from the exploding numbers of sensors, IoT and smart devices and accompanying intrusive marketing and advertising. Those companies which apply this best and leverage technology to personalize customer experiences will be better prepared to lead into the next chapter of this story.
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