Last week, Visa held its first ever Data and AI Summit in Egypt, a groundbreaking event that brought together thought leaders and partners for an in-depth exploration of data and artificial intelligence. This initiative underscores Visa's commitment to driving innovation and supporting its partners to unlock the potential of data and AI in financial services and digital commerce. Attendees had the unique opportunity to engage with industry experts, share insights, and explore cutting-edge technologies in topics such as machine learning, alternative credit scoring, MLOps, and modern data platforms. The Summit also included a data science bootcamp aimed at empowering practitioners with the knowledge and tools necessary to harness the power of data and AI.

Given the central role that data plays in helping businesses achieve operational efficiency, maximize client personalization, and enhance products and services development and delivery, it is paramount to set a new benchmark for ethical data practices and reinforce the importance of trust in the digital ecosystem. However, rising data breaches are shaking consumer confidence. To kick off a new era of confidence, companies must prioritize ethical data collection, ensuring consumers feel safe sharing their information. Visa is leading the charge, aiming to restore trust in digital commerce.

Visa’s study unveils a striking 52% of consumers believe companies prioritize legal interests over genuine data protection, fueling mistrust. This concern is echoed in the Middle East and Africa, where 53% of UAE consumers, along with 45% of Nigerians, South Africans,, and 44% of Saudis feel similarly.

So, what drives data sharing decisions? Clarity on data usage (64%), easy permission changes (59%), and worries about requested data types (58%) are crucial. Only 42% value payment for data, underscoring a pressing need for transparency.

Find out more here.

Tags: