Is Digital Disruption really TRUST disruption? By Tina Zawila.

As accountants and business advisors we often say that potential clients need to "know you, like you, trust you" before they will choose to do business with you.  Quite simply, our profession puts us in a position of trust with our clients, often knowing their most intimate financial details.                      

However, the way trust flows through society is undergoing a significant change and it's causing a big shift. Technology is creating trust between people (strangers) on a scale never seen before.  All around the world we are getting into cars with complete strangers (Uber), opening our homes to complete strangers (AirBnB) and going on dates with people we have never met (Tinder).  And while we often talk about the growth of the sharing economy as part of the "digital disruption" of traditional services, the real disruption happening isn't just technological it is a TRUST shift.

It seems that as consumers we have stopped trusting institutions and started trusting strangers.  Instead of using taxis (regulated commercial operators) we prefer an Uber driver who drives part-time, instead of staying at a Best Western we are staying in a stranger's home when we travel.  We are prepared to do this, because, using technology, information is openly shared via reviews and ratings.  We are prepared to put our trust in systems that are transparent, inclusive and accountable.

What is also interesting is the way we behave as consumers often changes when we are interacting within the sharing economy, because we recognise that trust is a two-way street, and as a consumer you are also subject to transparent reviews and ratings.  I also believe that we feel more connected to the individual providing the service in the sharing economy than the “faceless” organisation or institution.

So as business owners what do we need to do to manage this trust disruption?  

How can we build trust with our clients and customers using technology and systems that are transparent, inclusive and accountable?  

Remember as Charles Darwin infamously said "it is not the strongest of the species that survives, nor the most intelligent that survives.  It is the one that is most adaptable to change."  

If you need help adapting your business model and strategies to the changes in the "trust" economy, call our professional team at Sothertons Gladstone on 4972 1300.