First and foremost, it’s customer identification, then subsequently protecting the customer’s identity. There are a number of areas where Western Union is researching or investing in technology to help achieve this including biometrics, two-factor authentication, device finger printing, and behavioral analysis.
Automation and digitization of Western Union’s transactional workflows have helped the company remove tedious, costly and time-consuming intermediate steps in a transaction–freeing up employees’ time to focus on more crucial tasks at hand, while eliminating costly and time consuming tasks traditionally done on paper.
It is crucial that organizations understand normal employee and contractor baseline behaviors, while ensuring a culture of security
These advanced workflows not only benefit the company, but provide for a more simplified and easy transaction for the customer, improving overall customer experience while reducing costs.
Over the past several years, the industry has experienced a dramatic increase in regulation. With increased investment and deployment of technology that provides speed, ease, and diversity in how a customer transacts, the industry has entered a new world of how it conducts business, so I do not see regulation easing anytime soon.
Many organizations are still operating with technologies that are either at their end of life or very complex to manage. It is up to the CTO to simplify, modernize, and standardize his or her organization’s technology infrastructure. Many capabilities today are delivered by hardware and software off the shelf,so there is the opportunity to buy ad-hoc and integrate into the infrastructure based on the current needs of the business.
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