| | November 20168CIOReviewWays to Take Friction Out of Cross-border TransfersThere are a few core trends that I see resonating across the industry; all have to do with providing ease and convenience for the customer and the capability to move money in minutes. The first is a firm's ability to provide payments and transfers in real-time. Customers demand instant gratification, which means a firm's ability to eliminate 3-4-7 day delays, is crucial. Here at Western Union, we are increasing the numbers of ways to move funds into our system for cross-border money transfer and cross-border payments by expanding our digital and retail footprints, and by focusing on our ability to offer physical, mobile and digital services wherever we can. To us, it's all about continuing to find ways to take the friction out of cross-border transfers to provide ubiquity in our ability to meet our customers--where they're located, while offering choice and diversity for how the transaction is made, when and how they choose to do so.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, 2-factor authentication, device finger printing, and behavioral analysis.We have taken steps to eliminate hacks and account takeovers, this includes providing identification during registration, and acquiring key signature items as to how a customer registers such as capturing digital location details, device components and electronic device signatures and informational profiles. In addition, the company is using statistical models and real time scoring to manage digital business risk, as well as real-time risk assessment tools for compliance and fraud management.These technologies have allowed Western Union to move with more agility. They have also opened up new opportunities for the company to secure additional data for fraud and risk analysis in real-time. One of our primary goals is to effectively communicate with our customers between transactions. On average, they only transact with us a half-dozen to a dozen times a year, so we need to engage with customers about what matters most in between transactions, so that when the money transfer need does arise, we are top of mind. These technologies provide marketing opportunities in all aspects of a customer's life and provide Western Union with the ability to monetize our contact points with our customers.Automation and digitization of Western Union's transactional workflows have helped the company remove tedious, costly and time-consuming intermediate steps in By David Thompson, EVP, Global Operations & Technology & CIO, Western UnionIN MY OPINIONIt is crucial that organizations understand normal employee and contractor baseline behaviors, while ensuring a culture of security
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