PayThink

Mastering payment security means gaining control of data

Stricter data security and privacy regulations, emerging technologies, new customer engagement channels and higher-than-ever customer experience expectations are all placing tremendous pressure on organizations across all industries.

To help business leaders grasp the most significant trends affecting their organizations, here are four predictions for payments technology, cybersecurity and the regulatory landscape.

Businesses will need to meet the demands of the continuously evolving omnichannel customer. Companies will increasingly invest in omnichannel payment technologies to keep pace with new policies like the California Consumer Privacy Act (CCPA), advanced hackers and the need to create a frictionless customer experience across every buying channel. In doing so, they will also continue to outsource operations to third-party service providers who must meet their convenience, compliance, security and data privacy needs seamlessly.

Privacy legislation changes on a global scale. The European Union’s General Data Protection Regulation (GDPR) will continue to have a ripple effect and consumers in other countries will expect their governments to update existing and antiquated privacy laws. As such, there will be an increase in new legislation possibly including laws that could jail CEOs for violations.

The rise of automation in cybersecurity; robotic process automation (RPA). This rise will be partly due to the shortage of human cybersecurity professionals and the need for automation to fill the gaps. Growth in RPA technology adoption will continue to be steady — as the technology provides huge cost savings for organizations and reduces repetitive administrative tasks for staff.

Contact centers will no longer be an overhead, but a revenue generator. Enterprise contact centers will continue to move rapidly to adopt secure technologies that protect the business and consumers alike during transactions — while providing a seamless user experience. With more contact centers increasingly adopting omnichannel technologies, consumers will have the option to choose their preferred form of communication and payment channel, whether that be voice, SMS, webchat, social media platforms, or others.

In order for organizations to grow their business, they must have a deep understanding of these data security, compliance and customer experience trends that are shaping their industry. Organizations that are educated on security and compliance requirements and are utilizing the latest solutions available will be able to transform their contact centers into agile customer engagement centers that generate revenue and increase profits for greater success in the new year.

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