| |June 20199TO MEET NEW EXPECTATIONS IN TODAY'S CUSTOMER-CENTRIC BUSINESS SPHERES, THE SERVICE SECTOR HAS RESORTED TO MACHINE LEARNING AND ADVANCED TECHNOLOGY algorithms have gone main-stream. Many software pro-fessionals and experts are of the view that implementing AI across industries will lead to a rise in potential revenues up to USD 90 billion by 2025. There is much more to AI and machine learning. Chip technology in the face-to-face environment and 3-Domain Secure (3-DS) tools, which en-able consumers to authenticate their identity in real-time and offer greater data exchange between merchants and finan-cial institutions, especially at the time of shopping, can be a game-changer in the visa in-dustry. However, security must be given priority and it should move in tandem with innova-tion. We must understand that it is not only "innovation" but "responsible innovation". The new technologies we adopt must be secure, especially across the payment ecosystem.Bridging gaps These days' operational win-dows of the contact centre play a pivotal role in addressing visa queries. AI establishes a smoother link between busi-ness and visa applicants. Be it selecting your preferred language or anticipating the queue time, AI voice agents and chatbots can capture gran-ular data from each interac-tion optimizing the workflow of the contact centre. In need of automatic identification of an existing customer's contact number or fetching any rele-vant data basis of applicant's reference number, an expedite customer service can be ren-dered with delightful experi-ence simply by using the AI algorithm.Data security These emerging trends in tech-nology have led to the realiza-tion of the significance of pri-vacy and data security. For a global visa, outsourced play-ers, abiding by the directives of data security and embassy protocol becomes integral. Considering the inevitable cy-ber concerns, it has become crucial for visa providers to in-crease their security audits, encryption of data and intro-duce watertight password con-trol systems. Protection of cus-tomer and employee data is now the top priority. The priva-cy policy of the organisation should encompass all details with regard to the processing of personal data along with le-gitimate grounds of data col-lection, retention and protec-tion. In our AI-driven future, the key to success will be about using these technologies wisely. Shikhar Aggarwal
< Page 8 | Page 10 >