At the beginning of this new decade, we look back at three major areas of technological advancement which have shaped consumer communications and the way we conduct business.
Smartphones
Though the first smartphone was born in the ’90s, these devices have made tremendous strides in the last ten years. Today’s smartphones are sleeker, lighter, and boast durability (even water resistance); attributes that we could only have dreamed of in 2010. In terms of capabilities, advanced security features like biometric authentication methods and near field communication technology that allows for the convenience of touch-to-pay were both birthed in this decade. The evolution of smartphones as a reliable digital tool has transformed not only the way people interact but how they conduct business. Many take advantage of smartphone apps and the ability to receive notifications by text. Our recent numbers indicate that over 50% of the visitors to our payment portal now come from consumers’ mobile devices and thousands of these visitors download our smartphone app, PCS Direct Pay, for account management.
AI and Machine Learning
In the 2010s Artificial Intelligence moved out of the realm of science fiction and into our daily lives. From virtual assistants like iPhone’s Siri, who launched in 2011, to Sophia the world’s first robot citizen, Artificial Intelligence has reshaped much of how we think, live, and work. Banks now use AI for a variety of tasks such as detecting fraud and determining credit scores. Search engines and online stores utilize the technology for targeted advertising and product recommendations, while our smartphones and home devices use it in speech recognition processes that allow for actions like voice commands. At Professional Credit we’ve harnessed AI to improve a variety of our internal processes, from automating tedious or time-sensitive back-office processes with robotic process automation (RPA) to data-mining our consumer interactions for opportunities to improve engagement. And coming this month, interactive bots for text and chat.
Data Security
With the increased use of connected devices, data warehouses, and a surge in digital currencies, cybercriminal activities in the last decade have reached an all-time high. This has led the way for a variety of improved security technologies. Breach detection and two-factor authentication including biometric authentication both made significant strides over the last decade, both integrating aspects of machine learning to provide stronger security and earlier detection in the event of an attempted hack. Advancements in AI has allowed for new applications for malware prevention, using the technology to smartly recognize and prevent attacks, while closely monitoring systems for any fluctuations which may indicate risk. Professional Credit works closely with a technology partner to stay on top of the latest security trends. We have implemented a variety of new strategies to ensure the protection of our clients, and their consumers, sensitive data. Our online portal is protected with 265-bit encryption and transport layer security to protect data whether in transit or at rest. Additionally, we utilize next-generation firewalls that support two kinds of high-level encryption (SSL and IPsec).
At Professional technology is not just a core piece of our operational strategy, but also our service offerings. We understand how important it is to keep pace with the latest developments and offer a modern experience for our clients and their customers. We continuously evolve our strategies so we can offer cutting-edge services this decade and in the decades to come.