western union digital transformation

Digital Transformation. Services, Public Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Sector, Travel and So its a real imperative across the top of the organization. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. Others prefer to prepare a transaction online and then go to a retail location to pay cash. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Driving Western Union's Tech Transformation | by Digital Bulletin The way we approached it was to use the central WU Way team for capability building. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. In [] Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Management, Digital Workplace Professors from HEC, ESCP business school, and leading carriers shared insights on . Best practices were also key. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Cambridge: Cambridge University Press Since 2008, Huawei has offered a wide and expanding range of . He praises the vendor support and namechecks first AWS for enabling the organisation to quicken the pace of its procurement process and spin up workloads to the cloud faster than had originally been anticipated. We use OutSystems in multiple layers of our tech stack, says Tom. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. The Future of Payments is Invisible | CIO We set up virtual war rooms, met with our executive team daily to strategize, and spoke to customers every week to keep a pulse on their needs. 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Experience in leading digital products from either the financial services, payment, or fintech industries. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center of excellence to ensure enterprise-wide success. So youre really talking about game-changing differences between how processes worked before and after. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. As mobile payments and blockchain tech challenge the status quo of cross-border money transfers, Western Union must digitally transform itself at the right pace or risk going the way of the telegraph. Services, Data To learn more about the data economy, what your organization stands to gain from using data effectively, and how to become a Data Economy Leader, download the report overview, How to Win in Todays Data Economy. IT and engineering under one leader drives an exceptional customer Our research identified 10 attributes of an organizations data infrastructure that enable it to take full advantage of the data economy, the global supply and, Editors note: This is part of a series about the data economy. COVID-19 has brought countless challenges, but its also caused us to focus all of our efforts around customers and reground ourselves in our mission. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. Industry experts were also drafted in to create the army that was required for this technology mission. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. Snowflake: What do you see changing now that your organization is better able to share data? These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. We started function by function, looking at individual deployments across our different groups in the company. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. Digital transformation of journalism and media in Serbia: What has gone Their bread and butter business is charging hefty fees on remittances and their core advantage was a network of retail outlets and agents across the US and partners around the world to get cash from one family member to another. Finance. Western Union Advances Its Digital Growth Strategy With Investment in Western Union is a partner of the World Economic Forum (WEF) and is a leading voice in the conversation of how to build a global payments ecosystem, which is stable and where remittances can be made much faster. Some want to go to a retail store and pay cash. My role was to bring all of these different teams together and instil a culture that recognised it wasnt just about how fast we were going, but also about the quality of the product were delivering.. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. Reliable for over 170 years. From the CEO down through his executive team, you see a real commitment to this transformation exercise and a real commitment to finding ways to optimize our processes, to get efficiencies, and to fund those investments that will drive topline revenue growth. Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Learn about JSON storage. Our digital-first crisis response is helping us evolve into the future. The company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. We wanted plug-and-play convenience to integrate any technology.. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. - Earn My WU points. [3], Western Union operates in three segments, with most of its revenues (79%) coming from the C2C segment: [4], Western Union became the dominant player in cross-border C2C money transfers through a platform strategyit connected people who wanted to send money across borders. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. Security, Infosys We serve all customer segments: from digital natives who are never without their smartphones to the 4 billion people on earth the World Bank estimates arent online yet., Western Union is strongly committed to migrants and to refugees: migration is at the heart of our business. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. de 2007 - actualidad16 aos 3 meses. [12]These kind of digital initiatives are good pursuits for current operational leaders, since they represent incremental or modular innovations to Western Unions existing product offerings. Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. ; With the solution, Western Union launched a state-of-the-art digital . In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. Digital transformation in Western Union must be driven from the top-down. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Western Union Announces Agreement to Sell Western Union Business Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. Now its more pull. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Western Union's digital transformation - Think with Google Thats really enabled a lot more collaboration across groups. When fully realised, he says, it will give Western Union the agility it is seeking, while also having a positive impact on its bottom line. First, for continuity of services. The Essential Components of Digital Transformation Please enable Javascript to see this feature. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Business Unit Represents Approximately 7% of Company Revenue . Its important to understand that business stakeholders are customers of our data. Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. In the past five years, theres been a leveling across applications and data. . Deep divides in digital connectivity, internet use, and access remain. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. Western Union. Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). Definition of Digital Transformation - IT Glossary | Gartner The aim of this paper is to sketch a brief history of complex digital transformation of media and . Originally, the capacity of our on-prem environments wasnt projected to hit capacity until 2022, but we could see that point was going to be reached in 2020, so that meant a real acceleration.. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. Its more about having the manager understand how the work actually gets done on the floor. People. Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. Western Union Careers Western Union built its platform by assembling a global network of third party agents. Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. (2013) Comparing Media Systems beyond the Western World. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Its reach is staggering: present in more than 200 countries and territories, transacting in 130+ currencies, with approximately 150 million people having used Western Union to either send or receive funds over the last year. Digital Summit WB6 - Prishtina 2022 Technology or Operations transformation . Business Unit Represents Approximately 7% of Company Revenue Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC ("Goldfinch"), a private equity firm investing in . By John Manning, International Banker. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Youre expected to find ways to optimize your processes and drive value. [8]. Kong, New Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. & Distribution, Media and Manufacturing, Communication We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. Updated on. Digital transformation in the EU | News | European Parliament Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn Before OutSystems, we typically released every six weeks. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. Salesforce has a value proposition that was immediately interesting because it allows you to build a single omnichannel journey that can be managed really efficiently when I want to make a change I only need to do so in one place. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Product Director, United States Money Transfer. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Western Union. Western Union Digital Banking 4+ - App Store Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Western Union's digital transformation sprints to mobile Receive rewards. W ith the outbreak of a crippling global pandemic and a pronounced global economic slowdown, the last few years have been rather tumultuous for the world. Talend is our backbone for that work and have really evolved their product to meet our needs.. Salesforce has been such an important part of the digital experience journey.. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Western Union Send Money Now 4+ - App Store Western Union charges high fees since they need to cover rent and labor overhead. With my work with WEF, I was lucky enough to sit around a table recently with some important people and talk about how we can take this forward. As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. Harveer Singh leads Western Union's digital transformation with data Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Pay for your transfer instantly with a debit or credit card** or start a money transfer and complete the payment in cash at a nearby agent location. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. How Western Union accelerated digital during the pandemic BWIRE: Support youths to enhance their digital skills UnionDigital Bank is the trusted bridge between innovation and regulation. . During its February 2018 earnings call, CEO Hikmet Ersek announced that Western Union is experimenting with Ripple for settling transactions and for capital optimization, and is also testing Ripples native currency (XRP).[10]. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Lean deployments are a big piece of our overall transformation program. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. 2021. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. Automation, Microsoft Engaged in problem resolution of complex . Now we are on track to achieve those gains and benefits that come with being more agile and being able to grow at scale, we can really begin to look forward and reap the rewards of the transformation.. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Ericsson will help accelerate Econet's digital transformation journey. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Packaged Goods, Engineering But it becomes more self-driven, and that really enables the scale. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. [9]Western Union recently dipped its toes into blockchain. Data safety. Nov 2011 - Present11 years 5 months. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. Western Union also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Increasingly, digital technology and mobile devices play a key role in these transactions. Thats changing. Convera. Navigate The transformation of Western Digital to a Live Enterprise Modernization of legacy enterprise resource planning (ERP) applications provides an opportunity for a technical upgrade as well as a transformation of the core business, according to IDC. Western Union Digital Banking - Apps on Google Play Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Today customers can commence their journey on our mobile App, pay for their transaction digitally or opt to pay cash from any of our participating Western Union retail locations, use wu.com or go directly to any of the 1,200 agent locations or Western Union-owned locations in Austria[i]. Infosys accelerated Western Union's digital transformation by harmonizing agent operations, implementing billing and collection standards, enabling modular growth, accelerating new product launches, enabling digital on-demand procedures, designing global accounting solutions based on one single template, supporting highly complex pricing and multiple business models, and massive management processes as a strategic technology partner. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. DENVER-(BUSINESS WIRE)-The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. Its in our DNA to think about global operations because Western Union covers the world.. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. People are asking us, Hey, can you come help me? Looking back at the results of our work over the last couple of years across all of our deployments, you see some really impressive gains. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities.

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