western union digital transformation

Industry experts were also drafted in to create the army that was required for this technology mission. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Board Committees. Feb 7, 2023. Finacle, Infosys The Western Union Way of digital transformation. Entertainment, Professional (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. One of its most high-profile hires was Harveer Singh, who was appointed as Chief Data Architect & Global Head of Engineering and previously co-led EYs Next Generation architecture & solutions for Financial Services. Jaffin: Digital was critical in a few ways. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . 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. Top retailers use AI-powered campaigns to engage their most valuable customers. The scale of change this represents for a business like Western Union is not to be underestimated; the company employs around 11,000 people and has more than 550,000 retail agents locations within its global financial network, as well as a global online presence. Reliable for over 170 years. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. 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. The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization's licensed payment rails. Provide value consistently every month and deliver new value and capabilities. Western Union is the worlds first P2P company. 22 Companies Spearheading Digital Innovation in Their Industries in For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Western Union has the infrastructure to help make that a reality. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. And when that happens, they start to see further opportunities for continuous improvement, leading them to new ideas about things they can do to improve efficiency or effectiveness. Talends technology was used to bring various sources of data from different locations into a single place in rapid fashion, helping make decisions such as waiving fees for those sending funds to people caught up in the explosion. People who knew how a team or a group worked before can come in and see its night-and-day different. Working across many cultures at Western Union | McKinsey It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. According to the terms of the transaction . Western Union charges high fees since they need to cover rent and labor overhead. Western Union Google Pay Integration: Interview With Vice - Monito Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. Western Union Announces Agreement to Sell Western Union Business Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . While Singh and his team have been occupied with the technology transformation taking place at Western Union, the breakneck speed at which the financial services and payments industry is changing means they also have to be planning for the longer-term. Funds can be picked up in cash at half a million Western Union agent locations worldwide or transferred electronically to the recipients bank account or to a debit card linked to a digital wallet. 35, No. Convera's Next Steps: Western Union Business Solutions - Forbes Western Union Digital Banking is offered by Western Union International Bank GmbH. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. So its a real imperative across the top of the organization. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Digital transformation in Western Union must be driven from the top-down. The gap between access and use is growing, with 56% of people in . Western Union has innovated before. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. It took six months to do the bare minimum. How Western Union Became a Global Digital Front-Runner for Cross-Border McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Us, Terms Anil Santhapuri - Director of Skills Solutions, Global Talent Institute, Infosys Innovation Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. We offer consumers the choices they want, both for sending and receiving money, he stresses. For example, in 2016 Western Union integrated money transfer options with messanging apps WeChat and Viber, allowing users to send small amounts of money through the apps. . How do you start there and end up with a fully embedded transformation across a company of 12,000 people? IT and engineering under one leader drives an exceptional customer Microservices, Digital Process The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. de 2007 - actualidad16 aos 3 meses. The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. Automation, Microsoft Youre now a year into your role as CMO and leading through a prolonged global crisis. By using our services, you agree to our use of cookies. 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. For decades, Western Union has defended its global position by investing in regulatory compliance. Mazzaferro: Keep it simple. Western Unions platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies and 500K partner networks. But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. She also has worked with ad agencies like Ogilvy and McCann. The CDO needs to drive digital transformation by enabling data to power product development and the company. Western Union Uses AWS to Create Company-Wide Digital Transformation. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Whats really nice about that is that its so visually obvious. Teams that may not previously have interacted with each other are now doing floor walks with each other. Thank you for this great post, Hans. The pandemic really accelerated the digital transformation journey; the plan was for it to be rolled out in three years but that timeframe became 18 months. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Navigate The Western Union Company - Western Union Fintech Expansion: Opens New To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. Finally, shareholders may punish Western Union for moving away from its higher margin core business to focus instead on simpler, lower-cost digital money transfers. It's a physical branding and marketing component that few money-transfer providers can match - but one that's of diminishing value in a digital world. ", Looking back to why Western Union chose OutSystems, Tom says, We serve millions of customers in over 200 countries and territories, and we want to give them the best possible customer experience. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn [5]. We teach employees, and then they execute. It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Though its too early for results, the response from consumers has been positive, he says. of Use, Payment Jaffin: Western Union has a culture of innovating to meet customer needs, and the past 12 months have shown us that quick pivots can drive lasting change. Technology, Industrial People. Western Union Promo Codes | 30% Off In March 2023 | Forbes Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. What Ive tried to do is look at each of the groups and find out who the strong players in each of them are, the leaders that are vocal and very straightforward in conversation. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Before OutSystems, we typically released every six weeks. How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize before. Instead, Western Union should fund and fully staff a separate unit that has preferential access to Western Unions resources, but is not restricted by legacy operators within Western Union. Manufacturing, Information Services In the latest step in its digital journey, Western Union recently launched a bot that enables Facebook Messenger users in the United States to send money to more than 200 countries, across 130 currencies, from within the messaging app. Leadership Team. Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernize their legacy core banking stacks. Deloitte Collaborates With AWS to Put Enterprise-Class Banking What does "digital transformation" mean to Western Union? Digital Bulletin exists to tell the story. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. 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. With OutSystems, we deploy twice every week. By John Manning, International Banker. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. Western Union International Banks CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. 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. To explore this content and receive communications from Google, please sign in with an existing Google account. My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. The Future of Payments is Invisible | CIO Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. Board of Directors. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. Definition of Digital Transformation - IT Glossary | Gartner Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. Services, Consumer In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Data safety. UnionDigital Bank is the trusted bridge between innovation and regulation. Not just front-end, but back office and our contact center. Western Union and Zain Cash Collaborate to Facilitate Digital Cross Technology powers the data economy. 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. . Today, structured and semi-structured data can easily coincide. Please enable Javascript to see this feature. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. My team and I had thought of the future being digital, of course, but the pandemic really forced us to make it a reality for the business. How Western Union achieved Digital Transformation with Infosys and Oracle. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. You stepped in as CMO just as COVID-19 was emerging, and I cant imagine that a global health crisis was what youd envisioned for your first 100 days. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. Youre expected to find ways to optimize your processes and drive value. The OutSystems platforms capabilities were immediately put to the test through 2021, as Western Union and its system integrator started development of its new digital banking app that includes a multicurrency bank account combined with money transfers, and other added benefits such as a Visa Platinum debit card. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. 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 -. 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. And still others want to do it all online.. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. 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). Management, Digital Workplace 28+ active Western Union coupons, discount codes & coupon codes for June 2021. He shares his views on digital transformation and economic opportunities for all. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Services, High Consumers are less aware that we have transformed ourselves into one of the largest digital money transfer firms in the world, with our digital activity generating well over $400 million revenues in 2017. few clicks, you can use OutSystems to bring your visions to life. My mission is to empower people to become economically self-reliant. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . Snowflake: What do you see changing now that your organization is better able to share data? We believe in the work we do, why we do it, and who we hire to get it done. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. When you see those people who are proactive and have aspirations, you are able to almost make them role models and build really effective ecosystems around them.. Data privacy and security practices . With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. 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. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. But its really all about allowing the manager to observe the way their employee works, whats easy about that job and whats hard about that job. Deep divides in digital connectivity, internet use, and access remain. Since 2008, Huawei has offered a wide and expanding range of . The center of excellence keeps things on track and makes sure we follow a framework and are tracking the results, so that we can measure the impact of the transformation across the whole organization. One of the benefits that weve really seen as weve gone through these first two years of our journey is what happens when we get everyone speaking the same language. The Western Union Way of digital transformation. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Western Union powers your pursuit. 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. People are enthusiastic about the results of the pilot, and they want to see that in their own area. (2013) Comparing Media Systems beyond the Western World. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. Improvements that we made to our apps digital customer experience, for example, helped it become one of the most downloaded apps among our peer set in 2020. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy.

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