western union digital transformation

Digital transformation in the EU. 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. In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. Institute, Infosys Innovation In addition to our digital banking app, there are at least 20 internal employee-facing apps that weve delivered that make work easier and more efficient for our employees., Asked what differences he sees in the development team, Tom says, With OutSystems, weve got a more cohesive and multi-talented development team because were using visual low-code development thats self-documenting. Its not done from the perspective of correction or a negative consequence. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. 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 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. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Services, Consumer Reliable for over 170 years. [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. Profiles, Infosys Knowledge In Western and Central Africa, only 36% of the population has access to broadband connectivity. So, constant iteration and rapid delivery are crucial. 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. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Western Union charges high fees since they need to cover rent and labor overhead. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. And, Fellahi points out, When you look at customer acquisition on our digital channel, 80 percent of the customers we acquired in the past 12 months are new to usnot migrated from our traditional customer base., He expects digital money transfer and mobile technology to be the major driver of overall growth in coming years, adding, In the U.S., over 65 percent of WU.com transactions are initiated on a mobile device, and globally it is nearly 60 percent.. This entails a leader or a manager being on the floor with people doing their day-to-day jobs, just observing the way they work. Convera's Next Steps: Western Union Business Solutions - Forbes OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Thats really enabled a lot more collaboration across groups. Inclusion, Bloomberg 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 Partners With MFS Africa to Enable Money Transfers Into This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. 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. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Cash And Trade Magazine - For Cash and Trade professionals in the This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Top-down prioritization of digital transformation. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Denver, Colorado. Western Union. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . He shares his views on digital transformation and economic opportunities for all. Financing Digital Transformation and Bridging Digital Divide: The Case [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. your next, Infosys We use OutSystems in multiple layers of our tech stack, says Tom. Digital transformation in the EUBenefitting people, the economy and the environment. 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. Policy . The Future of Payments is Invisible | CIO (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. 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. [8]. My mission is to empower people to become economically self-reliant. Western Union Uses AWS to Create Company-Wide Digital Transformation. Western Union began a mission to transform the settlement platform with streamlined retail and digital cross-border money transfer operations to overcome the challenges and constraints of their legacy settlement systems. The gap between access and use is growing, with 56% of people in . The Essential Components of Digital Transformation Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. On March 1, Huawei held a "Digital Leadership Seminar" during Mobile World Congress (MWC) 2023 in Barcelona, Spain, attended by more than 60 high-level customers from global carriers, government enterprises, and KOL. . . Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Provide value consistently every month and deliver new value and capabilities. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . 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. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. Now its more pull. [6], However, regulators cant keep pace with the wave of new blockchain applications. 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. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. One trend that has emerged as a result is the growing role of digital money transfers among people who may not otherwise use those services. 35, No. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. Western Union, Chief Data Officer: Digital Transformation Initiatives Board Committees. 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. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. 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. Cortex, Infosys And that could be at an operation site or it could be more of a frontline thing like a sales executive. Western Uniona global leader in cross-border, cross-currency money movement and paymentsis driving a company-wide transformation, which includes migrating its infrastructure from on-prem to the Cloud. We believe in the work we do, why we do it, and who we hire to get it done. Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. We developed the whole front-end for the app in less than four months., Western Union uses OutSystems for customer-facing apps, back office, and workflow solutions. The paper analyzes the issues of digital transformation in the European Union in such key dimensions as financing digitalization and implementing public policy to bridge the digital divide in the EU member countries. For more than 170 years Western Union has been helping people send money all over the world. When we started the transformation project, we came at it from the perspective of this being a cultural transformation just as much as a process transformation. Western Union Partners with MFS Africa to Enable Money Transfers into Western Union is the worlds first P2P company. [4] Form 10-K for the year ended December 2017, p.7. How did you navigate those early moments? His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Western Union Digital Banking 4+ - App Store That means we can onboard new developers and have them productive much faster, and weve got fewer knowledge silos in the development team., Moreover, low-code development on OutSystems helps Tom fight back in the war for digital talent. [9]Western Union recently dipped its toes into blockchain. Lastly, how do you see digital continuing to drive your services in the future? As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom Knowledge Institute, Chemical Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. The author approaches the problem using public. 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. Discover the latest data, insights, and inspiration from Think with Google. Harveer Singh Leads Western Union's Digital Transformation - Profile [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. It took six months to do the bare minimum. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. (PDF-165 KB) The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. A doctor in London taps an app on her phone to transfer 500 pounds. 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. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. 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. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . Western Union International Bank is licensed by the Austrian Financial Market Authority. Cookies help us deliver our services. Hospitality, Waste In [] . Mohua Das Gupta - Head of Marketing, Tata CliQ. Kong, New The Transformation Story of Western Digital - infosys.com 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. But theyve been hugely supportive and as weve hit milestones, such as moving significant infrastructure completely to the cloud or achieving significant savings with the Marketing Cloud, we have built that business case. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Group, Infosys Revenue Management Platform for Banking, About We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. 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.. 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. 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. This is just one example of how blockchain could be an opportunity for Western Union. And still others want to do it all online.. Similarly, Western Union's ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities. If any of these should fit what you're looking for, consider exploring a career with Western Union. Western Union Digital Banking is offered by Western Union International Bank GmbH. 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]. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. While WU is considered a global leader in their space, competitive insights and . 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. 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. Swanback said a . By John Manning, International Banker. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Our App has grown to become one of the industrys most widely used international money transfer apps and a Top 20 finance app in the App Store., Not at all. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Digital transformation in the EU | News | European Parliament The Western Union Company - Western Union Fintech Expansion: Opens New Western Union: Leading or Lagging Digital Transformation? Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Increasingly, digital technology and mobile devices play a key role in these transactions. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Imagine what we can do if you let us work with your team as well.. Experience in leading digital products from either the financial services, payment, or fintech industries. Enterprise Technology Operations Center Manager. Singh is a proponent for a Central Bank Digital Currency, which he says is significantly different to the digital assets such as BitCoin and Ethereum, which can fluctuate wildly in value over short periods of time. Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. Though its too early for results, the response from consumers has been positive, he says. Furthermore, a chain of retail outlets is expensive. Ericsson will help accelerate Econet's digital transformation journey. They have also triggered profound changes within global banking, demanding that lenders remain flexible, nimble, and innovative in their digital-banking strategies to meet customers' rapidly . Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. 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). In the past several years, the Englewood, Colo.-based company has made a point to develop and [] Heres how, Customers want control over their data and wont hesitate to switch brands to get it, Global Insights Briefing: Holiday takeaways for marketers, From solar panels to spa days, see how 2022s top searches set the stage for 2023. Western Union can leverage such physical presence to win this new innovative space. The way we approached it was to use the central WU Way team for capability building. We also innovated to make our services more inclusive for customers by creating new ways to send funds digitally and offering real-time digital account payouts. Automation, Microsoft Engaged in problem resolution of complex . Data privacy and security practices . 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. Think of Western Union, and its yellow placard advertising an agent location comes to mind. 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. Leadership Team - Western Union | Corporate 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. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Salesforce has been such an important part of the digital experience journey.. 2023Western Union Holdings, Inc. All Rights Reserved. In order to fund the investments, we decided that it was really important to do a transformation exercise, look for ways to gain efficiencies and effectiveness across our processes and procedures, and then use those efficiencies to fund the growth investments. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . Services, Data 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. For decades, Western Union benefited from network effects as it added density and new geographies. Youre starting to see that happen culturally. 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. 1 (March 1990), pp. Western Union has innovated before. Navigate Western Union Careers That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. 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 . 2023 Snowflake Inc. All Rights Reserved | If youd rather not receive future emails from Snowflake, unsubscribe here or customize your communication preferences, Snowflake for Advertising, Media, & Entertainment, unsubscribe here or customize your communication preferences. Created: 05-05-2021 - 17:15. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. The resulting report, How to Win in the Data Economy, includes anecdotes from dozens of customers, analysts, and influencers about how to succeed, all in addition to the survey itself, based on feedback from 1,000 senior business, technology, and data managers across five industries and from all over the world.

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