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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. Western Union has the infrastructure to help make that a reality. 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. At its core is a migration from on-prem to a cloud-based infrastructure, which it believes is key to allowing the organisation to scale and evolve into a company with the clout of an established financial institution combined with the agility and flexibility of a modern FinTech. Youre expected to find ways to optimize your processes and drive value. The international roll-out continues to other countries at pace. Data privacy and security practices . Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. . Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Western Union charges high fees since they need to cover rent and labor overhead. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. The pandemics economic stressors created a situation where more people suddenly needed to send money to family and friends around the world, many of whom rarely use financial services. Western Union. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. 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. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. As a global leader in cross-border, cross-currency money movement and payments, Western Union has to comply with a huge number of financial regulations. Thats not to say cloud is always cheap, it can be expensive but we have a very stringent Review Board to keep our costs in check, so cost reduction is something about which we are confident.. 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. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. 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. Some want to go to a retail store and pay cash. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Its more about having the manager understand how the work actually gets done on the floor. The idea is to orient the company around improving these market-shaper practices, really getting the health of our organization strong, and becoming confident that if we can improve the health of the organization, the financial results will follow. How Western Union achieved Digital Transformation with Infosys and Oracle. What does "digital transformation" mean to Western Union? 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. - Access cash back rewards at the WU store. Technology, Industrial He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Learn about JSON storage. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Our leadership team remains true to our vision and values, putting customers' evolving needs at the center of our innovation and holding up trust and convenience as the hallmarks of our business. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Imagine what we can do if you let us work with your team as well.. Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector 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. 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. Thats really enabled a lot more collaboration across groups. 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. Profiles, Infosys Knowledge [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. 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. 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. But you say its about more than technology? . People are enthusiastic about the results of the pilot, and they want to see that in their own area. We teach employees, and then they execute. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. 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. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Its in our DNA to think about global operations because Western Union covers the world.. HELIX, Management Analytics, API Economy & 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. 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. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Western Union's stock price continued to climb the week of April 12 reaching $25.89, compared to a low of $21.66 in January. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Data quality is so important to us, we need to know who we are marketing to and that means our data has to be of the highest quality.. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. These strategies are paying off. Harare Responsible for . Safety starts with understanding how developers collect and share your data. The service, which is set to launch in Madagascar, will see funds from around the world move through payment rails operated by MFS Africa, the continent's largest payment gateway.. MFS Africa's digital payments network connects more than 400 million mobile money wallets, more than 200 million bank accounts across Africa, and more than 200,000 agents in Nigeria, to enable cross-platform and . Digital transformation starts with people, which is a useful reminder that . 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. Discover the latest data, insights, and inspiration from Think with Google. 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. 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. For decades, Western Union has defended its global position by investing in regulatory compliance. Western Union International Bank's CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. . Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Over the last two years, Singh has been accelerating Western Union's tech plan. 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. 2023Western Union Holdings, Inc. All Rights Reserved. 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 . Really understand the business stakeholders problem and how you can fix or enable it. As weve done that, everyone has started to speak the same language, whether its talking about going to huddles, doing process confirmations, conducting one-on-one coaching, or maybe doing floor walks. 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). arrow_forward. Second, we increased our use of digital media to reach customers and build a feedback loop. [2] Westar 1, Wikipedia, accessed April 2018. 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. We started function by function, looking at individual deployments across our different groups in the company. 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. 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. Achieving that is going to give Western Union agility, stability and resilience and allow us to focus on product development, because we know that our technology is going to sit in the cloud and take up a lot less of our time. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. 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 . Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Log in to help. Western Union is a global leader in cross-border, cross-currency money movement and payments. 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. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Updated on. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. 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. What we are talking about is not cryptocurrency, it is not something that has to be mined. Us, Terms We are also launching new products into the market, including a pilot for digital banking services in select markets in Europe and a revamped loyalty programme, which require us to capture data from our central warehouses to drive decision making, marketing and customer acquisition. Talend is our backbone for that work and have really evolved their product to meet our needs.. Western Union offers digital transactions in 70 countries to move money around the world. The aim of this paper is to sketch a brief history of complex digital transformation of media and . How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. And still others want to do it all online.. And its not something you can achieve really quickly, its a multiple-year process. 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. Kong, New If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? We offer consumers the choices they want, both for sending and receiving money, he stresses. Knowledge Institute, Chemical For more than 170 years Western Union has been helping people send money all over the world. Finance. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. In the past, JSON storage and analysis required specific JSON databases. Cortex, Infosys Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. In the past five years, theres been a leveling across applications and data. My mission is to empower people to become economically self-reliant. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. Snowflake worked with Longitude to assess what it takes to lead in 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). That support has made it a lot easier to have the influence we need to make the transformation successful. According to the terms of the transaction . Inclusion, Bloomberg Youre starting to see that happen culturally. Mohua Das Gupta - Head of Marketing, Tata CliQ. So, constant iteration and rapid delivery are crucial. 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. 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. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. [5]. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. Enterprise Technology Operations Center Manager. 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 . This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. January 25, 2019 | Video. . Strategic partnerships working with platforms like Google is a critical piece of that. However, Western Union doesnt view its established retail business as totally separate from the digital world. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. 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. In [] of Use, Payment Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Digital Transformation. 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. 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. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. 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. 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. The gap between access and use is growing, with 56% of people in . The author approaches the problem using public. Some changes that used to take a month, we now deliver in around 48 hours.. Since 2008, Huawei has offered a wide and expanding range of . A doctor in London taps an app on her phone to transfer 500 pounds. [8]. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. An advantage of Western Unions omnichannel approach is that it includes all customers, whether they are integrated or not in the financial system: the banked, the underbanked, and the unbanked. . That helps us refocus on the particular market-shaper practices that we need to double down on in order to continue improving during our transformation journey. 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. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. The Transformation Story of Western Digital. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Please enable Javascript to see this feature. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Korea, United Deep divides in digital connectivity, internet use, and access remain. Cookies help us deliver our services. Its not done from the perspective of correction or a negative consequence. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. 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. Western Union has innovated before. Management, Digital Workplace (2013) Comparing Media Systems beyond the Western World. Product Director, United States Money Transfer. Created: 05-05-2021 - 17:15. The way we approached it was to use the central WU Way team for capability building. Most of the customers for remittance service (e.g. Team members were drawn from different continents and operating on different time zones. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. & Distribution, Media and 2021. 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. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. The top challenge for businesses with digital transformation goals in 2023 is determining where their companies should direct spending on technologies, according to a BCG X report. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. 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. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. 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. Swanback said a . While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. People. Build customized, secure, and scalable mobile banking apps. 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. Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. 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. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. 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. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. But it becomes more self-driven, and that really enables the scale. . Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. We wanted plug-and-play convenience to integrate any technology.. Western Union Uses AWS to Create Company-Wide Digital Transformation. 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. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. So its a real imperative across the top of the organization. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. We believe in the work we do, why we do it, and who we hire to get it done. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS.