western union digital transformation

Korea, United Reliable for over 170 years. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. 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 . Over the last two years, Singh has been accelerating Western Union's tech plan. 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. Safety starts with understanding how developers collect and share your data. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. That support has made it a lot easier to have the influence we need to make the transformation successful. 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. 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. Second, we increased our use of digital media to reach customers and build a feedback loop. [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. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. The aim of this paper is to sketch a brief history of complex digital transformation of media and . His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. Key takeaways. 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. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. But you say its about more than technology? For more than 170 years Western Union has been helping people send money all over the world. 8 (Managing the Strategy Development Process). 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. Really understand the business stakeholders problem and how you can fix or enable it. 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. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. 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. Filipino workers abroad), they need to bring physical money somewhere, and most of the fintech companies in remittance space dont have their own channels (they often partner with local kiosks). Cambridge: Cambridge University Press Teams that may not previously have interacted with each other are now doing floor walks with each other. Provide value consistently every month and deliver new value and capabilities. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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. Services, Consumer January 25, 2019 | Video. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. 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.. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. To that end, Singh has built on an existing relationship to forge a highly valuable partnership with Salesforce and oversee the roll-out of its industry-leading Marketing Cloud. In [] Mohua Das Gupta - Head of Marketing, Tata CliQ. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. 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 -. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. 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. Group, Infosys Revenue Management Platform for Banking, About 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. Western Union. Automation, Microsoft Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . 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. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Product Director, United States Money Transfer. 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). [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). So youre really talking about game-changing differences between how processes worked before and after. We use OutSystems in multiple layers of our tech stack, says Tom. 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. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Western Union is doing that. few clicks, you can use OutSystems to bring your visions to life. Deep divides in digital connectivity, internet use, and access remain. Others prefer to prepare a transaction online and then go to a retail location to pay cash. Western Union has the infrastructure to help make that a reality. 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. 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. 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. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Ericsson will help accelerate Econet's digital transformation journey. Western Union powers your pursuit. However, Western Union doesnt view its established retail business as totally separate from the digital world. of Use, Payment 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. 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. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. Knowledge Institute, Chemical 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]. Media, Madison Square document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? Western Union Digital Banking is offered by Western Union International Bank GmbH. How Western Union achieved Digital Transformation with Infosys and Oracle. 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. [5]. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Leadership Team. 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.. Team members were drawn from different continents and operating on different time zones. Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. Does it offer a more seamless customer experience? The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. [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. Union Pacific, the railroad company that transports chemicals, coal, food, minerals and automobiles in and around 23 Western U.S. states, has had two workhorses that toiled tirelessly for the past . How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Western Union International Bank is licensed by the Austrian Financial Market Authority. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Services, Public 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. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Thats changing. In the past, JSON storage and analysis required specific JSON databases. Companies like Venmo(PayPal) and Zelle(joint venture by several large U.S. banks) have deep pockets, but so far are mostly competing in domestic payment markets. Sector, Travel and He shares his views on digital transformation and economic opportunities for all. Youre expected to find ways to optimize your processes and drive value. Recipients can choose to pick up the sent money at a Western Union location, or send the money to a digital wallet or bank account. In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. Digital Bulletin exists to tell the story. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Data privacy and security practices . Western Union uses a central team to build new capabilities across the business. Some changes that used to take a month, we now deliver in around 48 hours.. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. 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. Garden, The Economist We're making content recommendations better for thousands of readers. Discover the latest data, insights, and inspiration from Think with Google. 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. 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. . Introducing the next-generation operating model, Winning with your talent-management strategy. To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Mazzaferro: Keep it simple. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time.

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