western union digital transformation

Driving Western Union's Tech Transformation | by Digital Bulletin Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. In the past five years, theres been a leveling across applications and data. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. 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. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Services, Data Business Unit Represents Approximately 7% of Company Revenue . We know there are certain systems that we cannot just move to the cloud straight away such as the AS400 IBM mainframe, but weve managed to take the ecosystem that surrounds our legacy technology and move it to the cloud and we think we can get everything to the cloud before the end of the year. We believe in the work we do, why we do it, and who we hire to get it done. 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. 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. Youre starting to see that happen culturally. 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. Its not done from the perspective of correction or a negative consequence. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Management, Digital Workplace Need a Lenten fish fry? There's an interactive map for that Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Digital transformation starts with people, which is a useful reminder that . A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. 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.. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. The company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. 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. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. 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. 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. Its important to understand that business stakeholders are customers of our data. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Over the last two years, Singh has been accelerating Western Union's tech plan. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. 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. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Since 2008, Huawei has offered a wide and expanding range of . Were there tools or technology that were particularly helpful in your transformation? - Earn My WU points. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Business Application Services, Service Experience Western Union, MFS Africa Partner to Enable Money Transfers into And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. People who knew how a team or a group worked before can come in and see its night-and-day different. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . 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. 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. Although retail business declined during . Western Union's digital transformation sprints to mobile Product Director, United States Money Transfer. of Use, Payment That support has made it a lot easier to have the influence we need to make the transformation successful. 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. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. [4] Form 10-K for the year ended December 2017, p.7. 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. 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. Western Union Partners with MFS Africa to Enable Money Transfers into 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. Lean deployments are a big piece of our overall transformation program. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Increasingly, digital technology and mobile devices play a key role in these transactions. 12. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. Western Union is to shed its Business Solutions unit, with investment firms Goldfinch and Baupost set to acquire the business for $910 million in cash. Western Union Digital Banking 4+ - App Store 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. Youre expected to find ways to optimize your processes and drive value. In [] 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. Snowflake worked with Longitude to assess what it takes to lead in the data economy. 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. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. [6], However, regulators cant keep pace with the wave of new blockchain applications. Cash And Trade Magazine - For Cash and Trade professionals in the [8]. IT and engineering under one leader drives an exceptional customer If you are a new customer: now you can transfer your FIRST money transfer for FREE*. . Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. 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. Discover the latest data, insights, and inspiration from Think with Google. With a strong base of over 4 million customers and an established regional brand in the fast-growing digital wallet market, Western Union believes that stc pay is poised to experience strong growth in the future. Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. 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. Thats changing. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. One of our most important tools is the floor walk. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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 . 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 in the EU. From apps that save lives to those that process loans in a 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 . Today, structured and semi-structured data can easily coincide. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. BWIRE: Support youths to enhance their digital skills Youre now a year into your role as CMO and leading through a prolonged global crisis. Mohua Das Gupta - Head of Marketing, Tata CliQ. ", 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. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Denver, Colorado. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Cambridge: Cambridge University Press Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. If any of these should fit what you're looking for, consider exploring a career with Western Union. Technology or Operations transformation . To explore this content and receive communications from Google, please sign in with an existing Google account. Western Union is working alongside Amazon Web Services (AWS) and AWS Partners to transform and expand its business, including the launch of a new digital bank. Finacle, Infosys 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. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Western Union is the worlds first P2P company. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. Why Do Companies Choose to Outsource Work? Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Deep divides in digital connectivity, internet use, and access remain. Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. But it becomes more self-driven, and that really enables the scale. Experience in leading digital products from either the financial services, payment, or fintech industries. Packaged Goods, Engineering 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. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. How Western Union Became a Global Digital Front-Runner for Cross-Border 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. While WU is considered a global leader in their space, competitive insights and . As a company, Western Union is in the middle of a transformational moment. 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. Western Union will likely face internal resistance from three sources. . Gartner Magic Quadrant for Low-Code Application Platforms, 2023. (2013) Comparing Media Systems beyond the Western World. 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. Talends technology has been used similarly in response to people impacted by floods in Haiti and to Indian citizens at the height of the countrys COVID-19 crisis. What does "digital transformation" mean to Western Union? Western Union charges high fees since they need to cover rent and labor overhead. The primary reason we decided to go through with this transformation is that we saw an opportunity to positively impact revenue through our daily operations and behaviors. 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. 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. For decades, Western Union benefited from network effects as it added density and new geographies. Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. Western Union Digital Banking is offered by Western Union International Bank GmbH. Top-down prioritization of digital transformation. 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. [2] Westar 1, Wikipedia, accessed April 2018. 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. Western Union. "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. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. But Western Union is missing the true potential of blockchain for its business. Strategic partnerships working with platforms like Google is a critical piece of that. These strategies are paying off. Western Union: Leading or Lagging Digital Transformation? The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. The transformation of Western Digital to a Live Enterprise Modernization of legacy enterprise resource planning (ERP) applications provides an opportunity for a technical upgrade as well as a transformation of the core business, according to IDC. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Western Union has innovated before. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. 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. Thank you for this great post, Hans. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners.

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