western union digital transformation

That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Deep divides in digital connectivity, internet use, and access remain. 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.. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. Institute, Infosys Innovation Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. 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. 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 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. 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. 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. 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. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Feb 7, 2023. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. The OutSystems platforms capabilities were immediately put to the test through 2021, as Western Union and its system integrator started development of its new digital banking app that includes a multicurrency bank account combined with money transfers, and other added benefits such as a Visa Platinum debit card. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). To learn more about the data economy, what your organization stands to gain from using data effectively, and how to become a Data Economy Leader, download the report overview, How to Win in Todays Data Economy. Garden, The Economist 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. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Today, structured and semi-structured data can easily coincide. Profiles, Infosys Knowledge 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. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. 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). 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. Western Union is a global leader in cross-border, cross-currency money movement and payments. & Publishing, Logistics Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Group, Infosys Revenue Management Platform for Banking, About 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. For decades, Western Union has defended its global position by investing in regulatory compliance. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Talend is our backbone for that work and have really evolved their product to meet our needs.. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Reliable for over 170 years. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. 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. 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. . We wont bug you too much because thats more work for all of us. Technology powers the data economy. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Key takeaways. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). 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]. Over the last two years, Singh has been accelerating Western Union's tech plan. [7]While cryptocurrencies are an obvious threat to Western Unions cross-border money transfers, Blockchain also can be used in a range of imaginative ways. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? He shares his views on digital transformation and economic opportunities for all. 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. My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Society Updated: 01-06-2022 - 11:45. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. & Distribution, Media and As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. de 2007 - actualidad16 aos 3 meses. 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. Its reach is staggering: present in more than 200 countries and territories, transacting in 130+ currencies, with approximately 150 million people having used Western Union to either send or receive funds over the last year. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. 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. 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. ", 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. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. 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. Digital transformation in the EU. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Western Union powers your pursuit. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. 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. . There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Western Union is a global leader in cross-border, cross-currency money movement and payments. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Western Union has the infrastructure to help make that a reality. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. We started function by function, looking at individual deployments across our different groups in the company. Microservices, Digital Process However, Western Union doesnt view its established retail business as totally separate from the digital world. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Manufacturing, Communication You stepped in as CMO just as COVID-19 was emerging, and I cant imagine that a global health crisis was what youd envisioned for your first 100 days. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? 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. It took six months to do the bare minimum. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Zealand, South When you see those people who are proactive and have aspirations, you are able to almost make them role models and build really effective ecosystems around them.. This will enable the company to maintain its high . Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Finacle, Infosys 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. Guide for Suppliers, Select The CDO needs to drive digital transformation by enabling data to power product development and the company. 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. [9]Western Union recently dipped its toes into blockchain. 2021. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. 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. Network (IIN), Diversity Equity That support has made it a lot easier to have the influence we need to make the transformation successful. Some want to go to a retail store and pay cash. Second, we increased our use of digital media to reach customers and build a feedback loop. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. The international roll-out continues to other countries at pace. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Manufacturing, Information Services OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 8 (Managing the Strategy Development Process). Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. Snowflake worked with Longitude to assess what it takes to lead in the data economy. 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. 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. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Digital Transformation. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. New-found agility delivers growth and improved Customer Experience for partners and customers. That created a need to act. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Western Union built its platform by assembling a global network of third party agents. 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. 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. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . 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. Industry experts were also drafted in to create the army that was required for this technology mission. The Transformation Story of Western Digital. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. It's a physical branding and marketing component that few money-transfer providers can match - but one that's of diminishing value in a digital world. An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . The way we approached it was to use the central WU Way team for capability building. The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. Why Do Companies Choose to Outsource Work? Youre expected to find ways to optimize your processes and drive value. UnionDigital Bank is the trusted bridge between innovation and regulation. Western Union has recently partnered with other digital platforms to expand its digital offerings. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. People are enthusiastic about the results of the pilot, and they want to see that in their own area. 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. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. First, for continuity of services. Policy . today more than 65% of Western Union's digital transactions originate on a mobile . (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. Team members were drawn from different continents and operating on different time zones. 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. Our digital-first crisis response is helping us evolve into the future. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. 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. The partnership with Talend has evolved over the last few years and was originally established to provide our business and technology teams a fast and efficient way to build data pipelines. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Western Union now has more than 550,000 agent locations in more than 200 countries. Western Union International Bank is licensed by the Austrian Financial Market Authority. Top retailers use AI-powered campaigns to engage their most valuable customers. 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. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. 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. Cookies help us deliver our services. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Before OutSystems, we typically released every six weeks. 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. What are the biggest lessons you learned? We believe in the work we do, why we do it, and who we hire to get it done. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. While WU is considered a global leader in their space, competitive insights and . 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. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Thats changing. How Western Union achieved Digital Transformation with Infosys and Oracle. Digital is all about how we reach the customer. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. ene. 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 .

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