Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. How Western Union achieved Digital Transformation with Infosys and Oracle. 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. Top retailers use AI-powered campaigns to engage their most valuable customers. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. 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. 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. 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. By John Manning, International Banker. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. Specifically,. Western Union Uses AWS to Create Company-Wide Digital Transformation. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. Swanback said a . Digital transformation in the EU. 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). Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Western Union Launches Two Digital Banking apps in 11 Months For example, in 2016 Western Union integrated money transfer options with messanging apps WeChat and Viber, allowing users to send small amounts of money through the apps. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. As a company, Western Union is in the middle of a transformational moment. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. & Distribution, Media and 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. 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. . 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. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Please enable Javascript to see this feature. If any of these should fit what you're looking for, consider exploring a career with Western Union. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Its important to understand that business stakeholders are customers of our data. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Think of Western Union, and its yellow placard advertising an agent location comes to mind. The gap between access and use is growing, with 56% of people in . Western Union agrees sale of Business Solutions division for $910m Our digital-first crisis response is helping us evolve into the future. [5]. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Western Union is a global leader in cross-border, cross-currency money movement and payments. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. 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. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn 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. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. [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. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. Technology powers the data economy. 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. . McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. 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. Leadership Team. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Working across many cultures at Western Union | McKinsey ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Snowflake worked with Longitude to assess what it takes to lead in the data economy. Security, Infosys BWIRE: Support youths to enhance their digital skills Finacle, Infosys Western Union has the infrastructure to help make that a reality. From apps that save lives to those that process loans in a 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. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Product Director, United States Money Transfer. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). 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. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. 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.. Cambridge: Cambridge University Press 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 built its platform by assembling a global network of third party agents. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Western Union. This will enable the company to maintain its high . 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 new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Here are 4 steps they follow, Why durable solutions are needed to build the future of audiences, A data-privacy team can support your privacy transformation. 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. Snowflake: What do you see changing now that your organization is better able to share data? Western Union is doing that. de 2007 - actualidad16 aos 3 meses. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Entertainment, Professional Kong, New Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Nduduzo Tshuma - Head of Information Technology & Digital Western Union Embraces Digital Transformation - BaselineMag.com We wont bug you too much because thats more work for all of us. Wingspan, Infosys Management, Digital Workplace Now its more pull. Technology, Industrial 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. Western Union Partners with MFS Africa to Enable Money Transfers into Furthermore, a chain of retail outlets is expensive. Log in to help. HELIX, Management You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. It took six months to do the bare minimum. She also has worked with ad agencies like Ogilvy and McCann. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Western Union Advances Its Digital Growth Strategy With Investment in 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. Western Union's Customer Journey Digital Transformation Fueled by NICE Over the last two years, Singh has been accelerating Western Union's tech plan. These are more tactical, day-to-day ways to implement lean across the organization. Western Union: Reimagining a Financial Services Leader Build customized, secure, and scalable mobile banking apps. According to the terms of the transaction . InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Strategic partnerships working with platforms like Google is a critical piece of that. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. The Future of Payments is Invisible | CIO Western Union Google Pay Integration: Interview With Vice - Monito One of our most important tools is the floor walk. Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Some want to go to a retail store and pay cash. In the past five years, theres been a leveling across applications and data. Western Union's digital transformation - Think with Google ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. 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. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. 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. MFS Africa partners Western Union to broaden financial inclusion Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. ; With the solution, Western Union launched a state-of-the-art digital . Others prefer to prepare a transaction online and then go to a retail location to pay cash. UnionBank: Blazing Digital Trails in the Philippines and Beyond 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom Stephanie Pankau - Product Director, United States Money Transfer The international roll-out continues to other countries at pace. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. How Western Union Became a Global Digital Front-Runner for Cross-Border Payments Money By Jay Jaffin, Head of Global Digital, Western Union May 24, 2021. Professors from HEC, ESCP business school, and leading carriers shared insights on . 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. . Western Union is trying to use Blockchain as an incremental or modular innovation, when in fact it could be an architectural orradical innovation (see chart below) introducing entirely new businesses that fit well into Western Unions existing capabilities. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. 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]. 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. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Transformation, Cyber 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. But it becomes more self-driven, and that really enables the scale. 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 scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. 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. 35, No. We use OutSystems in multiple layers of our tech stack, says Tom. 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. Western Union is a global leader in cross-border, cross-currency money movement and payments. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer Cash And Trade Magazine - For Cash and Trade professionals in the SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . 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. Team members were drawn from different continents and operating on different time zones. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. We offer consumers the choices they want, both for sending and receiving money, he stresses. 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. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Talend is our backbone for that work and have really evolved their product to meet our needs.. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Its been a great combination. Procurement & Construction, Financial [4] Form 10-K for the year ended December 2017, p.7. Western Union Promo Codes | 30% Off In March 2023 | Forbes Western Union, MFS Africa Partner to Enable Money Transfers into Women in Marketing: Executives who are building brand narratives Western Union Advances Its Digital Growth Strategy With - Wire19 Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. 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. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Key takeaways. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Automation, Microsoft Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Arab Emirates. Theyll be there to help you stay on track or course correct when you have troubles. Harveer Singh Leads Western Union's Digital Transformation - Profile Western Union Digital Banking is offered by Western Union International Bank GmbH. 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. To explore this content and receive communications from Google, please sign in with an existing Google account. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. 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. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? The organisation was looking for somebody with a fresh perspective who could challenge the norms, bring people together to show them the value of what were doing and basically create an environment thats a little bit different to your usual corporate set-up. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Group, Infosys Revenue Management Platform for Banking, About 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. That created a need to act. These strategies are paying off. Western Union is a partner of the World Economic Forum (WEF) and is a leading voice in the conversation of how to build a global payments ecosystem, which is stable and where remittances can be made much faster. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. How Western Union Became a Global Digital Front-Runner for Cross-Border He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Packaged Goods, Engineering In 1861 it sent the first transcontinental telegraph. Lean deployments are a big piece of our overall transformation program. [2]But today, new technologies are threatening Western Unions entire business model. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. For decades, Western Union benefited from network effects as it added density and new geographies. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. Knowledge Institute, Chemical [2] Westar 1, Wikipedia, accessed April 2018. Western Union, Chief Data Officer: Digital Transformation Initiatives Navigate 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. s full anLearn more about the data lake, a repository for structured, unstructured, and semi-structured data that provided direct access to raw organizational data. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Why Do Companies Choose to Outsource Work? 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. We built the Western Union Way team, or the WU Way team as we call it, with ten high-potential individuals from around the company. 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. 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. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . Arvie de Vera - LinkedIn As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. Over the last two years, Singh has been accelerating Western Union's tech plan. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Today, structured and semi-structured data can easily coincide. Before OutSystems, we typically released every six weeks. Western Union and Beforepay introduce 'send now, pay later' service
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