Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. This will enable the company to maintain its high . These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. Western Union. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Our research identified 10 attributes of an organizations data infrastructure that enable it to take full advantage of the data economy, the global supply and, Editors note: This is part of a series about the data economy. Security, Infosys Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. So youre really talking about game-changing differences between how processes worked before and after. 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. 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. Product Director, United States Money Transfer. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Western Union has the infrastructure to help make that a reality. 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. 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. He shares his views on digital transformation and economic opportunities for all. The Baupost Group is a $31 billion Boston-based investment firm. But you say its about more than technology? Digital transformation starts with people, which is a useful reminder that . Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Strategic partnerships working with platforms like Google is a critical piece of that. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Learn about JSON storage. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. 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. Services, Public ", 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. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. However, Western Union doesnt view its established retail business as totally separate from the digital world. 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. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. 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. Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. We developed the whole front-end for the app in less than four months., Western Union uses OutSystems for customer-facing apps, back office, and workflow solutions. She also has worked with ad agencies like Ogilvy and McCann. We wanted plug-and-play convenience to integrate any technology.. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. How did you evolve for digital convenience and safety? COVID-19 has brought countless challenges, but its also caused us to focus all of our efforts around customers and reground ourselves in our mission. The CDO needs to drive digital transformation by enabling data to power product development and the company. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! What are the biggest lessons you learned? We're making content recommendations better for thousands of readers. Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. This is just one example of how blockchain could be an opportunity for Western Union. Before OutSystems, we typically released every six weeks. [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. Second, we increased our use of digital media to reach customers and build a feedback loop. Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. Us, Terms There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Board Committees. Why Do Companies Choose to Outsource Work? Top retailers use AI-powered campaigns to engage their most valuable customers. ; With the solution, Western Union launched a state-of-the-art digital . We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. So, constant iteration and rapid delivery are crucial. But it becomes more self-driven, and that really enables the scale. Discover the latest data, insights, and inspiration from Think with Google. 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. 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. Technology powers the data economy. Feb 7, 2023. Kong, New And still others want to do it all online.. Lean deployments are a big piece of our overall transformation program. Western Union. of Use, Payment 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. 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 (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. 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 . The way we approached it was to use the central WU Way team for capability building. 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. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Imagine what we can do if you let us work with your team as well.. 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. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. [8]. [5]. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. Swanback said a . In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Technology, Industrial 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. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. People. [2]But today, new technologies are threatening Western Unions entire business model. Some changes that used to take a month, we now deliver in around 48 hours.. Western Union offers digital transactions in 70 countries to move money around the world. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. 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. 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. 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. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. In the past, JSON storage and analysis required specific JSON databases. And its not something you can achieve really quickly, its a multiple-year process. Western Union. UnionDigital Bank is the trusted bridge between innovation and regulation. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. arrow_forward. few clicks, you can use OutSystems to bring your visions to life. 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. 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. Sector, Travel and Harare Responsible for . Key takeaways. Western Union charges high fees since they need to cover rent and labor overhead. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. . 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. 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. 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. 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. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . Western Union now has more than 550,000 agent locations in more than 200 countries. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. 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. 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]. . 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. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. 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. 12. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 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. 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. 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. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says.

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