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. Business Application Services, Service Experience Arab Emirates. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Harare Responsible for . Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Since 2008, Huawei has offered a wide and expanding range of . There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. 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. We teach employees, and then they execute. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. The author approaches the problem using public. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Western Union Uses AWS to Create Company-Wide Digital Transformation. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Deep divides in digital connectivity, internet use, and access remain. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. In the past five years, theres been a leveling across applications and data. Over the last two years, Singh has been accelerating Western Union's tech plan. Originally, the capacity of our on-prem environments wasnt projected to hit capacity until 2022, but we could see that point was going to be reached in 2020, so that meant a real acceleration.. 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. 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.. Before OutSystems, we typically released every six weeks. [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. 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. 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 . 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. A doctor in London taps an app on her phone to transfer 500 pounds. However, Western Union doesnt view its established retail business as totally separate from the digital world. The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. Its been a great combination. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Over the last two years, Singh has been accelerating Western Union's tech plan. Nov 2011 - Present11 years 5 months. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. The Baupost Group is a $31 billion Boston-based investment firm. 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. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. Lastly, how do you see digital continuing to drive your services in the future? Procurement & Construction, Financial Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. 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. Were there tools or technology that were particularly helpful in your transformation? When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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. Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. Western Union. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] Western Union offers digital transactions in 70 countries to move money around the world. Kong, New The gap between access and use is growing, with 56% of people in . The relationship with Talend has enabled Western Union to help its global customer base in times of real need. 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. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. 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. 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. Africa, South Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. But it becomes more self-driven, and that really enables the scale. How did you evolve for digital convenience and safety? As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. 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. Western Union is doing that. For decades, Western Union has defended its global position by investing in regulatory compliance. 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.. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. 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.. Navigate That support has made it a lot easier to have the influence we need to make the transformation successful. Western Union International Bank is licensed by the Austrian Financial Market Authority. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! My mission is to empower people to become economically self-reliant. & Publishing, Logistics In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. Board of Directors. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Provide value consistently every month and deliver new value and capabilities. Inclusion, Bloomberg 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. Salesforce has a value proposition that was immediately interesting because it allows you to build a single omnichannel journey that can be managed really efficiently when I want to make a change I only need to do so in one place. Digital transformation in Western Union must be driven from the top-down. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. Key takeaways. 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. 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. 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 . To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. 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 . This entails a leader or a manager being on the floor with people doing their day-to-day jobs, just observing the way they work. 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. . Western Union will likely face internal resistance from three sources. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. He shares his views on digital transformation and economic opportunities for all. Guide for Suppliers, Select Whats really nice about that is that its so visually obvious. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Western Union is also focused on the global remittance market. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. 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 . Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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. . Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). 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. Created: 05-05-2021 - 17:15. . 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. Updated on. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. 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. 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. Services, Consumer 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. 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. Its important to understand that business stakeholders are customers of our data. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Best practices were also key. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. 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. Finance. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. [4] Form 10-K for the year ended December 2017, p.7. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Data privacy and security practices . While Singh and his team have been occupied with the technology transformation taking place at Western Union, the breakneck speed at which the financial services and payments industry is changing means they also have to be planning for the longer-term. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Western Union charges high fees since they need to cover rent and labor overhead. Automation, Microsoft Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. 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. Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Analytics, API Economy & Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. Top retailers use AI-powered campaigns to engage their most valuable customers. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Today, structured and semi-structured data can easily coincide. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. 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. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. 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. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. 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. Policy . While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Introducing the next-generation operating model, Winning with your talent-management strategy. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. 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. Board Committees. Meridian, Infosys 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. 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. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Leadership. Open a free Western Union Digital Banking bank account to manage your international finances and make instant, transfer fee-free* money transfers to other Western Union Digital Banking account holders. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Services, Public Team members were drawn from different continents and operating on different time zones.
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