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Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). While WU is considered a global leader in their space, competitive insights and . 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. Feb 7, 2023. Working across many cultures at Western Union | McKinsey We offer consumers the choices they want, both for sending and receiving money, he stresses. However, Western Union doesnt view its established retail business as totally separate from the digital world. 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. Hospitality, Waste The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. 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. 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. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. What does "digital transformation" mean to Western Union? Mazzaferro: Keep it simple. 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. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Thank you for this great post, Hans. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Alonso Calderon - Enterprise Technology Operations Center Manager When fully realised, he says, it will give Western Union the agility it is seeking, while also having a positive impact on its bottom line. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. How Western Union achieved Digital Transformation with Infosys and Oracle. 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. 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. Policy . We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. 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. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . [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. Its in our DNA to think about global operations because Western Union covers the world.. Western Union video | re:Invent 2021 | AWS The aim of this paper is to sketch a brief history of complex digital transformation of media and . <br><br>My Leadership Philosophy<br><br>I am an . . Group, Infosys Revenue Management Platform for Banking, About To that end, Singh has built on an existing relationship to forge a highly valuable partnership with Salesforce and oversee the roll-out of its industry-leading Marketing Cloud. 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. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . Network (IIN), Diversity Equity Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Mohua Das Gupta - Head of Marketing, Tata CliQ. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. 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. Fellahi sees the Messenger bot as a promising tool. The way we approached it was to use the central WU Way team for capability building. Digital transformation starts with people, which is a useful reminder that . So, constant iteration and rapid delivery are crucial. Product Director, United States Money Transfer. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. Digital transformation of journalism and media in Serbia: What has gone 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. 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. BWIRE: Support youths to enhance their digital skills Automation, Microsoft Western Union Uses AWS to Create Company-Wide Digital Transformation. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. 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. Western Union Advances Its Digital Growth Strategy With Investment in 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. 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. 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. Services, Data Digital is all about how we reach the customer. Western Union's Customer Journey Digital Transformation Fueled by NICE Western Union uses a central team to build new capabilities across the business. Wingspan, Infosys . The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. 1 (March 1990), pp. The digital transformation is helping Western Union emerge from a challenging two-year era. few clicks, you can use OutSystems to bring your visions to life. Western Union Software Purchases and Digital Transformation Initiatives Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . The network upgrade will pave the way for Econet to deliver 5G connectivity in more . As weve done that, everyone has started to speak the same language, whether its talking about going to huddles, doing process confirmations, conducting one-on-one coaching, or maybe doing floor walks. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Industry experts were also drafted in to create the army that was required for this technology mission. 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. 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. New-found agility delivers growth and improved Customer Experience for partners and customers. Knowledge Institute, Chemical Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. 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. 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. Need a Lenten fish fry? There's an interactive map for that 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. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn They have also triggered profound changes within global banking, demanding that lenders remain flexible, nimble, and innovative in their digital-banking strategies to meet customers' rapidly . In Western and Central Africa, only 36% of the population has access to broadband connectivity. Reliable for over 170 years. Western Union Digital Banking is offered by Western Union International Bank GmbH. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Youre now a year into your role as CMO and leading through a prolonged global crisis. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. 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). 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. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. We teach employees, and then they execute. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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. 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. 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.. Western Union built its platform by assembling a global network of third party agents. 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. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. Western Union Partners with MFS Africa to Enable Money Transfers into 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. Western Union, MFS Africa Partner to Enable Money Transfers into Think of Western Union, and its yellow placard advertising an agent location comes to mind. Media, Madison Square He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Before OutSystems, we typically released every six weeks. What are the biggest lessons you learned? By John Manning, International Banker. 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. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. be to drive digital transformation and . Western Union reduced data warehousing costs by 50% and has saved millions through streamlined data engineering and administration after moving more than 30 data stores, including on-premises data, into Snowflake. 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. Please enable Javascript to see this feature. Convera's Next Steps: Western Union Business Solutions - Forbes While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Imagine what we can do if you let us work with your team as well.. 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.
