Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Discover the latest data, insights, and inspiration from Think with Google. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Us, Terms For decades, Western Union has defended its global position by investing in regulatory compliance. Country/region, Costa This is just one example of how blockchain could be an opportunity for Western Union. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. 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. Jaffin: Digital was critical in a few ways. Manufacturing, Information Services 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). We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. Cash And Trade Magazine - For Cash and Trade professionals in the Though its too early for results, the response from consumers has been positive, he says. Imagine what we can do if you let us work with your team as well.. What are the biggest lessons you learned? [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. 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. Anil Santhapuri - Director of Skills Solutions, Global Talent Western Union. Since 2008, Huawei has offered a wide and expanding range of . Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn Western Union is the worlds first P2P company. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. ", 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. 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. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Western Union Partners With MFS Africa to Enable Money Transfers Into Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. 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. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center of excellence to ensure enterprise-wide success. 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. The Transformation Story of Western Digital. Please enable Javascript to see this feature. 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. Western Union also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. 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. 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. Western Union hiring Global Head, Customer Experience & Design in Western Union Launches Two Digital Banking apps in 11 Months BWIRE: Support youths to enhance their digital skills Western Union uses a central team to build new capabilities across the business. Western Union Customer Journey Transformation 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 its global financial network, as well as a global online presence. Experience in leading digital products from either the financial services, payment, or fintech industries. Western Union: Leading or Lagging Digital Transformation? Although retail business declined during . Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. [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. 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. Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. However, Western Union doesnt view its established retail business as totally separate from the digital world. Western Union and Beforepay introduce 'send now, pay later' service 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. 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. Its been a great combination. It took six months to do the bare minimum. 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. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. [5]. . [2] Westar 1, Wikipedia, accessed April 2018. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Procurement & Construction, Financial 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. 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. 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 pandemic really accelerated the digital transformation journey; the plan was for it to be rolled out in three years but that timeframe became 18 months, Singh tells Digital Bulletin. 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. 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. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. We wanted plug-and-play convenience to integrate any technology.. The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization's licensed payment rails. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. 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. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. We will expand our Messenger bot to other countries and add other languages, he adds. The Foundation is supported by the Western Union Company, its employees, Agents, and business partners, working to support education and disaster relief efforts as pathways toward a better future. 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. The company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. Western Union's digital transformation - Think with Google While WU is considered a global leader in their space, competitive insights and . 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. Its in our DNA to think about global operations because Western Union covers the world.. Technology, Industrial ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Does it offer a more seamless customer experience? Western Union Advances Its Digital Growth Strategy With Investment in Lean deployments are a big piece of our overall transformation program. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. . How Western Union achieved Digital Transformation with Infosys and Oracle These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Need a Lenten fish fry? There's an interactive map for that She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Cambridge: Cambridge University Press Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. How Western Union accelerated digital during the pandemic To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. 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. 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. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. 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 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. Mohua Das Gupta - Head of Marketing, Tata CliQ. We use OutSystems in multiple layers of our tech stack, says Tom. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. HELIX, Management . Western Union Digital Banking is offered by Western Union International Bank GmbH. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. today more than 65% of Western Union's digital transactions originate on a mobile . Western Union will likely face internal resistance from three sources. After the catastrophic explosion in Lebanon in 2020, the two companies worked together to build data pipelines to help those affected by the incident and provide support to agents in the area. 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. 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 Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. 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. Maybe it started out as more of a push, where we were looking to come in and work with a team. Feb 7, 2023. Western Union is a global leader in cross-border, cross-currency money movement and payments. 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. Why Do Companies Choose to Outsource Work? Thank you for this great post, Hans. [9]Western Union recently dipped its toes into blockchain. Zealand, South Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. Guide for Suppliers, Select Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. How Western Union Became a Global Digital Front-Runner for Cross-Border There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Data privacy and security practices . 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. <br><br>My Leadership Philosophy<br><br>I am an . In the past several years, the Englewood, Colo.-based company has made a point to develop and [] Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. Microservices, Digital Process Western Union is also focused on the global remittance market. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. Western Union Send Money Now 4+ - App Store One of these customers is Tom Mazzaferro, Chief Data & Innovation Officer of Western Union, which serves more than 100 million global customers through approximately 600,000 retail locations, and via its digital platforms. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. 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.. Manufacturing, Communication Today, structured and semi-structured data can easily coincide. How did you navigate those early moments? 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. [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. Were there tools or technology that were particularly helpful in your transformation? Youre expected to come up with new ways of innovation to drive revenue growth across the organization. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. 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.. Digital is all about how we reach the customer. 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. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. From the CEO down through his executive team, you see a real commitment to this transformation exercise and a real commitment to finding ways to optimize our processes, to get efficiencies, and to fund those investments that will drive topline revenue growth. Profiles, Infosys Knowledge Harare Responsible for . But you say its about more than technology? The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . Cortex, Infosys Western Union has the infrastructure to help make that a reality. 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. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Africa, South For more than 170 years Western Union has been helping people send money all over the world. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. 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. - Earn My WU points. Snowflake: What do you see changing now that your organization is better able to share data? 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: Reimagining a Financial Services Leader UnionBank: Blazing Digital Trails in the Philippines and Beyond Western Union, Chief Data Officer: Digital Transformation Initiatives 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. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. 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 . Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. 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. Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. In [] Business Unit Represents Approximately 7% of Company Revenue . Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Think of Western Union, and its yellow placard advertising an agent location comes to mind. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Digital transformation & economic opportunities - Blog - Western Union Harveer Singh leads Western Union's digital transformation with data Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. [2]But today, new technologies are threatening Western Unions entire business model. They essentially sponsor a team and loan the resources that are necessary. Group, Infosys Revenue Management Platform for Banking, About Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Western Union Embraces Digital Transformation - BaselineMag.com 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom 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. Leadership. Convera's Next Steps: Western Union Business Solutions - Forbes [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Garden, The Economist Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Theyll be there to help you stay on track or course correct when you have troubles. 1 (March 1990), pp. Industry experts were also drafted in to create the army that was required for this technology mission. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. 8 (Managing the Strategy Development Process). 28+ active Western Union coupons, discount codes & coupon codes for June 2021. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer.
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