western union digital transformation
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. Western Union uses a central team to build new capabilities across the business. 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. Services, Data Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. Increasingly, digital technology and mobile devices play a key role in these transactions. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. 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. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. UnionDigital Bank is the trusted bridge between innovation and regulation. Before OutSystems, we typically released every six weeks. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. During its February 2018 earnings call, CEO Hikmet Ersek announced that Western Union is experimenting with Ripple for settling transactions and for capital optimization, and is also testing Ripples native currency (XRP).[10]. Western Union. The Western Union Way of digital transformation. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. 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 . Society Updated: 01-06-2022 - 11:45. 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. It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Specifically,. Key takeaways. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. People. And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities . Since 2008, Huawei has offered a wide and expanding range of . Leadership. few clicks, you can use OutSystems to bring your visions to life. 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. In the past, JSON storage and analysis required specific JSON databases. 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. Western Union has the infrastructure to help make that a reality. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. 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. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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. Western Union can leverage such physical presence to win this new innovative space. 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. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. 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. 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. Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. Jaffin: Digital was critical in a few ways. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Snowflake worked with Longitude to assess what it takes to lead in the data economy. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Denver, Colorado. 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. 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. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . 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. arrow_forward. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. 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. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Knowledge Institute, Chemical 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. Kong, New Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernize their legacy core banking stacks. 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. 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. 2021. 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. First, for continuity of services. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. If any of these should fit what you're looking for, consider exploring a career with Western Union. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Singh is a proponent for a Central Bank Digital Currency, which he says is significantly different to the digital assets such as BitCoin and Ethereum, which can fluctuate wildly in value over short periods of time. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Western Union has innovated before. Group, Infosys Revenue Management Platform for Banking, About For example, we began offering an option for telephone money transfer. 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. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Navigate 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. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Media, Madison Square The relationship with Talend has enabled Western Union to help its global customer base in times of real need. 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. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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. In [] 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. Teams that may not previously have interacted with each other are now doing floor walks with each other. 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. 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. 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. 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. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. [2]But today, new technologies are threatening Western Unions entire business model. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. HELIX, Management Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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. 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. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. 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. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Ericsson will help accelerate Econet's digital transformation journey. [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. 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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union will likely face internal resistance from three sources. And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. Updated on. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Digital transformation in the EUBenefitting people, the economy and the environment. 8 (Managing the Strategy Development Process). The culture change has to be driven across teams to show how technology has enabled different and better outcomes. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. [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. Product Director, United States Money Transfer. Business Unit Represents Approximately 7% of Company Revenue . The fusion of the digital and the physical, the irrepressible rise of new technologies. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. He shares his views on digital transformation and economic opportunities for all. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? Mazzaferro: Keep it simple. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Meridian, Infosys The digital transformation is helping Western Union emerge from a challenging two-year era. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. And its not something you can achieve really quickly, its a multiple-year process. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. 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. 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 . Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria.
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