arrow_forward. Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Western Union. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Rica, Hong Western Union Launches Two Digital Banking apps in 11 Months Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Please enable Javascript to see this feature. Working across many cultures at Western Union | McKinsey Harveer Singh Leads Western Union's Digital Transformation - Profile She also has worked with ad agencies like Ogilvy and McCann. Driving Western Union's Tech Transformation | by Digital Bulletin Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. 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. [6], However, regulators cant keep pace with the wave of new blockchain applications. Digital Summit WB6 - Prishtina 2022 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. Increasingly, digital technology and mobile devices play a key role in these transactions. Western Union agrees sale of Business Solutions division for $910m Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). 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. Wingspan, Infosys By using our services, you agree to our use of cookies. Western Uniona global leader in cross-border, cross-currency money movement and paymentsis driving a company-wide transformation, which includes migrating its infrastructure from on-prem to the Cloud. MFS Africa partners Western Union to broaden financial inclusion 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 . [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. . Western Union. 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. 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 (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. . 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. One of our most important tools is the floor walk. Reliable for over 170 years. Entertainment, Professional However, Western Union doesnt view its established retail business as totally separate from the digital world. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. The aim of this paper is to sketch a brief history of complex digital transformation of media and . While WU is considered a global leader in their space, competitive insights and . And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. So youre really talking about game-changing differences between how processes worked before and after. 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. Its not done from the perspective of correction or a negative consequence. Thats changing. Experience in leading digital products from either the financial services, payment, or fintech industries. The Transformation Story of Western Digital. Digital transformation in Western Union must be driven from the top-down. These are more tactical, day-to-day ways to implement lean across the organization. IT and engineering under one leader drives an exceptional customer Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Data safety. Western Union can leverage such physical presence to win this new innovative space. We teach employees, and then they execute. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. Western Union Partners with MFS Africa to Enable Money Transfers into That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. Western Union, MFS Africa Partner to Enable Money Transfers into I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. Alonso Calderon - Enterprise Technology Operations Center Manager For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). be to drive digital transformation and . Really understand the business stakeholders problem and how you can fix or enable it. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Furthermore, a chain of retail outlets is expensive. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Youre expected to find ways to optimize your processes and drive value. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers 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. We wanted plug-and-play convenience to integrate any technology.. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . Security, Infosys ", 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. 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. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. 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. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. . The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Professors from HEC, ESCP business school, and leading carriers shared insights on . Procurement & Construction, Financial He shares his views on digital transformation and economic opportunities for all. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? Manufacturing, Communication & Publishing, Logistics Created: 05-05-2021 - 17:15. Manufacturing, Information Services [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Think of Western Union, and its yellow placard advertising an agent location comes to mind. ; With the solution, Western Union launched a state-of-the-art digital . 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. The way we approached it was to use the central WU Way team for capability building. Western Union Partners With MFS Africa to Enable Money Transfers Into How Western Union achieved Digital Transformation with Infosys and Oracle As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. And its not something you can achieve really quickly, its a multiple-year process. Services, High Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. What does "digital transformation" mean to Western Union? These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. What is the Best High-Yield Dividend Stock to Buy Now? Our 7 Top Picks Group, Infosys Revenue Management Platform for Banking, About 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. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Garden, The Economist 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]. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. 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. 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. 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. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. We're making content recommendations better for thousands of readers. Product Director, United States Money Transfer. Western Union Software Purchases and Digital Transformation Initiatives | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. [2] Westar 1, Wikipedia, accessed April 2018. 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. Western Union's digital transformation - Think with Google [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. Imagine what we can do if you let us work with your team as well.. Increasingly, digital technology and mobile devices play a key role in these transactions. UnionDigital Bank is the trusted bridge between innovation and regulation. What we are talking about is not cryptocurrency, it is not something that has to be mined. Harveer Singh leads Western Union's digital transformation with data (2013) Comparing Media Systems beyond the Western World. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. Western Union Advances Its Digital Growth Strategy With - Wire19 The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. Western Union must adapt to an increasingly mobile world: if Western Union doesnt develop low-cost mobile money transfers, Western Union wont be able to compete with new competitors like Ant Financial and Zelle. Fellahi sees the Messenger bot as a promising tool. Harare Responsible for . Though its too early for results, the response from consumers has been positive, he says. Western Union Uses AWS to Create Company-Wide Digital Transformation. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. 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. Western Union hiring Global Head, Customer Experience & Design in Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Top-down prioritization of digital transformation. 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). Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. 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. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . Instead, Western Union should fund and fully staff a separate unit that has preferential access to Western Unions resources, but is not restricted by legacy operators within Western Union. . Powering Digital Transformation: How Western Union Leverages the Data 2023Western Union Holdings, Inc. All Rights Reserved. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. 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. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. They essentially sponsor a team and loan the resources that are necessary. 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 . Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Western Union Customer Journey Transformation Western Union, Chief Data Officer: Digital Transformation Initiatives They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Western Union has the infrastructure to help make that a reality. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. The CDO needs to drive digital transformation by enabling data to power product development and the company. 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. Key takeaways. "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. To explore this content and receive communications from Google, please sign in with an existing Google account. . Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). 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. An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. The gap between access and use is growing, with 56% of people in . Western Union Advances Its Digital Growth Strategy With Investment in Receive rewards. 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. Women in Marketing: Executives who are building brand narratives But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. For decades, Western Union benefited from network effects as it added density and new geographies. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. 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. 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. For decades, Western Union has defended its global position by investing in regulatory compliance. 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 charges high fees since they need to cover rent and labor overhead. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. The Western Union Way of digital transformation | McKinsey Automation, Microsoft Build customized, secure, and scalable mobile banking apps. Denver, Colorado. Youre starting to see that happen culturally. Packaged Goods, Engineering And, Fellahi points out, When you look at customer acquisition on our digital channel, 80 percent of the customers we acquired in the past 12 months are new to usnot migrated from our traditional customer base., He expects digital money transfer and mobile technology to be the major driver of overall growth in coming years, adding, In the U.S., over 65 percent of WU.com transactions are initiated on a mobile device, and globally it is nearly 60 percent.. Some want to go to a retail store and pay cash. The Western Union Way of digital transformation. Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. [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. 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.. Zealand, South Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. 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. The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Mazzaferro: Keep it simple. Western Union Digital Banking - Apps on Google Play 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.
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