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. de 2007 - actualidad16 aos 3 meses. Whats really nice about that is that its so visually obvious. So its a real imperative across the top of the organization. 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. So we established a set of what we call market-shaper practices that we wanted to focus on. People are enthusiastic about the results of the pilot, and they want to see that in their own area. The partnership with Talend has evolved over the last few years and was originally established to provide our business and technology teams a fast and efficient way to build data pipelines. Imagine what we can do if you let us work with your team as well.. Others prefer to prepare a transaction online and then go to a retail location to pay cash. Western Union Partners with MFS Africa to Enable Money Transfers into They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. 35, No. 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. . Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. It's a physical branding and marketing component that few money-transfer providers can match but one that's of diminishing value in a digital world. This aims to support the transition of the region into a digital economy and bring the benefits of digital transformation, such as faster economic growth, more jobs, and better services. Experience in leading digital products from either the financial services, payment, or fintech industries. Kong, New This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Institute, Infosys Innovation Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. 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. 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. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. . few clicks, you can use OutSystems to bring your visions to life. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Digital is all about how we reach the customer. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Manufacturing, Communication Finacle, Infosys Western Union's digital transformation sprints to mobile After exceeding expectations in 2020 despite the outbreak of COVID-19, the world's largest currency exchange service Western Union looks set to exceed US$1 billion in total annual revenues for its digital business segment in 2021 a major milestone for the company and a first in the world of digital cross-border payments.. Western Union's shift toward digital shows little sign of relenting. 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. We will expand our Messenger bot to other countries and add other languages, he adds. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Although retail business declined during . Team members were drawn from different continents and operating on different time zones. [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. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Entertainment, Professional 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 is trying to use Blockchain as an incremental or modular innovation, when in fact it could be an architectural orradical innovation (see chart below) introducing entirely new businesses that fit well into Western Unions existing capabilities. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. People who knew how a team or a group worked before can come in and see its night-and-day different. Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Feb 7, 2023. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. Technology or Operations transformation . Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. To explore this content and receive communications from Google, please sign in with an existing Google account. Though its too early for results, the response from consumers has been positive, he says. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Arvie de Vera - LinkedIn Western Union will likely face internal resistance from three sources. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. The Essential Components of Digital Transformation Thats really enabled a lot more collaboration across groups. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Technology, Industrial How did you navigate those early moments? The Baupost Group is a $31 billion Boston-based investment firm. 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. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. 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.. Society Updated: 01-06-2022 - 11:45. 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's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. 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 Customer Journey Transformation 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. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. 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. 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. BWIRE: Support youths to enhance their digital skills Western Union uses a central team to build new capabilities across the business. The author approaches the problem using public. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. 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. Salesforce has been such an important part of the digital experience journey.. Western Union is the worlds first P2P company. Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. UnionDigital Bank is the trusted bridge between innovation and regulation. 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 . ", 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. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Driving Western Union's tech transformation - Digital Bulletin My mission is to empower people to become economically self-reliant. Transformation, Cyber Youre now a year into your role as CMO and leading through a prolonged global crisis. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. These are things like rewards and recognition, top-down innovation, and consequence management. - Access cash back rewards at the WU store. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Cash And Trade Magazine - For Cash and Trade professionals in the Digital Summit WB6 - Prishtina 2022 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. 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. Leadership. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Snowflake worked with Longitude to assess what it takes to lead in the data economy. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Harare Responsible for . Zealand, South If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom [5]. Deep divides in digital connectivity, internet use, and access remain. Some want to go to a retail store and pay cash. Western Union. 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.. Stephanie Pankau - Product Director, United States Money Transfer Driving Western Union's Tech Transformation | by Digital Bulletin 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. From apps that save lives to those that process loans in a 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. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Western Union offers digital transactions in 70 countries to move money around the world. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO As the figure below shows, five components are needed to execute an organization's digital transformation: 1. 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. Industry experts were also drafted in to create the army that was required for this technology mission. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. 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. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. 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. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. Now its more pull. Automation, Microsoft Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Technology powers the data economy. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Build customized, secure, and scalable mobile banking apps. 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.. . 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]. - Earn My WU points. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Today, structured and semi-structured data can easily coincide. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. The CDO needs to drive digital transformation by enabling data to power product development and the company. Powering Digital Transformation: How Western Union Leverages the Data But it becomes more self-driven, and that really enables the scale. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. 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.
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