western union digital transformation

Heres how, Customers want control over their data and wont hesitate to switch brands to get it, Global Insights Briefing: Holiday takeaways for marketers, From solar panels to spa days, see how 2022s top searches set the stage for 2023. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Western Union's Customer Journey Digital Transformation Fueled by NICE document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? Really understand the business stakeholders problem and how you can fix or enable it. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to 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. We wont bug you too much because thats more work for all of us. Meridian, Infosys Working across many cultures at Western Union | McKinsey . The CDO needs to drive digital transformation by enabling data to power product development and the company. For more than 170 years Western Union has been helping people send money all over the world. Today, structured and semi-structured data can easily coincide. 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. 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. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Harveer Singh Leads Western Union's Digital Transformation - Profile The Transformation Story of Western Digital - infosys.com He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. [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. . Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. Western Union's digital transformation sprints to mobile 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. Powering Digital Transformation: How Western Union Leverages the Data 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. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. Others prefer to prepare a transaction online and then go to a retail location to pay cash. In 1861 it sent the first transcontinental telegraph. Wingspan, Infosys OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Reliable for over 170 years. [4] Form 10-K for the year ended December 2017, p.7. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . By John Manning, International Banker. [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. Western Union Partners With MFS Africa to Enable Money Transfers Into It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. & Publishing, Logistics Western Union Digital Banking - Apps on Google Play 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. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. [8]. de 2007 - actualidad16 aos 3 meses. Lastly, how do you see digital continuing to drive your services in the future? 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. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. 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 . 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. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. 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. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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]. 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. MFS Africa partners Western Union to broaden financial inclusion Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. 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. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. 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 Unions platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies and 500K partner networks. In the past five years, theres been a leveling across applications and data. To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. . Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Increasingly, digital technology and mobile devices play a key role in these transactions. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Product Director, United States Money Transfer. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Its important to understand that business stakeholders are customers of our data. Over the last two years, Singh has been accelerating Western Union's tech plan. One of its most high-profile hires was Harveer Singh, who was appointed as Chief Data Architect & Global Head of Engineering and previously co-led EYs Next Generation architecture & solutions for Financial Services. Although retail business declined during . What does "digital transformation" mean to Western Union? One of the benefits that weve really seen as weve gone through these first two years of our journey is what happens when we get everyone speaking the same language. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. Procurement & Construction, Financial Korea, United 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. The Western Union Company - Western Union Fintech Expansion: Opens New [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Western Union will likely face internal resistance from three sources. 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. 1 (March 1990), pp. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! & Distribution, Media and Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). 22 Companies Spearheading Digital Innovation in Their Industries in In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. Analytics, API Economy & [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. 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. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money Digital transformation in the EUBenefitting people, the economy and the environment. Definition of Digital Transformation - IT Glossary | Gartner The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. Technology powers the data economy. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. 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. Africa, South 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. We offer consumers the choices they want, both for sending and receiving money, he stresses. . Snowflake: What do you see changing now that your organization is better able to share data? How do you start there and end up with a fully embedded transformation across a company of 12,000 people? We started function by function, looking at individual deployments across our different groups in the company. 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. 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. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. 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. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Zealand, South Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Western Union began a mission to transform the settlement platform with streamlined retail and digital cross-border money transfer operations to overcome the challenges and constraints of their legacy settlement systems. Experience in leading digital products from either the financial services, payment, or fintech industries. Western Union uses a central team to build new capabilities across the business. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. Entertainment, Professional Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Industry experts were also drafted in to create the army that was required for this technology mission. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Technology or Operations transformation . Western Union can leverage such physical presence to win this new innovative space. With OutSystems, we deploy twice every week. Western Union. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. Western Union offers digital transactions in 70 countries to move money around the world. 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. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. 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. . Imagine what we can do if you let us work with your team as well.. How Western Union Became a Global Digital Front-Runner for Cross-Border Arab Emirates. [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. Our leadership team remains true to our vision and values, putting customers' evolving needs at the center of our innovation and holding up trust and convenience as the hallmarks of our business. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. She also has worked with ad agencies like Ogilvy and McCann. Western Union's digital transformation - Think with Google Mohua Das Gupta - Head of Marketing, Tata CliQ. The international roll-out continues to other countries at pace. 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. 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. Increasingly, digital technology and mobile devices play a key role in these transactions. He shares his views on digital transformation and economic opportunities for all. As a global leader in cross-border, cross-currency money movement and payments, Western Union has to comply with a huge number of financial regulations. New-found agility delivers growth and improved Customer Experience for partners and customers. 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. Cookies help us deliver our services. 35, No. 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.

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