. Thank you for this great post, Hans. Some want to go to a retail store and pay cash. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. How did you evolve for digital convenience and safety? Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Does it offer a more seamless customer experience? People are asking us, Hey, can you come help me? The aim of this paper is to sketch a brief history of complex digital transformation of media and . DENVER-(BUSINESS WIRE)-The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. 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. [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. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. 8 (Managing the Strategy Development Process). We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. HELIX, Management We know there are certain systems that we cannot just move to the cloud straight away such as the AS400 IBM mainframe, but weve managed to take the ecosystem that surrounds our legacy technology and move it to the cloud and we think we can get everything to the cloud before the end of the year. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. 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. 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. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Data quality is so important to us, we need to know who we are marketing to and that means our data has to be of the highest quality.. 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. To explore this content and receive communications from Google, please sign in with an existing Google account. We offer consumers the choices they want, both for sending and receiving money, he stresses. 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. Their bread and butter business is charging hefty fees on remittances and their core advantage was a network of retail outlets and agents across the US and partners around the world to get cash from one family member to another. He shares his views on digital transformation and economic opportunities for all. This will enable the company to maintain its high . Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. ; With the solution, Western Union launched a state-of-the-art digital . Western Union is also focused on the global remittance market. Knowledge Institute, Chemical In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. 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. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. 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. [6], However, regulators cant keep pace with the wave of new blockchain applications. Society Updated: 01-06-2022 - 11:45. From apps that save lives to those that process loans in a The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Western Union is the worlds first P2P company. We developed the whole front-end for the app in less than four months., Western Union uses OutSystems for customer-facing apps, back office, and workflow solutions. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. 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. Western Union. 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. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Finance. Product Director, United States Money Transfer. Western Union has the infrastructure to help make that a reality. When we started the transformation project, we came at it from the perspective of this being a cultural transformation just as much as a process transformation. In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. Korea, United That means we can onboard new developers and have them productive much faster, and weve got fewer knowledge silos in the development team., Moreover, low-code development on OutSystems helps Tom fight back in the war for digital talent. Automation, Microsoft In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. Western Union is a global leader in cross-border, cross-currency money movement and payments. Our digital-first crisis response is helping us evolve into the future. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. While WU is considered a global leader in their space, competitive insights and . Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . 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. The top challenge for businesses with digital transformation goals in 2023 is determining where their companies should direct spending on technologies, according to a BCG X report. Ericsson will help accelerate Econet's digital transformation journey. If any of these should fit what you're looking for, consider exploring a career with Western Union. In the past five years, theres been a leveling across applications and data. your next, Infosys Team members were drawn from different continents and operating on different time zones. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. My mission is to empower people to become economically self-reliant. To that end, Singh has built on an existing relationship to forge a highly valuable partnership with Salesforce and oversee the roll-out of its industry-leading Marketing Cloud. today more than 65% of Western Union's digital transactions originate on a mobile . Garden, The Economist Security, Infosys Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. . Procurement & Construction, Financial Harare Responsible for . These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Were there tools or technology that were particularly helpful in your transformation? This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. 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. Some changes that used to take a month, we now deliver in around 48 hours.. 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. Rica, Hong How did you navigate those early moments? 1 (March 1990), pp. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. The pandemics economic stressors created a situation where more people suddenly needed to send money to family and friends around the world, many of whom rarely use financial services. Arab Emirates. Although retail business declined during . The primary reason we decided to go through with this transformation is that we saw an opportunity to positively impact revenue through our daily operations and behaviors. Updated on. Inclusion, Bloomberg 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. 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. People. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. . Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. According to the terms of the transaction . We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. The Baupost Group is a $31 billion Boston-based investment firm. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. New-found agility delivers growth and improved Customer Experience for partners and customers. Now its more pull. 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. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. That support has made it a lot easier to have the influence we need to make the transformation successful. Cortex, Infosys Mohua Das Gupta - Head of Marketing, Tata CliQ. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Maybe it started out as more of a push, where we were looking to come in and work with a team. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? 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. Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Build customized, secure, and scalable mobile banking apps. These are more tactical, day-to-day ways to implement lean across the organization. Learn about JSON storage. 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. Strategic partnerships working with platforms like Google is a critical piece of that. 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. Digital Transformation. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. 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. And still others want to do it all online.. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Industry experts were also drafted in to create the army that was required for this technology mission. Introducing the next-generation operating model, Winning with your talent-management strategy. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Wingspan, Infosys 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. 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. Snowflake: What do you see changing now that your organization is better able to share data? As mobile payments and blockchain tech challenge the status quo of cross-border money transfers, Western Union must digitally transform itself at the right pace or risk going the way of the telegraph. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Board of Directors. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. 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. Though its too early for results, the response from consumers has been positive, he says. 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. 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. Funds can be picked up in cash at half a million Western Union agent locations worldwide or transferred electronically to the recipients bank account or to a debit card linked to a digital wallet. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. . These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Since 2008, Huawei has offered a wide and expanding range of . Furthermore, a chain of retail outlets is expensive. Western Union powers your pursuit. For example, we began offering an option for telephone money transfer. 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. What we are talking about is not cryptocurrency, it is not something that has to be mined. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. 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. 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. 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. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Its important to understand that business stakeholders are customers of our data. As a company, Western Union is in the middle of a transformational moment. Jaffin: Digital was critical in a few ways. 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. My team and I had thought of the future being digital, of course, but the pandemic really forced us to make it a reality for the business. [5]. 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. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Profiles, Infosys Knowledge Denver, Colorado. People are enthusiastic about the results of the pilot, and they want to see that in their own area. Manufacturing, Information Services Lean deployments are a big piece of our overall transformation program. 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. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Today, structured and semi-structured data can easily coincide. 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 . Digital transformation in the EU. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. 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.

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