A doctor in London taps an app on her phone to transfer 500 pounds. 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. Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector 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. 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. 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. Maybe it started out as more of a push, where we were looking to come in and work with a team. 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. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Key takeaways. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . And still others want to do it all online.. 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. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. 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. Now its more pull. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Manufacturing, Communication 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. 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. Does it offer a more seamless customer experience? Western Union agrees sale of Business Solutions division for $910m They have also triggered profound changes within global banking, demanding that lenders remain flexible, nimble, and innovative in their digital-banking strategies to meet customers' rapidly . 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. Entertainment, Professional Theyll be there to help you stay on track or course correct when you have troubles. Why Do Companies Choose to Outsource Work? 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. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Western Union Launches Two Digital Banking apps in 11 Months Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Western Union Customer Journey Transformation Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Were there tools or technology that were particularly helpful in your 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. 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.. 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. So we established a set of what we call market-shaper practices that we wanted to focus on. Western Union uses a central team to build new capabilities across the business. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Profiles, Infosys Knowledge Western Union is doing that. 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. We're making content recommendations better for thousands of readers. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. He shares his views on digital transformation and economic opportunities for all. He shares his views on digital transformation and economic opportunities for all. 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. 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. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Created: 05-05-2021 - 17:15. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? 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. 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. 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. Though its too early for results, the response from consumers has been positive, he says. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Cambridge: Cambridge University Press 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 digital integrates UAE Pass - Gulf Business We teach employees, and then they execute. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn Some changes that used to take a month, we now deliver in around 48 hours.. Western Union Advances Its Digital Growth Strategy With Investment in It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. be to drive digital transformation and . [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. 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. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. People are asking us, Hey, can you come help me? We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. As a company, Western Union is in the middle of a transformational moment. Powering Digital Transformation: How Western Union Leverages the Data Western Union. Thank you for this great post, Hans. Technology powers the data economy. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Digital transformation in the EU. How Western Union Became a Global Digital Front-Runner for Cross-Border Payments Money By Jay Jaffin, Head of Global Digital, Western Union May 24, 2021. Jaffin: Digital was critical in a few ways. The Western Union Way of digital transformation. [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. Harare Responsible for . A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. 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. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . 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. 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. 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 . To explore this content and receive communications from Google, please sign in with an existing Google account. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. 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. 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. 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. 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. Digital transformation in the EU | News | European Parliament 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. 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. Its in our DNA to think about global operations because Western Union covers the world.. 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 . Enterprise Technology Operations Center Manager. The CDO needs to drive digital transformation by enabling data to power product development and the company. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. That support has made it a lot easier to have the influence we need to make the transformation successful. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Western Union is a global leader in cross-border, cross-currency money movement and payments. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. 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. But it becomes more self-driven, and that really enables the scale. 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. 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. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Western Union Announces Agreement to Sell Western Union Business From apps that save lives to those that process loans in a The way we approached it was to use the central WU Way team for capability building. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. How Western Union achieved Digital Transformation with Infosys and Oracle. Western Union Google Pay Integration: Interview With Vice - Monito 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. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. 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). - Access cash back rewards at the WU store. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. 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. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Leadership. 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 . 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. Digital transformation in the EUBenefitting people, the economy and the environment. 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 also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. 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. People are enthusiastic about the results of the pilot, and they want to see that in their own area. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Western Union is to shed its Business Solutions unit, with investment firms Goldfinch and Baupost set to acquire the business for $910 million in cash. One of our most important tools is the floor walk. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. Packaged Goods, Engineering 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. 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. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. The international roll-out continues to other countries at pace. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Product Director, United States Money Transfer. 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. In the past, JSON storage and analysis required specific JSON databases. Before OutSystems, we typically released every six weeks. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. Western Union offers digital transactions in 70 countries to move money around the world. Learn about JSON storage. BWIRE: Support youths to enhance their digital skills As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Finacle, Infosys
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