Digital Transformation. 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 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. 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. 35, No. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Services, Data Western Union has innovated before. 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. Western Union charges high fees since they need to cover rent and labor overhead. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. . 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. Second, we increased our use of digital media to reach customers and build a feedback loop. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. 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. 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. [6], However, regulators cant keep pace with the wave of new blockchain applications. 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. We wanted plug-and-play convenience to integrate any technology.. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . The Baupost Group is a $31 billion Boston-based investment firm. Thats changing. People. 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. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. That created a need to act. 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. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Mohua Das Gupta - Head of Marketing, Tata CliQ. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Wingspan, Infosys Over the last two years, Singh has been accelerating Western Union's tech plan. That helps us refocus on the particular market-shaper practices that we need to double down on in order to continue improving during our transformation journey. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. . Data privacy and security practices . 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 . 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 . In [] Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. 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. 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. 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]. How did you navigate those early moments? The Western Union Way of digital transformation. January 25, 2019 | Video. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. So youre really talking about game-changing differences between how processes worked before and after. Rica, Hong 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. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. 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 . Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. (PDF-165 KB) The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Media, Madison Square Professors from HEC, ESCP business school, and leading carriers shared insights on . 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. Leadership Team. Thank you for this great post, Hans. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. New-found agility delivers growth and improved Customer Experience for partners and customers. Services, Consumer Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . It took six months to do the bare minimum. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Now we are on track to achieve those gains and benefits that come with being more agile and being able to grow at scale, we can really begin to look forward and reap the rewards of the transformation.. 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. Learn about JSON storage. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Technology, Industrial If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? My mission is to empower people to become economically self-reliant. 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. Business Application Services, Service Experience Korea, United The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. How Western Union achieved Digital Transformation with Infosys and Oracle. We believe in the work we do, why we do it, and who we hire to get it done. Cortex, Infosys your next, Infosys As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. Build customized, secure, and scalable mobile banking apps. - Access cash back rewards at the WU store. 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. Industry experts were also drafted in to create the army that was required for this technology mission. 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]. Packaged Goods, Engineering He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. 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. Swanback said a . In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. ; With the solution, Western Union launched a state-of-the-art digital . Manufacturing, Information Services Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. [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. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Country/region, Costa Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Feb 7, 2023. Why Do Companies Choose to Outsource Work? 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. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. 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. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Western Union Digital Banking is offered by Western Union International Bank GmbH. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. today more than 65% of Western Union's digital transactions originate on a mobile . Maybe it started out as more of a push, where we were looking to come in and work with a team. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. The aim of this paper is to sketch a brief history of complex digital transformation of media and . 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. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Safety starts with understanding how developers collect and share your data. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Transformation, Cyber Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. She also has worked with ad agencies like Ogilvy and McCann. He shares his views on digital transformation and economic opportunities for all. Strategic partnerships working with platforms like Google is a critical piece of that. 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. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. Introducing the next-generation operating model, Winning with your talent-management strategy. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Group, Infosys Revenue Management Platform for Banking, About Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. Theyll be there to help you stay on track or course correct when you have troubles. 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. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money Today, structured and semi-structured data can easily coincide. 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. Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. 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. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. 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 . In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. 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. 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. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. First, for continuity of services. Not just front-end, but back office and our contact center. Services, High Digital Bulletin exists to tell the story.

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