western union digital transformation

The Western Union Way of digital transformation. January 25, 2019 | Video. 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. 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. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Management, Digital Workplace Business Unit Represents Approximately 7% of Company Revenue . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? 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]. 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. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. These are things like rewards and recognition, top-down innovation, and consequence management. 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. When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize 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. Filipino workers abroad), they need to bring physical money somewhere, and most of the fintech companies in remittance space dont have their own channels (they often partner with local kiosks). The CDO needs to drive digital transformation by enabling data to power product development and the company. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Western Union is a global leader in cross-border, cross-currency money movement and payments. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. 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. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Engaged in problem resolution of complex . 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]. 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. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Digital Bulletin exists to tell the story. Top-down prioritization of digital transformation. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. 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. 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.. 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. Salesforce has been such an important part of the digital experience journey.. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. 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. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. We are also launching new products into the market, including a pilot for digital banking services in select markets in Europe and a revamped loyalty programme, which require us to capture data from our central warehouses to drive decision making, marketing and customer acquisition. 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. 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.. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Whats really nice about that is that its so visually obvious. Policy . Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . - Earn My WU points. The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization's licensed payment rails. Others prefer to prepare a transaction online and then go to a retail location to pay cash. We will expand our Messenger bot to other countries and add other languages, he adds. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Thats really enabled a lot more collaboration across groups. [8]. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . To explore this content and receive communications from Google, please sign in with an existing Google account. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Companies like Venmo(PayPal) and Zelle(joint venture by several large U.S. banks) have deep pockets, but so far are mostly competing in domestic payment markets. 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. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. [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. Though its too early for results, the response from consumers has been positive, he says. They essentially sponsor a team and loan the resources that are necessary. 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. Inclusion, Bloomberg Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. 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. 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. By using our services, you agree to our use of cookies. 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. He praises the vendor support and namechecks first AWS for enabling the organisation to quicken the pace of its procurement process and spin up workloads to the cloud faster than had originally been anticipated. Professors from HEC, ESCP business school, and leading carriers shared insights on . In the past several years, the Englewood, Colo.-based company has made a point to develop and [] 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 . Services, High Nov 2011 - Present11 years 5 months. 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. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. However, Western Union doesnt view its established retail business as totally separate from the digital world. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. 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. Analytics, API Economy & Provide value consistently every month and deliver new value and capabilities. Profiles, Infosys Knowledge But theyve been hugely supportive and as weve hit milestones, such as moving significant infrastructure completely to the cloud or achieving significant savings with the Marketing Cloud, we have built that business case. The aim of this paper is to sketch a brief history of complex digital transformation of media and . If any of these should fit what you're looking for, consider exploring a career with Western Union. Top retailers use AI-powered campaigns to engage their most valuable customers. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Discover the latest data, insights, and inspiration from Think with Google. He shares his views on digital transformation and economic opportunities for all. 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 . [5]. ", 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. Cortex, Infosys This entails a leader or a manager being on the floor with people doing their day-to-day jobs, just observing the way they work. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. Second, we increased our use of digital media to reach customers and build a feedback loop. For decades, Western Union benefited from network effects as it added density and new geographies. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. 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. 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. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. We use OutSystems in multiple layers of our tech stack, says Tom. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. 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. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Before OutSystems, we typically released every six weeks. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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. Packaged Goods, Engineering The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. de 2007 - actualidad16 aos 3 meses. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. 35, No. Society Updated: 01-06-2022 - 11:45. Country/region, Costa Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. People. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. 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. Western Union is doing that. . Jaffin: Western Union has a culture of innovating to meet customer needs, and the past 12 months have shown us that quick pivots can drive lasting change. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. 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. of Use, Payment My mission is to empower people to become economically self-reliant. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. 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.. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Board of Directors. UnionDigital Bank is the trusted bridge between innovation and regulation. Western Union has innovated before. For decades, Western Union has defended its global position by investing in regulatory compliance. 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. 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. We serve all customer segments: from digital natives who are never without their smartphones to the 4 billion people on earth the World Bank estimates arent online yet., Western Union is strongly committed to migrants and to refugees: migration is at the heart of our business. [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. 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. 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. At its core is a migration from on-prem to a cloud-based infrastructure, which it believes is key to allowing the organisation to scale and evolve into a company with the clout of an established financial institution combined with the agility and flexibility of a modern FinTech. Zealand, South The Baupost Group is a $31 billion Boston-based investment firm. 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. (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. We offer consumers the choices they want, both for sending and receiving money, he stresses. New-found agility delivers growth and improved Customer Experience for partners and customers. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. 12. 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 . Over the last two years, Singh has been accelerating Western Union's tech plan. We wont bug you too much because thats more work for all of us. 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. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante.

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