It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. The aim of this paper is to sketch a brief history of complex digital transformation of media and . The Baupost Group is a $31 billion Boston-based investment firm. 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. One of our most important tools is the floor walk. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Garden, The Economist 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. Increasingly, digital technology and mobile devices play a key role in these transactions. Group, Infosys Revenue Management Platform for Banking, About Western Union is a global leader in cross-border, cross-currency money movement and payments. Western Union has innovated before. 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. 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. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. For more than 170 years Western Union has been helping people send money all over the world. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. of Use, Payment That created a need to act. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. People are enthusiastic about the results of the pilot, and they want to see that in their own area. 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. Provide value consistently every month and deliver new value and capabilities. These are things like rewards and recognition, top-down innovation, and consequence management. 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. So youre really talking about game-changing differences between how processes worked before and after. Although retail business declined during . 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. Western Union can leverage such physical presence to win this new innovative space. Western Union. 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 . [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Cortex, Infosys These are more tactical, day-to-day ways to implement lean across the organization. [4] Form 10-K for the year ended December 2017, p.7. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Digital transformation in the EUBenefitting people, the economy and the environment. Technology or Operations transformation . Institute, Infosys Innovation So its a real imperative across the top of the organization. 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. Packaged Goods, Engineering Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Increasingly, digital technology and mobile devices play a key role in these transactions. Over the last two years, Singh has been accelerating Western Union's tech plan. 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. Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. 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. Management, Digital Workplace The culture change has to be driven across teams to show how technology has enabled different and better outcomes. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. 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. The Western Union Way of digital transformation. Though its too early for results, the response from consumers has been positive, he says. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. And its not something you can achieve really quickly, its a multiple-year process. My mission is to empower people to become economically self-reliant. Harare Responsible for . . (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Data privacy and security practices . 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. 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. Africa, South [8]. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Digital transformation in the EU. Automation, Microsoft Western Union Uses AWS to Create Company-Wide Digital Transformation. By John Manning, International Banker. 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. . 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. To explore this content and receive communications from Google, please sign in with an existing Google account. Convera. This is just one example of how blockchain could be an opportunity for Western Union. 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. Knowledge Institute, Chemical 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. Today, structured and semi-structured data can easily coincide. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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. For decades, Western Union benefited from network effects as it added density and new geographies. Security, Infosys . We offer consumers the choices they want, both for sending and receiving money, he stresses. This will enable the company to maintain its high . People who knew how a team or a group worked before can come in and see its night-and-day different. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. 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. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Product Director, United States Money Transfer. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Digital is all about how we reach the customer. Our digital-first crisis response is helping us evolve into the future. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Infosys accelerated Western Union's digital transformation by harmonizing agent operations, implementing billing and collection standards, enabling modular growth, accelerating new product launches, enabling digital on-demand procedures, designing global accounting solutions based on one single template, supporting highly complex pricing and multiple business models, and massive management processes as a strategic technology partner. 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. January 25, 2019 | Video. Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. Guide for Suppliers, Select My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. On March 1, Huawei held a "Digital Leadership Seminar" during Mobile World Congress (MWC) 2023 in Barcelona, Spain, attended by more than 60 high-level customers from global carriers, government enterprises, and KOL. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Talends technology was used to bring various sources of data from different locations into a single place in rapid fashion, helping make decisions such as waiving fees for those sending funds to people caught up in the explosion. For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). Leadership Team. Not just front-end, but back office and our contact center. 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. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Western Union is trying to use Blockchain as an incremental or modular innovation, when in fact it could be an architectural orradical innovation (see chart below) introducing entirely new businesses that fit well into Western Unions existing capabilities. Snowflake: What do you see changing now that your organization is better able to share data? Most of the customers for remittance service (e.g. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Digital transformation starts with people, which is a useful reminder that . The fusion of the digital and the physical, the irrepressible rise of new technologies. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . As a company, Western Union is in the middle of a transformational moment. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. 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. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Were there tools or technology that were particularly helpful in your transformation? Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Teams that may not previously have interacted with each other are now doing floor walks with each other. We're making content recommendations better for thousands of readers. Western Union is also focused on the global remittance market. In the past five years, theres been a leveling across applications and data.
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