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 . Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. We started function by function, looking at individual deployments across our different groups in the company. [5]. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . Digital transformation in the EU | News | European Parliament 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. 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. Some want to go to a retail store and pay cash. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Please enable Javascript to see this feature. . 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. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. As a company, Western Union is in the middle of a transformational moment. The service, which is set to launch in Madagascar, will see funds from around the world move through payment rails operated by MFS Africa, the continent's largest payment gateway.. MFS Africa's digital payments network connects more than 400 million mobile money wallets, more than 200 million bank accounts across Africa, and more than 200,000 agents in Nigeria, to enable cross-platform and . How Western Union achieved Digital Transformation with Infosys and Oracle. 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 But it becomes more self-driven, and that really enables the scale. 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. Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. 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. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. The Western Union Way of digital transformation | McKinsey Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. Its been a great combination. Feb 7, 2023. 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. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Group, Infosys Revenue Management Platform for Banking, About 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: Leading or Lagging Digital Transformation? 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. People are asking us, Hey, can you come help me? Western Union Promo Codes | 30% Off In March 2023 | Forbes Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Provide value consistently every month and deliver new value and capabilities. And that could be at an operation site or it could be more of a frontline thing like a sales executive. arrow_forward. Western Union Send Money Now 4+ - App Store Deloitte Collaborates With AWS to Put Enterprise-Class Banking Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. With OutSystems, we deploy twice every week. Sector, Travel and We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Western Union is a global leader in cross-border, cross-currency money movement and payments. By John Manning, International Banker. We teach employees, and then they execute. Profiles, Infosys Knowledge 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. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. 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 Google Pay Integration: Interview With Vice - Monito Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Services, Consumer 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. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. What does "digital transformation" mean to Western Union? 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. [4] Form 10-K for the year ended December 2017, p.7. These strategies are paying off. 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 Western Union Company (WU) Q3 2022 Earnings Call Transcript We use OutSystems in multiple layers of our tech stack, says Tom. Though its too early for results, the response from consumers has been positive, he says. Not just front-end, but back office and our contact center. 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. [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. Tom Mazzaferro, Chief Data Officer at Western Union together with Nick Halsey, CEO at Okera talk about the technology that Western Union has adopted to help build new products and Western Union, Chief Data Officer: Digital Transformation Initiatives (Part 3) | Cloud | cdomagazine.tech Western Union Uses AWS to Create Company-Wide Digital Transformation. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. 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. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Increasingly, digital technology and mobile devices play a key role in these transactions. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Western Union uses a central team to build new capabilities across the business. The fusion of the digital and the physical, the irrepressible rise of new technologies. Korea, United My role was to bring all of these different teams together and instil a culture that recognised it wasnt just about how fast we were going, but also about the quality of the product were delivering.. Transformation, Cyber We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Harveer Singh Leads Western Union's Digital Transformation - Profile Manufacturing, Information Services Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Build customized, secure, and scalable mobile banking apps. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. My mission is to empower people to become economically self-reliant. [9]Western Union recently dipped its toes into blockchain. ", 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. 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. . The OutSystems platforms capabilities were immediately put to the test through 2021, as Western Union and its system integrator started development of its new digital banking app that includes a multicurrency bank account combined with money transfers, and other added benefits such as a Visa Platinum debit card. Western Union, Chief Data Officer: Digital Transformation Initiatives 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. In the past, JSON storage and analysis required specific JSON databases. It took six months to do the bare minimum. Automation, Microsoft Western Union International Banks CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. Youre now a year into your role as CMO and leading through a prolonged global crisis. Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. 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.. Lastly, how do you see digital continuing to drive your services in the future? 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. 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 is the worlds first P2P company. These are things like rewards and recognition, top-down innovation, and consequence management. Thats not to say cloud is always cheap, it can be expensive but we have a very stringent Review Board to keep our costs in check, so cost reduction is something about which we are confident.. The way we approached it was to use the central WU Way team for capability building. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Imagine what we can do if you let us work with your team as well.. Western Union Customer Journey Transformation Its more about having the manager understand how the work actually gets done on the floor. 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. Procurement & Construction, Financial 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. From apps that save lives to those that process loans in a UnionBank: Blazing Digital Trails in the Philippines and Beyond Over the last two years, Singh has been accelerating Western Union's tech plan. Kong, New Western Union now has more than 550,000 agent locations in more than 200 countries. Mohua Das Gupta - Head of Marketing, Tata CliQ. Business Application Services, Service Experience How Western Union achieved Digital Transformation with Infosys and Oracle Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. 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. 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. 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. . [8]. BWIRE: Support youths to enhance their digital skills Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. 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. 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. 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. Convera. How Western Union Became a Global Digital Front-Runner for Cross-Border Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money 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. Western Union's digital transformation sprints to mobile Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. 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). We wanted plug-and-play convenience to integrate any technology.. ; With the solution, Western Union launched a state-of-the-art digital . 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. Western Union. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. 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. 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. . Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Western Union Digital Banking - Apps on Google Play Industry experts were also drafted in to create the army that was required for this technology mission. 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. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. 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. That support has made it a lot easier to have the influence we need to make the transformation successful. If any of these should fit what you're looking for, consider exploring a career with Western Union. 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. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Reliable for over 170 years. 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. 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. January 25, 2019 | Video. Western Union Launches Two Digital Banking apps in 11 Months It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. Finally, shareholders may punish Western Union for moving away from its higher margin core business to focus instead on simpler, lower-cost digital money transfers. The gap between access and use is growing, with 56% of people in . To explore this content and receive communications from Google, please sign in with an existing Google account. 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.
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