[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. The Transformation Story of Western Digital. But it becomes more self-driven, and that really enables the scale. 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. Western Union International Bank is licensed by the Austrian Financial Market Authority. . Western Union powers your pursuit. Driving Western Union's tech transformation - Digital Bulletin Increasingly, digital technology and mobile devices play a key role in these transactions. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Microservices, Digital Process Western Union Uses AWS to Create Company-Wide Digital Transformation. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Western Union Partners with MFS Africa to Enable Money Transfers into The gap between access and use is growing, with 56% of people in . Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. So its a real imperative across the top of the organization. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Packaged Goods, Engineering 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. 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. Thats really enabled a lot more collaboration across groups. . 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 -. The Essential Components of Digital Transformation Western Union built its platform by assembling a global network of third party agents. We offer consumers the choices they want, both for sending and receiving money, he stresses. 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. Teams that may not previously have interacted with each other are now doing floor walks with each other. Western Union. 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. Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . 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. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. 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. Team members were drawn from different continents and operating on different time zones. (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. Navigate Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Youre expected to find ways to optimize your processes and drive value. 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 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). When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. be to drive digital transformation and . Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Its in our DNA to think about global operations because Western Union covers the world.. 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. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Rica, Hong 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.. 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. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. 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. January 25, 2019 | Video. The Baupost Group is a $31 billion Boston-based investment firm. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Industry experts were also drafted in to create the army that was required for this technology mission. 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. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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. Engaged in problem resolution of complex . In the past several years, the Englewood, Colo.-based company has made a point to develop and [] Convera's Next Steps: Western Union Business Solutions - Forbes Harare Responsible for . How did you navigate those early moments? In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. 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. 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. - Access cash back rewards at the WU store. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union Advances Its Digital Growth Strategy With - Wire19 Mohua Das Gupta - Head of Marketing, Tata CliQ. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. 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. 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. Receive rewards. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. In the latest step in its digital journey, Western Union recently launched a bot that enables Facebook Messenger users in the United States to send money to more than 200 countries, across 130 currencies, from within the messaging app. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. While WU is considered a global leader in their space, competitive insights and . Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. These are things like rewards and recognition, top-down innovation, and consequence management. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. One of our most important tools is the floor walk. 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. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. Alonso Calderon - Enterprise Technology Operations Center Manager Best practices were also key. Western Union: New Thought Leadership Status in Digital Cross-border Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. 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. Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. Services, Public Cortex, Infosys A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . Western Union's digital transformation sprints to mobile Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Digital Bulletin exists to tell the story. Lean deployments are a big piece of our overall transformation program. Whats really nice about that is that its so visually obvious. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Experience in leading digital products from either the financial services, payment, or fintech industries. 2021. 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 . Digital transformation in Western Union must be driven from the top-down. Looking back at the results of our work over the last couple of years across all of our deployments, you see some really impressive gains. Singh is a proponent for a Central Bank Digital Currency, which he says is significantly different to the digital assets such as BitCoin and Ethereum, which can fluctuate wildly in value over short periods of time. 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. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Western Union uses a central team to build new capabilities across the business. The Transformation Story of Western Digital - infosys.com 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. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. The international roll-out continues to other countries at pace. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. 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. 2023Western Union Holdings, Inc. All Rights Reserved. Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Open a free Western Union Digital Banking bank account to manage your international finances and make instant, transfer fee-free* money transfers to other Western Union Digital Banking account holders. Western Union offers digital transactions in 70 countries to move money around the world. <br><br>My Leadership Philosophy<br><br>I am an . This aims to support the transition of the region into a digital economy and bring the benefits of digital transformation, such as faster economic growth, more jobs, and better services. In 1861 it sent the first transcontinental telegraph. People are asking us, Hey, can you come help me? Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Us, Terms [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Funds can be picked up in cash at half a million Western Union agent locations worldwide or transferred electronically to the recipients bank account or to a debit card linked to a digital wallet. Arab Emirates. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. We started function by function, looking at individual deployments across our different groups in the company. 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 digital integrates UAE Pass - Gulf Business 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. ; With the solution, Western Union launched a state-of-the-art digital . To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. We wont bug you too much because thats more work for all of us. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. 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. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. . 28+ active Western Union coupons, discount codes & coupon codes for June 2021. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Does it offer a more seamless customer experience? Profiles, Infosys Knowledge In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. 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. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Western Union is also focused on the global remittance market. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. For more than 170 years Western Union has been helping people send money all over the world. 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. Data safety. Youre now a year into your role as CMO and leading through a prolonged global crisis. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Why Do Companies Choose to Outsource Work? The Western Union Way of digital transformation | McKinsey [6], However, regulators cant keep pace with the wave of new blockchain applications. 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. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities 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 Careers Nduduzo Tshuma - Head of Information Technology & Digital 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. 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 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. Its been a great combination. He shares his views on digital transformation and economic opportunities for all. 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. So we established a set of what we call market-shaper practices that we wanted to focus on. The fusion of the digital and the physical, the irrepressible rise of new technologies. Strategic partnerships working with platforms like Google is a critical piece of that. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. Western Union and Beforepay introduce 'send now, pay later' service We believe in the work we do, why we do it, and who we hire to get it done. 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 . 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 reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Think of Western Union, and its yellow placard advertising an agent location comes to mind. 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.

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