By using our services, you agree to our use of cookies. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. Cambridge: Cambridge University Press Western Union uses a central team to build new capabilities across the business. 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. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. 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. He shares his views on digital transformation and economic opportunities for all. Updated on. 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. We will expand our Messenger bot to other countries and add other languages, he adds. 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. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. Furthermore, a chain of retail outlets is expensive. In 1861 it sent the first transcontinental telegraph. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. 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. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 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. 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. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Mohua Das Gupta - Head of Marketing, Tata CliQ. 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.. 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.. The Western Union Company (WU) Q3 2022 Earnings Call Transcript Western Union now has more than 550,000 agent locations in more than 200 countries. today more than 65% of Western Union's digital transactions originate on a mobile . The aim of this paper is to sketch a brief history of complex digital transformation of media and . 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. Strategic partnerships working with platforms like Google is a critical piece of that. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. Cortex, Infosys [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. 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.. Packaged Goods, Engineering 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]. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. 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. Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. 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 . We wont bug you too much because thats more work for all of us. Western Union Advances Its Digital Growth Strategy With - Wire19 For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. 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. Navigate In order to fund the investments, we decided that it was really important to do a transformation exercise, look for ways to gain efficiencies and effectiveness across our processes and procedures, and then use those efficiencies to fund the growth investments. Introducing the next-generation operating model, Winning with your talent-management strategy. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Women in Marketing: Executives who are building brand narratives 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. Driving Western Union's tech transformation - Digital Bulletin The Western Union Way of digital transformation. 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. 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. 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. Western Union's digital transformation sprints to mobile As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. 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. Others prefer to prepare a transaction online and then go to a retail location to pay cash. Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO 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. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. January 25, 2019 | Video. 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. Western Union: Reimagining a Financial Services Leader On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. IT and engineering under one leader drives an exceptional customer [2] Westar 1, Wikipedia, accessed April 2018. 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. These are things like rewards and recognition, top-down innovation, and consequence management. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Western Union is the worlds first P2P company. 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. Western Union Send Money Now 4+ - App Store Professors from HEC, ESCP business school, and leading carriers shared insights on . Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Western Union Digital Banking - Apps on Google Play Services, Data How did you navigate those early moments? 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. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. 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. 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. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Western Union offers digital transactions in 70 countries to move money around the world. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018..
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