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. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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. 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. Provide value consistently every month and deliver new value and capabilities. Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. 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. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. That created a need to act. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Western Union now has more than 550,000 agent locations in more than 200 countries. Western Union uses a central team to build new capabilities across the business. Data privacy and security practices . Western Union and Zain Cash Collaborate to Facilitate Digital Cross 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. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. The fusion of the digital and the physical, the irrepressible rise of new technologies. 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. Group, Infosys Revenue Management Platform for Banking, About
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.. Best practices were also key. However, Western Union doesnt view its established retail business as totally separate from the digital world. The Western Union Way of digital transformation | McKinsey 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. Discover the latest data, insights, and inspiration from Think with Google. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. The digital transformation is helping Western Union emerge from a challenging two-year era. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. 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 . Cortex, Infosys
Driving Western Union's tech transformation - Digital Bulletin Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO To learn more about the data economy, what your organization stands to gain from using data effectively, and how to become a Data Economy Leader, download the report overview, How to Win in Todays Data Economy. Think of Western Union, and its yellow placard advertising an agent location comes to mind. By John Manning, International Banker. Western Union hiring Global Head, Customer Experience & Design in 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. Technology, Industrial
Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. 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. Powering Digital Transformation: How Western Union Leverages the Data So youre really talking about game-changing differences between how processes worked before and after. How Western Union achieved Digital Transformation with Infosys and Oracle . The aim of this paper is to sketch a brief history of complex digital transformation of media and . 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 -. Introducing the next-generation operating model, Winning with your talent-management strategy. 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). The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Theyll be there to help you stay on track or course correct when you have troubles. From apps that save lives to those that process loans in a
Technology powers the data economy. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. [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. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. 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. Feb 7, 2023. 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. Youre starting to see that happen culturally. Digital transformation in Western Union must be driven from the top-down. . Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. Mazzaferro: Keep it simple. Swanback said a . However, Western Union would be wise to form a new, separate unit for exploring blockchain 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. Digital transformation of journalism and media in Serbia: What has gone Zealand, South
28+ active Western Union coupons, discount codes & coupon codes for June 2021. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Western Union Google Pay Integration: Interview With Vice - Monito Inclusion, Bloomberg
You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. 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. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. Western Union Customer Journey Transformation [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. Snowflake: What do you see changing now that your organization is better able to share data? He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Western Union built its platform by assembling a global network of third party agents. 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's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money 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. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. [2] Westar 1, Wikipedia, accessed April 2018. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. 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. 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. The Transformation Story of Western Digital. He shares his views on digital transformation and economic opportunities for all. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . People who knew how a team or a group worked before can come in and see its night-and-day different. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. 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]. Deep divides in digital connectivity, internet use, and access remain. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. January 25, 2019 | Video. People. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Experience in leading digital products from either the financial services, payment, or fintech industries. Need a Lenten fish fry? There's an interactive map for that Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. 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. Digital transformation in the EU | News | European Parliament 2023Western Union Holdings, Inc. All Rights Reserved. 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. An advantage of Western Unions omnichannel approach is that it includes all customers, whether they are integrated or not in the financial system: the banked, the underbanked, and the unbanked. ene. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. [8]. 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 . My mission is to empower people to become economically self-reliant. What does "digital transformation" mean to Western Union? In 1861 it sent the first transcontinental telegraph. Western Union is the worlds first P2P company. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. Services, High
Digital transformation in the EU. 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. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Mohua Das Gupta - Head of Marketing, Tata CliQ. 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. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. 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. The CDO needs to drive digital transformation by enabling data to power product development and the company. Entertainment, Professional
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. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Western Union: Leading or Lagging Digital Transformation? Youre now a year into your role as CMO and leading through a prolonged global crisis. Anil Santhapuri - Director of Skills Solutions, Global Talent Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. 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. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. But you say its about more than technology? 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. Cash And Trade Magazine - For Cash and Trade professionals in the We will expand our Messenger bot to other countries and add other languages, he adds. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Procurement & Construction, Financial
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]. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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 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. 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. 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. 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. . To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Western Union Uses AWS to Create Company-Wide Digital Transformation. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Convera. Industry experts were also drafted in to create the army that was required for this technology mission. People are asking us, Hey, can you come help me? Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Updated on. Working across many cultures at Western Union | McKinsey While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Services, Public
Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. 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.