Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Western Union offers digital transactions in 70 countries to move money around the world. We wanted plug-and-play convenience to integrate any technology.. 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. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Why Do Companies Choose to Outsource Work? Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Lastly, how do you see digital continuing to drive your services in the future? [4] Form 10-K for the year ended December 2017, p.7. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . Thats really enabled a lot more collaboration across groups. In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. Africa, South
Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Its been a great combination. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. [9]Western Union recently dipped its toes into blockchain. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. 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. To explore this content and receive communications from Google, please sign in with an existing Google account. That created a need to act. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Product Director, United States Money Transfer. These are more tactical, day-to-day ways to implement lean across the organization. The Transformation Story of Western Digital. Created: 05-05-2021 - 17:15. . One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). [8]. Cookies help us deliver our services. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Furthermore, a chain of retail outlets is expensive. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. Services, Data
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. Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernize their legacy core banking stacks. Digital Bulletin exists to tell the story. Deep divides in digital connectivity, internet use, and access remain. And its not something you can achieve really quickly, its a multiple-year process. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . How Western Union achieved Digital Transformation with Infosys and Oracle. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. We offer consumers the choices they want, both for sending and receiving money, he stresses. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Group, Infosys Revenue Management Platform for Banking, About
. Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. HELIX, Management
Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. While WU is considered a global leader in their space, competitive insights and . Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. Automation, Microsoft
Thats changing. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Jaffin: Digital was critical in a few ways. 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. Western Union is a global leader in cross-border, cross-currency money movement and payments. That support has made it a lot easier to have the influence we need to make the transformation successful. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . 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. Western Union International Bank is licensed by the Austrian Financial Market Authority. The partnership with Talend has evolved over the last few years and was originally established to provide our business and technology teams a fast and efficient way to build data pipelines. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. So its a real imperative across the top of the organization. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. ", 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. Learn about JSON storage. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Please enable Javascript to see this feature. 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. We use OutSystems in multiple layers of our tech stack, says Tom. 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. 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. Now its more pull. The gap between access and use is growing, with 56% of people in . However, Western Union doesnt view its established retail business as totally separate from the digital world. few clicks, you can use OutSystems to bring your visions to life. Digital transformation in Western Union must be driven from the top-down. Specifically,. 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.. Mazzaferro: Keep it simple. of Use, Payment
So youre really talking about game-changing differences between how processes worked before and after. Inclusion, Bloomberg
Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. 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. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. [6], However, regulators cant keep pace with the wave of new blockchain applications. A doctor in London taps an app on her phone to transfer 500 pounds. 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. [2]But today, new technologies are threatening Western Unions entire business model. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. [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. 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. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Enterprise Technology Operations Center Manager. Some changes that used to take a month, we now deliver in around 48 hours.. (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. Services, High
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. Introducing the next-generation operating model, Winning with your talent-management strategy. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. 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.. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight.