After the catastrophic explosion in Lebanon in 2020, the two companies worked together to build data pipelines to help those affected by the incident and provide support to agents in the area. 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. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. 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. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Experience in leading digital products from either the financial services, payment, or fintech industries. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Leadership Team. Now its more pull. Though its too early for results, the response from consumers has been positive, he says. Business Application Services, Service Experience The pandemics economic stressors created a situation where more people suddenly needed to send money to family and friends around the world, many of whom rarely use financial services. She also has worked with ad agencies like Ogilvy and McCann. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Country/region, Costa 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. & Distribution, Media and While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Data privacy and security practices . Western Union is doing that. Youre expected to find ways to optimize your processes and drive value. 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. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. 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. Achieving that is going to give Western Union agility, stability and resilience and allow us to focus on product development, because we know that our technology is going to sit in the cloud and take up a lot less of our time. Digital is all about how we reach the customer. Digital transformation in the EU | News | European Parliament Nov 2011 - Present11 years 5 months. 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. As mobile payments and blockchain tech challenge the status quo of cross-border money transfers, Western Union must digitally transform itself at the right pace or risk going the way of the telegraph. Digital Summit WB6 - Prishtina 2022 Imagine what we can do if you let us work with your team as well.. 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. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. But you say its about more than technology? 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. Garden, The Economist Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Before OutSystems, we typically released every six weeks. Arvie de Vera - LinkedIn Accelerating Digital Transformation in Western and Central Africa 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. The fusion of the digital and the physical, the irrepressible rise of new technologies. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Discover the latest data, insights, and inspiration from Think with Google. Africa, South 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. 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. Product Director, United States Money Transfer. Whats really nice about that is that its so visually obvious. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. Manufacturing, Information Services IT and engineering under one leader drives an exceptional customer Western Union agrees sale of Business Solutions division for $910m The relationship with Talend has enabled Western Union to help its global customer base in times of real need. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Swanback said a . <br><br>My Leadership Philosophy<br><br>I am an . Harare Responsible for . 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. Provide value consistently every month and deliver new value and capabilities. To explore this content and receive communications from Google, please sign in with an existing Google account. We will expand our Messenger bot to other countries and add other languages, he adds. The Western Union Way of digital transformation. Salesforce has been such an important part of the digital experience journey.. Western Union Customer Journey Transformation Automation, Microsoft 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. Knowledge Institute, Chemical Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. Furthermore, a chain of retail outlets is expensive. After exceeding expectations in 2020 despite the outbreak of COVID-19, the world's largest currency exchange service Western Union looks set to exceed US$1 billion in total annual revenues for its digital business segment in 2021 a major milestone for the company and a first in the world of digital cross-border payments.. Western Union's shift toward digital shows little sign of relenting. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. 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. Convera. 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. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. [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. Society Updated: 01-06-2022 - 11:45. Cookies help us deliver our services. Western Union reduced data warehousing costs by 50% and has saved millions through streamlined data engineering and administration after moving more than 30 data stores, including on-premises data, into Snowflake. As a company, Western Union is in the middle of a transformational moment. Hospitality, Waste First, for continuity of services. Western Union Digital Banking 4+ - App Store 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. Powering Digital Transformation: How Western Union Leverages the Data Safety starts with understanding how developers collect and share your data. But its really all about allowing the manager to observe the way their employee works, whats easy about that job and whats hard about that job. 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. Talends technology was used to bring various sources of data from different locations into a single place in rapid fashion, helping make decisions such as waiving fees for those sending funds to people caught up in the explosion. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . How Western Union accelerated digital during the pandemic So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. Second, we increased our use of digital media to reach customers and build a feedback loop. Our digital-first crisis response is helping us evolve into the future. Its been a great combination. Feb 7, 2023. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Technology powers the data economy. 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. 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. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. [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 company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. 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. 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]. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Western Union Embraces Digital Transformation - BaselineMag.com Strategic partnerships working with platforms like Google is a critical piece of that. 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. 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. 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 . The Western Union Company (WU) Q3 2022 Earnings Call Transcript 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. Services, Data January 25, 2019 | Video. The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Were there tools or technology that were particularly helpful in your transformation? For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. 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 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. Cambridge: Cambridge University Press Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Digital transformation & economic opportunities - Blog - Western Union People are asking us, Hey, can you come help me? [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. For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. Financing Digital Transformation and Bridging Digital Divide: The Case The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. ene. [2]But today, new technologies are threatening Western Unions entire business model. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. 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. 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. . A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. 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. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. Western Union will likely face internal resistance from three sources. Security, Infosys Its not done from the perspective of correction or a negative consequence. We developed the whole front-end for the app in less than four months., Western Union uses OutSystems for customer-facing apps, back office, and workflow solutions. de 2007 - actualidad16 aos 3 meses. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. 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. Transformation, Cyber 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. Cortex, Infosys I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. 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]. [5]. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. 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. Leadership Team - Western Union | Corporate Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. 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. Digital transformation in the EUBenefitting people, the economy and the environment. 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. . There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. Digital Transformation. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. Cash And Trade Magazine - For Cash and Trade professionals in the Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. 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 must adapt to an increasingly mobile world: if Western Union doesnt develop low-cost mobile money transfers, Western Union wont be able to compete with new competitors like Ant Financial and Zelle. The international roll-out continues to other countries at pace. We started function by function, looking at individual deployments across our different groups in the company. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. . 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 has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Please enable Javascript to see this feature. 1 (March 1990), pp. Enterprise Technology Operations Center Manager. 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 Think of Western Union, and its yellow placard advertising an agent location comes to mind. Created: 05-05-2021 - 17:15. Western Union Promo Codes | 30% Off In March 2023 | Forbes Profiles, Infosys Knowledge Over the last two years, Singh has been accelerating Western Union's tech plan. New-found agility delivers growth and improved Customer Experience for partners and customers. The Future of Payments is Invisible | CIO 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. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. Does it offer a more seamless customer experience? 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. Fellahi sees the Messenger bot as a promising tool. For decades, Western Union benefited from network effects as it added density and new geographies. Western Union Announces Agreement to Sell Western Union Business The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. Microservices, Digital Process Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. One of our most important tools is the floor walk. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Updated on. Western Union charges high fees since they need to cover rent and labor overhead.
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