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The transition from legacy systems to Oracle Solutions was critical to the strategy's success. . [3], Western Union operates in three segments, with most of its revenues (79%) coming from the C2C segment: [4], Western Union became the dominant player in cross-border C2C money transfers through a platform strategyit connected people who wanted to send money across borders. That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. Harveer Singh Leads Western Union's Digital Transformation - Profile So, constant iteration and rapid delivery are crucial. 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 . The author approaches the problem using public. For more than 170 years Western Union has been helping people send money all over the world. 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. These strategies are paying off. 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. Driving Western Union's tech transformation - Digital Bulletin 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. By using our services, you agree to our use of cookies. Kong, New Furthermore, a chain of retail outlets is expensive. Increasingly, digital technology and mobile devices play a key role in these transactions. Convera. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. 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. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . . We are also launching new products into the market, including a pilot for digital banking services in select markets in Europe and a revamped loyalty programme, which require us to capture data from our central warehouses to drive decision making, marketing and customer acquisition. Western Union began a mission to transform the settlement platform with streamlined retail and digital cross-border money transfer operations to overcome the challenges and constraints of their legacy settlement systems. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . . Hospitality, Waste Rica, Hong Wingspan, Infosys Western Union agrees sale of Business Solutions division for $910m 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. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Guide for Suppliers, Select These are things like rewards and recognition, top-down innovation, and consequence management. Western Union Announces Agreement to Sell Western Union Business Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. They essentially sponsor a team and loan the resources that are necessary. Western Union Send Money Now 4+ - App Store Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . 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 -. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. 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. Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). Western Union is also focused on the global remittance market. Youre expected to find ways to optimize your processes and drive value. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. . Western Union Advances Its Digital Growth Strategy With Investment in 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. Powering Digital Transformation: How Western Union Leverages the Data She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. The aim of this paper is to sketch a brief history of complex digital transformation of media and . Really understand the business stakeholders problem and how you can fix or enable it. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. ene. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. To explore this content and receive communications from Google, please sign in with an existing Google account. Leadership Team. Digital Bulletin exists to tell the story. Business Unit Represents Approximately 7% of Company Revenue . What does "digital transformation" mean to Western Union? Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. 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. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Learn about JSON storage. Financing Digital Transformation and Bridging Digital Divide: The Case Talend is our backbone for that work and have really evolved their product to meet our needs.. Western Union powers your pursuit. Digital is all about how we reach the customer. The international roll-out continues to other countries at pace. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. 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. The gap between access and use is growing, with 56% of people in . Digital transformation in Western Union must be driven from the top-down. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. But Western Union is missing the true potential of blockchain for its business. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. 2021. Reliable for over 170 years. Denver, Colorado. Zealand, South . Transformation, Cyber Western Union is the worlds first P2P company. My team and I had thought of the future being digital, of course, but the pandemic really forced us to make it a reality for the business. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Thats changing. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Western Union Software Purchases and Digital Transformation Initiatives Its not done from the perspective of correction or a negative consequence. As a company, Western Union is in the middle of a transformational moment. 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 . 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. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn Board of Directors. 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. ", 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. How Western Union Became a Global Digital Front-Runner for Cross-Border 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. (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. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Institute, Infosys Innovation How Western Union achieved Digital Transformation with Infosys and Oracle 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. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Women in Marketing: Executives who are building brand narratives Business Unit Represents Approximately 7% of Company Revenue Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC ("Goldfinch"), a private equity firm investing in . 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. People are enthusiastic about the results of the pilot, and they want to see that in their own area. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Working across many cultures at Western Union | McKinsey When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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.. Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. The Essential Components of Digital Transformation Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. 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. 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. Industry experts were also drafted in to create the army that was required for this technology mission. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. 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. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. 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. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind.