Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Microservices, Digital Process Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. 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. We offer consumers the choices they want, both for sending and receiving money, he stresses. Western Union is a global leader in cross-border, cross-currency money movement and payments. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. Increasingly, digital technology and mobile devices play a key role in these transactions. 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.. What are the biggest lessons you learned? Business Application Services, Service Experience 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. New-found agility delivers growth and improved Customer Experience for partners and customers. An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. Western Union is a global leader in cross-border, cross-currency money movement and payments. 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. 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 . Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. Most of the customers for remittance service (e.g. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Cookies help us deliver our services. Top retailers use AI-powered campaigns to engage their most valuable customers. How did you evolve for digital convenience and safety? Western Union is doing that. Digital Bulletin exists to tell the story. Western Union Digital Banking - Apps on Google Play Gartner Magic Quadrant for Low-Code Application Platforms, 2023. Women in Marketing: Executives who are building brand narratives Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. 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. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. 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. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. 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 . Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. 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. Since 2008, Huawei has offered a wide and expanding range of . Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. The Western Union Way of digital transformation | McKinsey 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. And, Fellahi points out, When you look at customer acquisition on our digital channel, 80 percent of the customers we acquired in the past 12 months are new to usnot migrated from our traditional customer base., He expects digital money transfer and mobile technology to be the major driver of overall growth in coming years, adding, In the U.S., over 65 percent of WU.com transactions are initiated on a mobile device, and globally it is nearly 60 percent.. For more than 170 years Western Union has been helping people send money all over the world. The Western Union Way of digital transformation. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. [4] Form 10-K for the year ended December 2017, p.7. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Entertainment, Professional What we are talking about is not cryptocurrency, it is not something that has to be mined. 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. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). 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. Its important to understand that business stakeholders are customers of our data. 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. Wingspan, Infosys [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. 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 . Digital Summit WB6 - Prishtina 2022 Product Director, United States Money Transfer. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Country/region, Costa [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. 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 achieved Digital Transformation with Infosys and Oracle. Lean deployments are a big piece of our overall transformation program. Theyll be there to help you stay on track or course correct when you have troubles. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Talend is our backbone for that work and have really evolved their product to meet our needs.. de 2007 - actualidad16 aos 3 meses. Cambridge: Cambridge University Press Similarly, Western Union's ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities. Policy . January 25, 2019 | Video. 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. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. While Singh and his team have been occupied with the technology transformation taking place at Western Union, the breakneck speed at which the financial services and payments industry is changing means they also have to be planning for the longer-term. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Guide for Suppliers, Select Nov 2011 - Present11 years 5 months. 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. 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. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Provide value consistently every month and deliver new value and capabilities. 1 (March 1990), pp. Sector, Travel and 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. few clicks, you can use OutSystems to bring your visions to life. 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. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. 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. In the past, JSON storage and analysis required specific JSON databases. Technology, Industrial People are asking us, Hey, can you come help me? Finance. Created: 05-05-2021 - 17:15. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Enterprise Technology Operations Center Manager. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Youre expected to find ways to optimize your processes and drive value. 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 Services, Public 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. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. It took six months to do the bare minimum. your next, Infosys That support has made it a lot easier to have the influence we need to make the transformation successful. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Meeting the moment with solutions required Western Union to accelerate its own digital transformation. 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. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. 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. Automation, Microsoft Snowflake: What do you see changing now that your organization is better able to share data? Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. In the past five years, theres been a leveling across applications and data. Manufacturing, Information Services Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. & Distribution, Media and Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. The author approaches the problem using public. Think of Western Union, and its yellow placard advertising an agent location comes to mind. People who knew how a team or a group worked before can come in and see its night-and-day different. We're making content recommendations better for thousands of readers. . Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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. Receive rewards. Western Union International Banks CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. The Western Union Company (WU) Q3 2022 Earnings Call Transcript Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Thats changing. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Although retail business declined during . The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Its in our DNA to think about global operations because Western Union covers the world.. 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. Rica, Hong Looking back at the results of our work over the last couple of years across all of our deployments, you see some really impressive gains. 22 Companies Spearheading Digital Innovation in Their Industries in Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. We believe in the work we do, why we do it, and who we hire to get it done. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize before. 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. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. 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. For example, we began offering an option for telephone money transfer. 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. (2013) Comparing Media Systems beyond the Western World. Western Union Promo Codes | 30% Off In March 2023 | Forbes Media, Madison Square Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Data safety. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? Western Union: New Thought Leadership Status in Digital Cross-border The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Digital transformation of journalism and media in Serbia: What has gone