[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. 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. Infosys accelerated Western Union's digital transformation by harmonizing agent operations, implementing billing and collection standards, enabling modular growth, accelerating new product launches, enabling digital on-demand procedures, designing global accounting solutions based on one single template, supporting highly complex pricing and multiple business models, and massive management processes as a strategic technology partner. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. Mazzaferro: Keep it simple. Harare Responsible for . The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. 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. Data safety. Filipino workers abroad), they need to bring physical money somewhere, and most of the fintech companies in remittance space dont have their own channels (they often partner with local kiosks). It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Over the last two years, Singh has been accelerating Western Union's tech plan. We believe in the work we do, why we do it, and who we hire to get it done. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Others prefer to prepare a transaction online and then go to a retail location to pay cash. Though its too early for results, the response from consumers has been positive, he says. Western Union Partners with MFS Africa to Enable Money Transfers into Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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. Reliable for over 170 years. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. - Earn My WU points. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Industry experts were also drafted in to create the army that was required for this technology mission. The Western Union Company (WU) Q3 2022 Earnings Call Transcript Top-down prioritization of digital transformation. Strategic partnerships working with platforms like Google is a critical piece of that. People. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. Western Union Send Money Now 4+ - App Store Western Union now has more than 550,000 agent locations in more than 200 countries. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. We use OutSystems in multiple layers of our tech stack, says Tom. Increasingly, digital technology and mobile devices play a key role in these transactions. Definition of Digital Transformation - IT Glossary | Gartner Management, Digital Workplace This is just one example of how blockchain could be an opportunity for Western Union. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Inclusion, Bloomberg Society Updated: 01-06-2022 - 11:45. What does "digital transformation" mean to Western Union? Alonso Calderon - Enterprise Technology Operations Center Manager As a company, Western Union is in the middle of a transformational moment. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. 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 example, in 2016 Western Union integrated money transfer options with messanging apps WeChat and Viber, allowing users to send small amounts of money through the apps. My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. New-found agility delivers growth and improved Customer Experience for partners and customers. Leadership Team. 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. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. The Western Union Way of digital transformation. Western Union hiring Global Head, Customer Experience & Design in In [] Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. In Western and Central Africa, only 36% of the population has access to broadband connectivity. Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . Please enable Javascript to see this feature. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. 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 . Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Specifically,. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. 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. Western Union has the infrastructure to help make that a reality. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. 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 . How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Second, we increased our use of digital media to reach customers and build a feedback loop. Finance. We're making content recommendations better for thousands of readers. 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. . 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 -. Digital transformation in the EU | News | European Parliament Digital Bulletin exists to tell the story. Western Union Software Purchases and Digital Transformation Initiatives Safety starts with understanding how developers collect and share your data. Our research identified 10 attributes of an organizations data infrastructure that enable it to take full advantage of the data economy, the global supply and, Editors note: This is part of a series about the data economy. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization's licensed payment rails. 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. 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. 22 Companies Spearheading Digital Innovation in Their Industries in She also has worked with ad agencies like Ogilvy and McCann. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Think of Western Union, and its yellow placard advertising an agent location comes to mind. The Foundation is supported by the Western Union Company, its employees, Agents, and business partners, working to support education and disaster relief efforts as pathways toward a better future. Experience in leading digital products from either the financial services, payment, or fintech industries. While WU is considered a global leader in their space, competitive insights and . Board of Directors. Fellahi sees the Messenger bot as a promising tool. From apps that save lives to those that process loans in a Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Western Union and Zain Cash Collaborate to Facilitate Digital Cross In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Created: 05-05-2021 - 17:15. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. Pay for your transfer instantly with a debit or credit card** or start a money transfer and complete the payment in cash at a nearby agent location. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Navigate 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. 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. 8 (Managing the Strategy Development Process). Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Whats really nice about that is that its so visually obvious. Packaged Goods, Engineering In the latest step in its digital journey, Western Union recently launched a bot that enables Facebook Messenger users in the United States to send money to more than 200 countries, across 130 currencies, from within the messaging app. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. 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. 12. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Cambridge: Cambridge University Press The Future of Payments is Invisible | CIO The center of excellence keeps things on track and makes sure we follow a framework and are tracking the results, so that we can measure the impact of the transformation across the whole organization. Updated on. That created a need to act. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Although retail business declined during . And its not something you can achieve really quickly, its a multiple-year process. Digital transformation of journalism and media in Serbia: What has gone Digital transformation in the EUBenefitting people, the economy and the environment. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. By using our services, you agree to our use of cookies. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. [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. Guide for Suppliers, Select 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 . 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.. . But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. 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 . Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Denver, Colorado. We started function by function, looking at individual deployments across our different groups in the company. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Anil Santhapuri - Director of Skills Solutions, Global Talent Western Union digital integrates UAE Pass - Gulf Business Automation, Microsoft ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. 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. Why Do Companies Choose to Outsource Work? Western Union Partners With MFS Africa to Enable Money Transfers Into 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 . Western Union International Bank's CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. Digital Summit WB6 - Prishtina 2022 Mohua Das Gupta - Head of Marketing, Tata CliQ. 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 has gained a comprehensive view of the customer while running the Data Cloud on AWS. So we established a set of what we call market-shaper practices that we wanted to focus on. Theyll be there to help you stay on track or course correct when you have troubles. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. 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. 35, No. 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. Knowledge Institute, Chemical 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. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. But you say its about more than technology? Manufacturing, Information Services 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]. Digital transformation in the EU. It took six months to do the bare minimum. The Western Union Way of digital transformation. Swanback said a . Business Application Services, Service Experience Procurement & Construction, Financial Sector, Travel and Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Imagine what we can do if you let us work with your team as well.. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Team members were drawn from different continents and operating on different time zones. Talends technology has been used similarly in response to people impacted by floods in Haiti and to Indian citizens at the height of the countrys COVID-19 crisis. How Western Union achieved Digital Transformation with Infosys and Oracle. And still others want to do it all online.. Western Union video | re:Invent 2021 | AWS The Baupost Group is a $31 billion Boston-based investment firm. How did you navigate those early moments? Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. Working across many cultures at Western Union | McKinsey As a global leader in cross-border, cross-currency money movement and payments, Western Union has to comply with a huge number of financial regulations. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by 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. [5]. Introducing the next-generation operating model, Winning with your talent-management strategy. Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. Discover the latest data, insights, and inspiration from Think with Google. 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. Western Union, Chief Data Officer: Digital Transformation Initiatives

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