A doctor in London taps an app on her phone to transfer 500 pounds. Feb 7, 2023. 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). Its important to understand that business stakeholders are customers of our data. Please enable Javascript to see this feature. 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. Leadership. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. 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. 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 . The way we approached it was to use the central WU Way team for capability building. Swanback said a . 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. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. What we are talking about is not cryptocurrency, it is not something that has to be mined. Meridian, Infosys Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. 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. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Snowflake worked with Longitude to assess what it takes to lead in the data economy. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Services, Data These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. For example, we began offering an option for telephone money transfer. Updated on. To learn more about the data economy, what your organization stands to gain from using data effectively, and how to become a Data Economy Leader, download the report overview, How to Win in Todays Data Economy. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. of Use, Payment 35, No. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Whats really nice about that is that its so visually obvious. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. 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. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. While WU is considered a global leader in their space, competitive insights and . Western Union has recently partnered with other digital platforms to expand its digital offerings. 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. In addition to our digital banking app, there are at least 20 internal employee-facing apps that weve delivered that make work easier and more efficient for our employees., Asked what differences he sees in the development team, Tom says, With OutSystems, weve got a more cohesive and multi-talented development team because were using visual low-code development thats self-documenting. Teams that may not previously have interacted with each other are now doing floor walks with each other. 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. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. We started function by function, looking at individual deployments across our different groups in the company. Now its more pull. 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. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. In 1861 it sent the first transcontinental telegraph. And when that happens, they start to see further opportunities for continuous improvement, leading them to new ideas about things they can do to improve efficiency or effectiveness. Hospitality, Waste 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. ", 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. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. 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. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Analytics, API Economy & 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. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. 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. Over the last two years, Singh has been accelerating Western Union's tech plan. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Our App has grown to become one of the industrys most widely used international money transfer apps and a Top 20 finance app in the App Store., Not at all. Digital Bulletin exists to tell the story. ; With the solution, Western Union launched a state-of-the-art digital . Provide value consistently every month and deliver new value and capabilities. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Guide for Suppliers, Select However, Western Union doesnt view its established retail business as totally separate from the digital world. 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.. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . What are the biggest lessons you learned? Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Not just front-end, but back office and our contact center. Digital is all about how we reach the customer. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. [6], However, regulators cant keep pace with the wave of new blockchain applications. 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 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. We teach employees, and then they execute. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. . 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. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. 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 launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. 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. 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. 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 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. Security, Infosys And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. 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. Second, we increased our use of digital media to reach customers and build a feedback loop. Knowledge Institute, Chemical 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. DENVER-(BUSINESS WIRE)-The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. . People are enthusiastic about the results of the pilot, and they want to see that in their own area. [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. Data quality is so important to us, we need to know who we are marketing to and that means our data has to be of the highest quality.. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! 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. 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. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. The service, which is set to launch in Madagascar, will see funds from around the world move through payment rails operated by MFS Africa, the continent's largest payment gateway.. MFS Africa's digital payments network connects more than 400 million mobile money wallets, more than 200 million bank accounts across Africa, and more than 200,000 agents in Nigeria, to enable cross-platform and . The aim of this paper is to sketch a brief history of complex digital transformation of media and . To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Western Union has the infrastructure to help make that a reality. Lastly, how do you see digital continuing to drive your services in the future? Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. For decades, Western Union benefited from network effects as it added density and new geographies. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. 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. Services, High Most of the customers for remittance service (e.g. 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. Finacle, Infosys Western Uniona global leader in cross-border, cross-currency money movement and paymentsis driving a company-wide transformation, which includes migrating its infrastructure from on-prem to the Cloud. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. 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. He praises the vendor support and namechecks first AWS for enabling the organisation to quicken the pace of its procurement process and spin up workloads to the cloud faster than had originally been anticipated. Engaged in problem resolution of complex . 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. . 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. Cookies help us deliver our services. 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. 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. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. She also has worked with ad agencies like Ogilvy and McCann. Packaged Goods, Engineering Institute, Infosys Innovation Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . People who knew how a team or a group worked before can come in and see its night-and-day different. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center of excellence to ensure enterprise-wide success. Business Unit Represents Approximately 7% of Company Revenue . [5]. Furthermore, a chain of retail outlets is expensive. Mohua Das Gupta - Head of Marketing, Tata CliQ. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Western Union charges high fees since they need to cover rent and labor overhead. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min.
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