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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. Created: 05-05-2021 - 17:15. [8]. Were there tools or technology that were particularly helpful in your transformation? So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Western Union: Leading or Lagging Digital Transformation? That support has made it a lot easier to have the influence we need to make the transformation successful. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. 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. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Business Unit Represents Approximately 7% of Company Revenue . (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. We offer consumers the choices they want, both for sending and receiving money, he stresses. In the past, JSON storage and analysis required specific JSON databases. Digital transformation in the EU | News | European Parliament Our digital-first crisis response is helping us evolve into the future. Kong, New 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. Wingspan, Infosys 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. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Digital Summit WB6 - Prishtina 2022 35, No. 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 . Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. The Transformation Story of Western Digital - infosys.com These strategies are paying off. We believe in the work we do, why we do it, and who we hire to get it done. Western Union is a global leader in cross-border, cross-currency money movement and payments. 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. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Digital transformation in Western Union must be driven from the top-down. Western Union hiring Global Head, Customer Experience & Design in From apps that save lives to those that process loans in a Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . First, for continuity of services. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Thank you for this great post, Hans. ", 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. Manufacturing, Information Services We started function by function, looking at individual deployments across our different groups in the company. 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. 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.. Western Union has the infrastructure to help make that a reality. As a company, Western Union is in the middle of a transformational moment. Inclusion, Bloomberg 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. 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. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Now its more pull. 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 <br><br>My Leadership Philosophy<br><br>I am an . Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO Western Union powers your pursuit. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Zealand, South 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. Services, High Maybe it started out as more of a push, where we were looking to come in and work with a team. . When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. Increasingly, digital technology and mobile devices play a key role in these transactions. Western Union's digital transformation - Think with Google When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. & Distribution, Media and It&#39;s a physical branding and marketing component that few money-transfer providers can match but one that&#39;s of diminishing value in a digital world. of Use, Payment The digital transformation is helping Western Union emerge from a challenging two-year era. Working across many cultures at Western Union | McKinsey But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. . 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. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Discover the latest data, insights, and inspiration from Think with Google. Western Union Careers Engaged in problem resolution of complex . 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.. Western Union also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. 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. Lean deployments are a big piece of our overall transformation program. Experience in leading digital products from either the financial services, payment, or fintech industries. 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. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Africa, South de 2007 - actualidad16 aos 3 meses. 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. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Leadership Team - Western Union | Corporate 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. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. What we are talking about is not cryptocurrency, it is not something that has to be mined. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. And still others want to do it all online.. Cortex, Infosys The gap between access and use is growing, with 56% of people in . People are asking us, Hey, can you come help me? Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Harveer Singh leads Western Union's digital transformation with data Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Over the last two years, Singh has been accelerating Western Union's tech plan. 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. Policy . Heres how, Customers want control over their data and wont hesitate to switch brands to get it, Global Insights Briefing: Holiday takeaways for marketers, From solar panels to spa days, see how 2022s top searches set the stage for 2023. Western Union Partners with MFS Africa to Enable Money Transfers into 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. 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. Guide for Suppliers, Select The Western Union Way of digital transformation. Western Union. Convera. 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). Services, Public 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. While WU is considered a global leader in their space, competitive insights and . Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Western Union built its platform by assembling a global network of third party agents. Others prefer to prepare a transaction online and then go to a retail location to pay cash. Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. 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. 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. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer.