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. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. Knowledge Institute, Chemical 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. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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.. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. We offer consumers the choices they want, both for sending and receiving money, he stresses. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. 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's Customer Journey Digital Transformation Fueled by NICE Finance. Deloitte Collaborates With AWS to Put Enterprise-Class Banking Though its too early for results, the response from consumers has been positive, he says. Western Union Digital Banking - Apps on Google Play We teach employees, and then they execute. 12. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. 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. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? 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. People who knew how a team or a group worked before can come in and see its night-and-day different. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union has recently partnered with other digital platforms to expand its digital offerings. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. Working across many cultures at Western Union | McKinsey Snowflake: What do you see changing now that your organization is better able to share data? This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. 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 . 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. [8]. Procurement & Construction, Financial Western Union Customer Journey Transformation 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. This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Its important to understand that business stakeholders are customers of our data. We use OutSystems in multiple layers of our tech stack, says Tom. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. 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. When we started the transformation project, we came at it from the perspective of this being a cultural transformation just as much as a process transformation. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Talend is our backbone for that work and have really evolved their product to meet our needs.. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Entertainment, Professional 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 -. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Receive rewards. [6], However, regulators cant keep pace with the wave of new blockchain applications. . Discover the latest data, insights, and inspiration from Think with Google. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. We wont bug you too much because thats more work for all of us. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Union Pacific, the railroad company that transports chemicals, coal, food, minerals and automobiles in and around 23 Western U.S. states, has had two workhorses that toiled tirelessly for the past . 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. Africa, South 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. Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer The relationship with Talend has enabled Western Union to help its global customer base in times of real need. Western Union agrees sale of Business Solutions division for $910m Teams that may not previously have interacted with each other are now doing floor walks with each other. Over the last two years, Singh has been accelerating Western Union's tech plan. Transformation, Cyber [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. Ericsson will help accelerate Econet's digital transformation journey. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Security, Infosys Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. This entails a leader or a manager being on the floor with people doing their day-to-day jobs, just observing the way they work. So we established a set of what we call market-shaper practices that we wanted to focus on. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. . Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Western Union now has more than 550,000 agent locations in more than 200 countries. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Thank you for this great post, Hans. & Publishing, Logistics They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. 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. [2] Westar 1, Wikipedia, accessed April 2018. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Technology, Industrial Product Director, United States Money Transfer. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. Stephanie Pankau - Product Director, United States Money Transfer [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. 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. What we are talking about is not cryptocurrency, it is not something that has to be mined. Western Union has the infrastructure to help make that a reality. Western Union Careers Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. Engaged in problem resolution of complex . She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Its in our DNA to think about global operations because Western Union covers the world.. 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. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Automation, Microsoft 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. 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. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. 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. We will expand our Messenger bot to other countries and add other languages, he adds. Learn about JSON storage. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . 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. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. We developed the whole front-end for the app in less than four months., Western Union uses OutSystems for customer-facing apps, back office, and workflow solutions. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . MFS Africa partners Western Union to broaden financial inclusion 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. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . In the past, JSON storage and analysis required specific JSON databases. Digital transformation in Western Union must be driven from the top-down. The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. Western Union Partners With MFS Africa to Enable Money Transfers Into As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Thats really enabled a lot more collaboration across groups. Western Union, MFS Africa Partner to Enable Money Transfers into McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. 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. And still others want to do it all online.. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. 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. Rica, Hong [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . He shares his views on digital transformation and economic opportunities for all. Navigate 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. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. First, for continuity of services. Western Union and Zain Cash Collaborate to Facilitate Digital Cross
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