[5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). If you are a new customer: now you can transfer your FIRST money transfer for FREE*. For more than 170 years Western Union has been helping people send money all over the world. Anil Santhapuri - Director of Skills Solutions, Global Talent 22 Companies Spearheading Digital Innovation in Their Industries in This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Learn about JSON storage. Really understand the business stakeholders problem and how you can fix or enable it. When fully realised, he says, it will give Western Union the agility it is seeking, while also having a positive impact on its bottom line. Society Updated: 01-06-2022 - 11:45. This is just one example of how blockchain could be an opportunity for Western Union. COVID-19 has brought countless challenges, but its also caused us to focus all of our efforts around customers and reground ourselves in our mission. 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.. In the past, JSON storage and analysis required specific JSON databases. So its a real imperative across the top of the organization. But you say its about more than technology? de 2007 - actualidad16 aos 3 meses. Finance. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . 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. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. 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. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. 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. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. 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. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. 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. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. The paper analyzes the issues of digital transformation in the European Union in such key dimensions as financing digitalization and implementing public policy to bridge the digital divide in the EU member countries. 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. 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. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. How Western Union Became a Global Digital Front-Runner for Cross-Border You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. 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 . 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. Its important to understand that business stakeholders are customers of our data. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. [8]. Finacle, Infosys Western Union's Customer Journey Digital Transformation Fueled by NICE How did you evolve for digital convenience and safety? We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. Western Union can leverage such physical presence to win this new innovative space. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. But Western Union is missing the true potential of blockchain for its business. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. MFS Africa partners Western Union to broaden financial inclusion Thats really enabled a lot more collaboration across groups. We serve all customer segments: from digital natives who are never without their smartphones to the 4 billion people on earth the World Bank estimates arent online yet., Western Union is strongly committed to migrants and to refugees: migration is at the heart of our business. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. 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 -. [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. Discover the latest data, insights, and inspiration from Think with Google. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Today, structured and semi-structured data can easily coincide. Western Union's digital transformation sprints to mobile Services, High . 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.. That support has made it a lot easier to have the influence we need to make the transformation successful. 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. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Stephanie Pankau - Product Director, United States Money Transfer [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Accelerating Digital Transformation in Western and Central Africa In the past five years, theres been a leveling across applications and data. Data privacy and security practices . Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Services, Public 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. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Maybe it started out as more of a push, where we were looking to come in and work with a team. Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. These are more tactical, day-to-day ways to implement lean across the organization. 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. Convera's Next Steps: Western Union Business Solutions - Forbes Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. We use OutSystems in multiple layers of our tech stack, says Tom. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. arrow_forward. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . In the past several years, the Englewood, Colo.-based company has made a point to develop and [] 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. Theyll be there to help you stay on track or course correct when you have troubles. Board Committees. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. 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. With my work with WEF, I was lucky enough to sit around a table recently with some important people and talk about how we can take this forward. New-found agility delivers growth and improved Customer Experience for partners and customers. 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 . Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. - Earn My WU points. 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. 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. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. We wanted plug-and-play convenience to integrate any technology.. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. 1 (March 1990), pp. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Specifically,. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). The gap between access and use is growing, with 56% of people in . Manufacturing, Communication OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. 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. Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Western Union Customer Journey Transformation Digital transformation in Western Union must be driven from the top-down. Snowflake worked with Longitude to assess what it takes to lead in the data economy. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. Management, Digital Workplace Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. 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. My mission is to empower people to become economically self-reliant. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money Inclusion, Bloomberg 2021. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. The Future of Payments is Invisible | CIO Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. 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.
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