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. What does "digital transformation" mean to Western Union? We will expand our Messenger bot to other countries and add other languages, he adds. 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. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. . Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. 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. We wont bug you too much because thats more work for all of us. .
Working across many cultures at Western Union | McKinsey It took six months to do the bare minimum.
Driving Western Union's Tech Transformation | by Digital Bulletin Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. 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. 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. Western Union is a global leader in cross-border, cross-currency money movement and payments. That created a need to act. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Ericsson will help accelerate Econet's digital transformation journey. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. [4] Form 10-K for the year ended December 2017, p.7. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Cortex, Infosys
Lean deployments are a big piece of our overall transformation program. Thats changing. 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. . Western Union. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. 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 network upgrade will pave the way for Econet to deliver 5G connectivity in more .
Western Union Digital Banking 4+ - App Store It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Data safety. [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. They essentially sponsor a team and loan the resources that are necessary. But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. 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. [12]These kind of digital initiatives are good pursuits for current operational leaders, since they represent incremental or modular innovations to Western Unions existing product offerings. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets.
So youre really talking about game-changing differences between how processes worked before and after. The gap between access and use is growing, with 56% of people in . So we established a set of what we call market-shaper practices that we wanted to focus on.
Western Union and Zain Cash Collaborate to Facilitate Digital Cross Country/region, Costa
But theyve been hugely supportive and as weve hit milestones, such as moving significant infrastructure completely to the cloud or achieving significant savings with the Marketing Cloud, we have built that business case.
The Future of Payments is Invisible | CIO The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. 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.. Knowledge Institute, Chemical
The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. Technology powers the data economy. 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. Were there tools or technology that were particularly helpful in your transformation? Analytics, API Economy &
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. 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. today more than 65% of Western Union's digital transactions originate on a mobile . We teach employees, and then they execute. Digital Bulletin exists to tell the story.
Women in Marketing: Executives who are building brand narratives 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.
What is the Best High-Yield Dividend Stock to Buy Now? Our 7 Top Picks Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. Institute, Infosys Innovation
Digital transformation of journalism and media in Serbia: What has gone [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. We use OutSystems in multiple layers of our tech stack, says Tom. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. 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. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. Lastly, how do you see digital continuing to drive your services in the future? 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. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Western Union's stock price continued to climb the week of April 12 reaching $25.89, compared to a low of $21.66 in January. Sector, Travel and
If you are a new customer: now you can transfer your FIRST money transfer for FREE*. 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's digital transformation sprints to mobile Garden, The Economist
We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1).
The Western Union Company - Western Union Fintech Expansion: Opens New Thank you for this great post, Hans. Youre expected to find ways to optimize your processes and drive value. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Services, Consumer
To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform.
Nduduzo Tshuma - Head of Information Technology & Digital Introducing the next-generation operating model, Winning with your talent-management strategy.
Deloitte Collaborates With AWS to Put Enterprise-Class Banking According to the terms of the transaction . [5]. Now its more pull. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. 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. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . - Earn My WU points. 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. "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. Business Unit Represents Approximately 7% of Company Revenue . Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Open a free Western Union Digital Banking bank account to manage your international finances and make instant, transfer fee-free* money transfers to other Western Union Digital Banking account holders. During its February 2018 earnings call, CEO Hikmet Ersek announced that Western Union is experimenting with Ripple for settling transactions and for capital optimization, and is also testing Ripples native currency (XRP).[10]. Security, Infosys
Please enable Javascript to see this feature. Western Union is a partner of the World Economic Forum (WEF) and is a leading voice in the conversation of how to build a global payments ecosystem, which is stable and where remittances can be made much faster. Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. Provide value consistently every month and deliver new value and capabilities.
Western Union Announces Agreement to Sell Western Union Business Though its too early for results, the response from consumers has been positive, he says.
Harveer Singh Leads Western Union's Digital Transformation - Profile The digital transformation is helping Western Union emerge from a challenging two-year era. 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 . 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 . Over the last two years, Singh has been accelerating Western Union's tech plan. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. How Western Union achieved Digital Transformation with Infosys and Oracle. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Western Union is the worlds first P2P company. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Western Union powers your pursuit. People are asking us, Hey, can you come help me?
Digital transformation & economic opportunities - Blog - Western Union Top retailers use AI-powered campaigns to engage their most valuable customers. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. Cookies help us deliver our services. If any of these should fit what you're looking for, consider exploring a career with Western Union. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. & Publishing, Logistics
Meeting the moment with solutions required Western Union to accelerate its own digital transformation. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. For example, we began offering an option for telephone money transfer. 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. Western Union Uses AWS to Create Company-Wide Digital Transformation. 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 Media, Madison Square
As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. Originally, the capacity of our on-prem environments wasnt projected to hit capacity until 2022, but we could see that point was going to be reached in 2020, so that meant a real acceleration.. One of our most important tools is the floor walk. How did you navigate those early moments? Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Furthermore, a chain of retail outlets is expensive. Specifically,. 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. 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. 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. By John Manning, International Banker. s full anLearn more about the data lake, a repository for structured, unstructured, and semi-structured data that provided direct access to raw organizational data. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Over the last two years, Singh has been accelerating Western Union's tech plan. Arab Emirates. The aim of this paper is to sketch a brief history of complex digital transformation of media and . The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure.
[11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Before OutSystems, we typically released every six weeks.
Western Union, MFS Africa Partner to Enable Money Transfers into 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. These strategies are paying off. Since 2008, Huawei has offered a wide and expanding range of . Finance. Salesforce has a value proposition that was immediately interesting because it allows you to build a single omnichannel journey that can be managed really efficiently when I want to make a change I only need to do so in one place. Western Union. 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. Imagine what we can do if you let us work with your team as well.. Best practices were also key. Us, Terms
But Western Union is missing the true potential of blockchain for its business. The organisation was looking for somebody with a fresh perspective who could challenge the norms, bring people together to show them the value of what were doing and basically create an environment thats a little bit different to your usual corporate set-up.
Harveer Singh leads Western Union's digital transformation with data There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. 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.
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