Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Western Union International Bank is licensed by the Austrian Financial Market Authority. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. Kong, New 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. Western Union has recently partnered with other digital platforms to expand its digital offerings. 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. of Use, Payment Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. Board Committees. Group, Infosys Revenue Management Platform for Banking, About Technology or Operations transformation . 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). All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. 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. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. Institute, Infosys Innovation 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. My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. We set up virtual war rooms, met with our executive team daily to strategize, and spoke to customers every week to keep a pulse on their needs. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. 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. your next, Infosys 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 . Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. Cambridge: Cambridge University Press How do you start there and end up with a fully embedded transformation across a company of 12,000 people? So youre really talking about game-changing differences between how processes worked before and after. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. How did you evolve for digital convenience and safety? | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Business Unit Represents Approximately 7% of Company Revenue . Now its more pull. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. These strategies are paying off. . 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. Deep divides in digital connectivity, internet use, and access remain. For decades, Western Union has defended its global position by investing in regulatory compliance. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. New-found agility delivers growth and improved Customer Experience for partners and customers. . 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. ; With the solution, Western Union launched a state-of-the-art digital . And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. 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. We will expand our Messenger bot to other countries and add other languages, he adds. 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. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Digital transformation in Western Union must be driven from the top-down. For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). Western Union charges high fees since they need to cover rent and labor overhead. The idea is to orient the company around improving these market-shaper practices, really getting the health of our organization strong, and becoming confident that if we can improve the health of the organization, the financial results will follow. Increasingly, digital technology and mobile devices play a key role in these transactions. Western Union has innovated before. Data privacy and security practices . 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. [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Inclusion, Bloomberg Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Feb 7, 2023. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . 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. The Western Union Way of digital transformation. [9]Western Union recently dipped its toes into blockchain. Our leadership team remains true to our vision and values, putting customers' evolving needs at the center of our innovation and holding up trust and convenience as the hallmarks of our business. . [6], However, regulators cant keep pace with the wave of new blockchain applications. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Consumers are less aware that we have transformed ourselves into one of the largest digital money transfer firms in the world, with our digital activity generating well over $400 million revenues in 2017. 1 (March 1990), pp. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. This is just one example of how blockchain could be an opportunity for Western Union. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. 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. Western Union. Top-down prioritization of digital transformation. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Product Director, United States Money Transfer. 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. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. What does "digital transformation" mean to Western Union? The primary reason we decided to go through with this transformation is that we saw an opportunity to positively impact revenue through our daily operations and behaviors. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. 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. 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. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Entertainment, Professional Western Union powers your pursuit. Youre expected to find ways to optimize your processes and drive value. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Rica, Hong By John Manning, International Banker. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Over the last two years, Singh has been accelerating Western Union's tech plan. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. 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. 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. "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. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. [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. Digital Transformation. Manufacturing, Communication 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. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. 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]. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Convera. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . 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. Automation, Microsoft 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 . [2]But today, new technologies are threatening Western Unions entire business model. today more than 65% of Western Union's digital transactions originate on a mobile . Meeting the moment with solutions required Western Union to accelerate its own digital transformation. 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 caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . Society Updated: 01-06-2022 - 11:45. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. While WU is considered a global leader in their space, competitive insights and . By using our services, you agree to our use of cookies. That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. Theyll be there to help you stay on track or course correct when you have troubles. People are asking us, Hey, can you come help me? Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Today customers can commence their journey on our mobile App, pay for their transaction digitally or opt to pay cash from any of our participating Western Union retail locations, use wu.com or go directly to any of the 1,200 agent locations or Western Union-owned locations in Austria[i]. 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. We are also launching new products into the market, including a pilot for digital banking services in select markets in Europe and a revamped loyalty programme, which require us to capture data from our central warehouses to drive decision making, marketing and customer acquisition. What we are talking about is not cryptocurrency, it is not something that has to be mined. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. 12. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers.
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