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She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. 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. Business Application Services, Service Experience Western Union powers your pursuit. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. According to the terms of the transaction . McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Packaged Goods, Engineering A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. 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. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Automation, Microsoft your next, Infosys For more than 170 years Western Union has been helping people send money all over the world. 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. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. Western Union is working alongside Amazon Web Services (AWS) and AWS Partners to transform and expand its business, including the launch of a new digital bank. . 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 gap between access and use is growing, with 56% of people in . Talend is our backbone for that work and have really evolved their product to meet our needs.. 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. Now its more pull. That support has made it a lot easier to have the influence we need to make the transformation successful. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. People. Increasingly, digital technology and mobile devices play a key role in these transactions. 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. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Africa, South Services, High Western Union. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. 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. Garden, The Economist As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. Western Union Uses AWS to Create Company-Wide Digital Transformation. Society Updated: 01-06-2022 - 11:45. Reliable for over 170 years. So, constant iteration and rapid delivery are crucial. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Western Union International Bank's CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. 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. 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 . 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. We're making content recommendations better for thousands of readers. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Now we are on track to achieve those gains and benefits that come with being more agile and being able to grow at scale, we can really begin to look forward and reap the rewards of the transformation.. Increasingly, digital technology and mobile devices play a key role in these transactions. Talends technology has been used similarly in response to people impacted by floods in Haiti and to Indian citizens at the height of the countrys COVID-19 crisis. Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector 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. 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. 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. But you say its about more than technology? Inclusion, Bloomberg [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. Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. 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. Entertainment, Professional 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. The CDO needs to drive digital transformation by enabling data to power product development and the company. Western Union reduced data warehousing costs by 50% and has saved millions through streamlined data engineering and administration after moving more than 30 data stores, including on-premises data, into Snowflake. 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. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Western Union has the infrastructure to help make that a reality. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. However, Western Union doesnt view its established retail business as totally separate from the digital world. 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. He shares his views on digital transformation and economic opportunities for all. We wanted plug-and-play convenience to integrate any technology.. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. So its a real imperative across the top of the organization. People are asking us, Hey, can you come help me? How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. (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. Business Unit Represents Approximately 7% of Company Revenue . He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Safety starts with understanding how developers collect and share your data. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Key takeaways. Western Union built its platform by assembling a global network of third party agents. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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. Snowflake: What do you see changing now that your organization is better able to share data? Analytics, API Economy & We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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. And that could be at an operation site or it could be more of a frontline thing like a sales executive. . . Some want to go to a retail store and pay cash. Pay for your transfer instantly with a debit or credit card** or start a money transfer and complete the payment in cash at a nearby agent location. Its in our DNA to think about global operations because Western Union covers the world.. He shares his views on digital transformation and economic opportunities for all. While WU is considered a global leader in their space, competitive insights and . Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Similarly, Western Union's ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. Management, Digital Workplace They have also triggered profound changes within global banking, demanding that lenders remain flexible, nimble, and innovative in their digital-banking strategies to meet customers' rapidly . Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. Lean deployments are a big piece of our overall transformation program. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. One of its most high-profile hires was Harveer Singh, who was appointed as Chief Data Architect & Global Head of Engineering and previously co-led EYs Next Generation architecture & solutions for Financial Services. 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 reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Western Union is also focused on the global remittance market. 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. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. By using our services, you agree to our use of cookies. (2013) Comparing Media Systems beyond the Western World. UnionDigital Bank is the trusted bridge between innovation and regulation. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. 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. 2023Western Union Holdings, Inc. All Rights Reserved. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. Zealand, South 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. Denver, Colorado. 1 (March 1990), pp. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. Board of Directors. ene. [8]. Product Director, United States Money Transfer. 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. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Its more about having the manager understand how the work actually gets done on the floor. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Thank you for this great post, Hans. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Whats really nice about that is that its so visually obvious. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Wingspan, Infosys An advantage of Western Unions omnichannel approach is that it includes all customers, whether they are integrated or not in the financial system: the banked, the underbanked, and the unbanked. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . 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. . This is just one example of how blockchain could be an opportunity for Western Union. [4] Form 10-K for the year ended December 2017, p.7. Services, Public We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Their bread and butter business is charging hefty fees on remittances and their core advantage was a network of retail outlets and agents across the US and partners around the world to get cash from one family member to another. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Updated on. In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Services, Consumer 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. 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. 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 . Top-down prioritization of digital transformation. Harare Responsible for . However, Western Union would be wise to form a new, separate unit for exploring blockchain services. of Use, Payment Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. [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. 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. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. 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. Learn about JSON storage. 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 .