western union digital transformation

But Western Union is missing the true potential of blockchain for its business. Institute, Infosys Innovation Services, Public In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Created: 05-05-2021 - 17:15. Entertainment, Professional Achieving that is going to give Western Union agility, stability and resilience and allow us to focus on product development, because we know that our technology is going to sit in the cloud and take up a lot less of our time. But you say its about more than technology? So, constant iteration and rapid delivery are crucial. Now its more pull. 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. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . 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. Salesforce has been such an important part of the digital experience journey.. Improvements that we made to our apps digital customer experience, for example, helped it become one of the most downloaded apps among our peer set in 2020. An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. Convera. Hospitality, Waste 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. arrow_forward. [4] Form 10-K for the year ended December 2017, p.7. ; With the solution, Western Union launched a state-of-the-art digital . So youre really talking about game-changing differences between how processes worked before and after. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. Western Union is also focused on the global remittance market. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. 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. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. So we established a set of what we call market-shaper practices that we wanted to focus on. (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. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . 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. They essentially sponsor a team and loan the resources that are necessary. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. From the CEO down through his executive team, you see a real commitment to this transformation exercise and a real commitment to finding ways to optimize our processes, to get efficiencies, and to fund those investments that will drive topline revenue growth. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . 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. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. Over the last two years, Singh has been accelerating Western Union's tech plan. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Team members were drawn from different continents and operating on different time zones. Top retailers use AI-powered campaigns to engage their most valuable customers. 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). Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Think of Western Union, and its yellow placard advertising an agent location comes to mind. The fusion of the digital and the physical, the irrepressible rise of new technologies. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. 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. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. 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. The digital transformation is helping Western Union emerge from a challenging two-year era. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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. Business Unit Represents Approximately 7% of Company Revenue . Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Over the last two years, Singh has been accelerating Western Union's tech plan. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. With OutSystems, we deploy twice every week. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Harare Responsible for . Think of Western Union, and its yellow placard advertising an agent location comes to mind. 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. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . Rica, Hong [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. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. What does "digital transformation" mean to Western Union? 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. We built the Western Union Way team, or the WU Way team as we call it, with ten high-potential individuals from around the company. Digital transformation starts with people, which is a useful reminder that . We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Africa, South How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Looking back at the results of our work over the last couple of years across all of our deployments, you see some really impressive gains. Microservices, Digital Process Whats really nice about that is that its so visually obvious. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. 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. We wanted plug-and-play convenience to integrate any technology.. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Services, Data But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . . Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Some want to go to a retail store and pay cash. We teach employees, and then they execute. 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. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. He shares his views on digital transformation and economic opportunities for all.

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