Technology, Industrial 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. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. That means we can onboard new developers and have them productive much faster, and weve got fewer knowledge silos in the development team., Moreover, low-code development on OutSystems helps Tom fight back in the war for digital talent. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. 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. Recipients can choose to pick up the sent money at a Western Union location, or send the money to a digital wallet or bank account. 2021. 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. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Cookies help us deliver our services. Microservices, Digital Process Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. & Distribution, Media and 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 . . The executive team has done a great job of making it really clear across the company that this is something thats expected of you. That created a need to act. Does it offer a more seamless customer experience? Youre starting to see that happen culturally. 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. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. . Its in our DNA to think about global operations because Western Union covers the world.. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Learn what is a data platform, which encompass a range of elements required to support the data management cycle. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. your next, Infosys . [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. [2] Westar 1, Wikipedia, accessed April 2018. Fellahi sees the Messenger bot as a promising tool. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. . My role was to bring all of these different teams together and instil a culture that recognised it wasnt just about how fast we were going, but also about the quality of the product were delivering.. Us, Terms Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. She also has worked with ad agencies like Ogilvy and McCann. These are things like rewards and recognition, top-down innovation, and consequence management. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 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. 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. 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. 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. These strategies are paying off. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Some changes that used to take a month, we now deliver in around 48 hours.. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. 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. Western Union powers your pursuit. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . We believe in the work we do, why we do it, and who we hire to get it done. Specifically,. . The gap between access and use is growing, with 56% of people in . The culture change has to be driven across teams to show how technology has enabled different and better outcomes. 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. 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. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. 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. Best practices were also key. 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.. Digital transformation in the EU. Experience in leading digital products from either the financial services, payment, or fintech industries. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. But you say its about more than technology? 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. few clicks, you can use OutSystems to bring your visions to life. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. And that could be at an operation site or it could be more of a frontline thing like a sales executive. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. 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. So its a real imperative across the top of the organization. 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. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. 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. Professors from HEC, ESCP business school, and leading carriers shared insights on . Our digital-first crisis response is helping us evolve into the future. 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. Western Union is doing that. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 8 (Managing the Strategy Development Process). | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Though its too early for results, the response from consumers has been positive, he says. Salesforce has been such an important part of the digital experience journey.. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Receive rewards. Digital is all about how we reach the customer. 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. 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. The Transformation Story of Western Digital. 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. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Management, Digital Workplace Digital transformation in Western Union must be driven from the top-down. 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. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Western Union is a global leader in cross-border, cross-currency money movement and payments. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. People. Business Unit Represents Approximately 7% of Company Revenue Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC ("Goldfinch"), a private equity firm investing in . We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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. Western Union is the worlds first P2P company. Western Union has recently partnered with other digital platforms to expand its digital offerings. 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. Snowflake worked with Longitude to assess what it takes to lead in the data economy. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. 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. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. 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 . Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. 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]. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. But it becomes more self-driven, and that really enables the scale. The fusion of the digital and the physical, the irrepressible rise of new technologies. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Its important to understand that business stakeholders are customers of our data. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Instead, Western Union should fund and fully staff a separate unit that has preferential access to Western Unions resources, but is not restricted by legacy operators within Western Union. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. 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. 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. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. Western Union. Data privacy and security practices . Country/region, Costa 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. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Leadership. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. 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. Reliable for over 170 years. In the past five years, theres been a leveling across applications and data. 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 author approaches the problem using public. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. ; With the solution, Western Union launched a state-of-the-art digital . 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.. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. 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. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Profiles, Infosys Knowledge 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.

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