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Convera. The center of excellence keeps things on track and makes sure we follow a framework and are tracking the results, so that we can measure the impact of the transformation across the whole organization. Western Union: New Thought Leadership Status in Digital Cross-border 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 . For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Union Pacific, the railroad company that transports chemicals, coal, food, minerals and automobiles in and around 23 Western U.S. states, has had two workhorses that toiled tirelessly for the past . The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Over the last two years, Singh has been accelerating Western Union's tech plan. 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 Transformation Story of Western Digital. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. Deep divides in digital connectivity, internet use, and access remain. Top retailers use AI-powered campaigns to engage their most valuable customers. Cambridge: Cambridge University Press It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Imagine what we can do if you let us work with your team as well.. 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 . Cookies help us deliver our services. The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Fellahi sees the Messenger bot as a promising tool. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. Western Union's Customer Journey Digital Transformation Fueled by NICE The Baupost Group is a $31 billion Boston-based investment firm. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. Its in our DNA to think about global operations because Western Union covers the world.. UnionBank: Blazing Digital Trails in the Philippines and Beyond That support has made it a lot easier to have the influence we need to make the transformation successful. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Management, Digital Workplace As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. These strategies are paying off. 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. Board Committees. W ith the outbreak of a crippling global pandemic and a pronounced global economic slowdown, the last few years have been rather tumultuous for the world. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. This is just one example of how blockchain could be an opportunity for Western Union. Definition of Digital Transformation - IT Glossary | Gartner Western Union International Bank is licensed by the Austrian Financial Market Authority. 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. today more than 65% of Western Union's digital transactions originate on a mobile . We're making content recommendations better for thousands of readers. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. Its important to understand that business stakeholders are customers of our data. . 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 is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). The pandemic really accelerated the digital transformation journey; the plan was for it to be rolled out in three years but that timeframe became 18 months, Singh tells Digital Bulletin. For more than 170 years Western Union has been helping people send money all over the world. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. 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. The aim of this paper is to sketch a brief history of complex digital transformation of media and . Board of Directors. 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 CDO needs to drive digital transformation by enabling data to power product development and the company. Mohua Das Gupta - Head of Marketing, Tata CliQ. Before OutSystems, we typically released every six weeks. Product Director, United States Money Transfer. The top challenge for businesses with digital transformation goals in 2023 is determining where their companies should direct spending on technologies, according to a BCG X report. Western Union has recently partnered with other digital platforms to expand its digital offerings. Western Union Partners With MFS Africa to Enable Money Transfers Into Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Western Union, MFS Africa Partner to Enable Money Transfers into He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. 2021. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. & Publishing, Logistics 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. 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. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. 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). The Future of Payments is Invisible | CIO Technology, Industrial 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. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Western Union Uses AWS to Create Company-Wide Digital Transformation. Services, High Services, Public 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. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). of Use, Payment In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Anil Santhapuri - Director of Skills Solutions, Global Talent Country/region, Costa However, Western Union doesnt view its established retail business as totally separate from the digital world. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). Nduduzo Tshuma - Head of Information Technology & Digital Salesforce has been such an important part of the digital experience journey.. 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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. How Western Union achieved Digital Transformation with Infosys and Oracle. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Hospitality, Waste Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. A doctor in London taps an app on her phone to transfer 500 pounds. With OutSystems, we deploy twice every week. 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. . Singh is a proponent for a Central Bank Digital Currency, which he says is significantly different to the digital assets such as BitCoin and Ethereum, which can fluctuate wildly in value over short periods of time. 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. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Professors from HEC, ESCP business school, and leading carriers shared insights on . The Western Union Way of digital transformation. But it becomes more self-driven, and that really enables the scale. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. [2] Westar 1, Wikipedia, accessed April 2018. BWIRE: Support youths to enhance their digital skills When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize before. 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. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Youre expected to find ways to optimize your processes and drive value. Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . What are the biggest lessons you learned? Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Safety starts with understanding how developers collect and share your data. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . We use OutSystems in multiple layers of our tech stack, says Tom. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. [9]Western Union recently dipped its toes into blockchain. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. Here are 4 steps they follow, Why durable solutions are needed to build the future of audiences, A data-privacy team can support your privacy transformation. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Western Union powers your pursuit. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. 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 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. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Packaged Goods, Engineering 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. - Access cash back rewards at the WU store. Nov 2011 - Present11 years 5 months. 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 .