Technology or Operations transformation . In [] 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. Media, Madison Square
Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Salesforce has been such an important part of the digital experience journey.. Western Union. 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. Services, Consumer
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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Strategic partnerships working with platforms like Google is a critical piece of that. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Management, Digital Workplace
And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Western Union is a global leader in cross-border, cross-currency money movement and payments. Microservices, Digital Process
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.. 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 Rica, Hong
Ericsson will help accelerate Econet's digital transformation journey. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. The OutSystems platforms capabilities were immediately put to the test through 2021, as Western Union and its system integrator started development of its new digital banking app that includes a multicurrency bank account combined with money transfers, and other added benefits such as a Visa Platinum debit card. 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. The company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. Nov 2011 - Present11 years 5 months. Thats changing. Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. arrow_forward. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. 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. 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. The way we approached it was to use the central WU Way team for capability building. After the catastrophic explosion in Lebanon in 2020, the two companies worked together to build data pipelines to help those affected by the incident and provide support to agents in the area. [6], However, regulators cant keep pace with the wave of new blockchain applications. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. As a company, Western Union is in the middle of a transformational moment. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. Digital Transformation. 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. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. 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. 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. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . We teach employees, and then they execute. Cambridge: Cambridge University Press Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. 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 . Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Swanback said a . She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Western Union built its platform by assembling a global network of third party agents. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Meridian, Infosys
Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. Talend is our backbone for that work and have really evolved their product to meet our needs.. 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. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] The gap between access and use is growing, with 56% of people in . 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]. We started function by function, looking at individual deployments across our different groups in the company. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. 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. Business Application Services, Service Experience
Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. 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. Leadership. 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 . Country/region, Costa
Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. 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). We wont bug you too much because thats more work for all of us. Before OutSystems, we typically released every six weeks. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Western Union is doing that. 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. Teams that may not previously have interacted with each other are now doing floor walks with each other. Cortex, Infosys
One of our most important tools is the floor walk. The Western Union Way of digital transformation. The CDO needs to drive digital transformation by enabling data to power product development and the company. 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 . There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. Lastly, how do you see digital continuing to drive your services in the future? Digital transformation starts with people, which is a useful reminder that . The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. 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. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. 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. 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. To explore this content and receive communications from Google, please sign in with an existing Google account. Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Western Union Uses AWS to Create Company-Wide Digital Transformation. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. 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. 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. 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. 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. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Thank you for this great post, Hans. Western Union Digital Banking is offered by Western Union International Bank GmbH. 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 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. So, constant iteration and rapid delivery are crucial. Western Union is also focused on the global remittance market. 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. 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. And that could be at an operation site or it could be more of a frontline thing like a sales executive. The Baupost Group is a $31 billion Boston-based investment firm. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Arab Emirates. What does "digital transformation" mean to Western Union? Fellahi sees the Messenger bot as a promising tool. Provide value consistently every month and deliver new value and capabilities. They essentially sponsor a team and loan the resources that are necessary. We will expand our Messenger bot to other countries and add other languages, he adds. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. few clicks, you can use OutSystems to bring your visions to life. . <br><br>My Leadership Philosophy<br><br>I am an . Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Entertainment, Professional
For more than 170 years Western Union has been helping people send money all over the world. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. 12. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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. 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. (2013) Comparing Media Systems beyond the Western World. Profiles, Infosys Knowledge
For decades, Western Union has defended its global position by investing in regulatory compliance. This is just one example of how blockchain could be an opportunity for Western Union. In Western and Central Africa, only 36% of the population has access to broadband connectivity. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. 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. Product Director, United States Money Transfer. Western Union now has more than 550,000 agent locations in more than 200 countries. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. 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. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. 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. 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. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . That support has made it a lot easier to have the influence we need to make the transformation successful. Packaged Goods, Engineering
And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. Youre now a year into your role as CMO and leading through a prolonged global crisis. 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. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. My mission is to empower people to become economically self-reliant. We use OutSystems in multiple layers of our tech stack, says Tom. 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. Procurement & Construction, Financial
Some want to go to a retail store and pay cash. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Hospitality, Waste
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. 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. Business Unit Represents Approximately 7% of Company Revenue . 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. The fusion of the digital and the physical, the irrepressible rise of new technologies. 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. Kong, New
. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. 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. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. 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. 2023 Snowflake Inc. All Rights Reserved | If youd rather not receive future emails from Snowflake, unsubscribe here or customize your communication preferences, Snowflake for Advertising, Media, & Entertainment, unsubscribe here or customize your communication preferences. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. 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. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Safety starts with understanding how developers collect and share your data. - Earn My WU points. 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. We're making content recommendations better for thousands of readers. Furthermore, a chain of retail outlets is expensive. According to the terms of the transaction . Youre expected to find ways to optimize your processes and drive value. In the past five years, theres been a leveling across applications and data. Whats really nice about that is that its so visually obvious. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. While WU is considered a global leader in their space, competitive insights and . In addition to our digital banking app, there are at least 20 internal employee-facing apps that weve delivered that make work easier and more efficient for our employees., Asked what differences he sees in the development team, Tom says, With OutSystems, weve got a more cohesive and multi-talented development team because were using visual low-code development thats self-documenting.
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