Why Do Companies Choose to Outsource Work? Arab Emirates. Maybe it started out as more of a push, where we were looking to come in and work with a team. 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.. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. BWIRE: Support youths to enhance their digital skills It's a physical branding and marketing component that few money-transfer providers can match - but one that's of diminishing value in a digital world. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. 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. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Services, Consumer Reliable for over 170 years. Stephanie Pankau - Product Director, United States Money Transfer And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. UnionBank: Blazing Digital Trails in the Philippines and Beyond Snowflake worked with Longitude to assess what it takes to lead in the data economy. 8 (Managing the Strategy Development Process). Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Wingspan, Infosys 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. 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. Thank you for this great post, Hans. Enterprise Technology Operations Center Manager. <br><br>My Leadership Philosophy<br><br>I am an . The transformation of Western Digital to a Live Enterprise Modernization of legacy enterprise resource planning (ERP) applications provides an opportunity for a technical upgrade as well as a transformation of the core business, according to IDC. Western Union is the worlds first P2P company. Team members were drawn from different continents and operating on different time zones. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. 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. Zealand, South 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. 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. Kong, New What are the biggest lessons you learned? Business Unit Represents Approximately 7% of Company Revenue . Top retailers use AI-powered campaigns to engage their most valuable customers. 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 . Salesforce has a value proposition that was immediately interesting because it allows you to build a single omnichannel journey that can be managed really efficiently when I want to make a change I only need to do so in one place. & Distribution, Media and It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Western Union Announces Agreement to Sell Western Union Business Feb 7, 2023. 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. Increasingly, digital technology and mobile devices play a key role in these transactions. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Western Union can leverage such physical presence to win this new innovative space. 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. 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. Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer Lastly, how do you see digital continuing to drive your services in the future? Hospitality, Waste Youre now a year into your role as CMO and leading through a prolonged global crisis. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn Western Union Announces Agreement to Sell Western Union Business So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. few clicks, you can use OutSystems to bring your visions to life. That support has made it a lot easier to have the influence we need to make the transformation successful. Western Union Advances Its Digital Growth Strategy With - Wire19 Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. Its not done from the perspective of correction or a negative consequence. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Mazzaferro: Keep it simple. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. 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. Introducing the next-generation operating model, Winning with your talent-management strategy. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Its in our DNA to think about global operations because Western Union covers the world.. The resulting report, How to Win in the Data Economy, includes anecdotes from dozens of customers, analysts, and influencers about how to succeed, all in addition to the survey itself, based on feedback from 1,000 senior business, technology, and data managers across five industries and from all over the world. [8]. 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. & Publishing, Logistics Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. 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. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union. 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. Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernize their legacy core banking stacks. 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. Digital Bulletin exists to tell the story. Cookies help us deliver our services. 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. Western Union International Bank is licensed by the Austrian Financial Market Authority. arrow_forward. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. 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. Second, we increased our use of digital media to reach customers and build a feedback loop. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. 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. Automation, Microsoft 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. Western Union Embraces Digital Transformation - BaselineMag.com Talends technology was used to bring various sources of data from different locations into a single place in rapid fashion, helping make decisions such as waiving fees for those sending funds to people caught up in the explosion. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. First, for continuity of services. Driving Western Union's tech transformation - Digital Bulletin 1 (March 1990), pp. Most of the customers for remittance service (e.g. You stepped in as CMO just as COVID-19 was emerging, and I cant imagine that a global health crisis was what youd envisioned for your first 100 days. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. Navigate The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. ene. Western Union Promo Codes | 30% Off In March 2023 | Forbes 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. Meridian, Infosys Thats changing. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. 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. 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. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. 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. Infosys accelerated Western Union's digital transformation by harmonizing agent operations, implementing billing and collection standards, enabling modular growth, accelerating new product launches, enabling digital on-demand procedures, designing global accounting solutions based on one single template, supporting highly complex pricing and multiple business models, and massive management processes as a strategic technology partner. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Snowflake: What do you see changing now that your organization is better able to share data? 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. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . People who knew how a team or a group worked before can come in and see its night-and-day different. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. UnionDigital Bank is the trusted bridge between innovation and regulation. Engaged in problem resolution of complex . 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.