We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Top retailers use AI-powered campaigns to engage their most valuable customers. Policy . Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. 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. Its more about having the manager understand how the work actually gets done on the floor. Digital is all about how we reach the customer. Western Union's digital transformation sprints to mobile Western Union Digital Banking - Apps on Google Play Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. Western Union, MFS Africa Partner to Enable Money Transfers into 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom Western Union is a global leader in cross-border, cross-currency money movement and payments. 2023Western Union Holdings, Inc. All Rights Reserved. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. The Western Union Company (WU) Q3 2022 Earnings Call Transcript Not just front-end, but back office and our contact center. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Jaffin: Digital was critical in a few ways. 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. Women in Marketing: Executives who are building brand narratives Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Increasingly, digital technology and mobile devices play a key role in these transactions. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Western Union and Zain Cash Collaborate to Facilitate Digital Cross 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. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Definition of Digital Transformation - IT Glossary | Gartner The Transformation Story of Western Digital - infosys.com 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. Harare Responsible for . Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Manufacturing, Information Services 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. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. Increasingly, digital technology and mobile devices play a key role in these transactions. That support has made it a lot easier to have the influence we need to make the transformation successful. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. Sector, Travel and And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. Its not done from the perspective of correction or a negative consequence. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. In 1861 it sent the first transcontinental telegraph. Western Union can leverage such physical presence to win this new innovative space. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. For more than 170 years Western Union has been helping people send money all over the world. The Baupost Group is a $31 billion Boston-based investment firm. The Western Union Way of digital transformation. Best practices were also key. Denver, Colorado. 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. 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. 12. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. [9]Western Union recently dipped its toes into blockchain. Inclusion, Bloomberg He shares his views on digital transformation and economic opportunities for all. Network (IIN), Diversity Equity Theyll be there to help you stay on track or course correct when you have troubles. What are the biggest lessons you learned? This will enable the company to maintain its high . Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Second, we increased our use of digital media to reach customers and build a feedback loop. 1 (March 1990), pp. Western Union's stock price continued to climb the week of April 12 reaching $25.89, compared to a low of $21.66 in January. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. 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. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. 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. Lean deployments are a big piece of our overall transformation program. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Institute, Infosys Innovation Today customers can commence their journey on our mobile App, pay for their transaction digitally or opt to pay cash from any of our participating Western Union retail locations, use wu.com or go directly to any of the 1,200 agent locations or Western Union-owned locations in Austria[i]. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. de 2007 - actualidad16 aos 3 meses. 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. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. 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 Digital transformation of journalism and media in Serbia: What has gone Anil Santhapuri - Director of Skills Solutions, Global Talent 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.. Western Union Advances Its Digital Growth Strategy With - Wire19 So, constant iteration and rapid delivery are crucial. The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. Now its more pull. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. 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. As a company, Western Union is in the middle of a transformational moment. Western Union International Banks CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Western Union: New Thought Leadership Status in Digital Cross-border 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. 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. 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. Digital transformation in Western Union must be driven from the top-down. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Thats changing. Services, High [2] Westar 1, Wikipedia, accessed April 2018. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. 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. Salesforce has been such an important part of the digital experience journey.. Western Union has innovated before. Western Union Promo Codes | 30% Off In March 2023 | Forbes Western Union's digital transformation sprints to mobile So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. & Publishing, Logistics The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. 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. 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. Furthermore, a chain of retail outlets is expensive. 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. 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. Youre starting to see that happen culturally. And still others want to do it all online.. 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. 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. 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 pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. 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. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 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 caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. Western Union Advances Its Digital Growth Strategy With Investment in 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. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! The author approaches the problem using public. 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. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. 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 And when that happens, they start to see further opportunities for continuous improvement, leading them to new ideas about things they can do to improve efficiency or effectiveness.