western union digital transformation western union digital transformation

Why Do Companies Choose to Outsource Work? 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. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. The fusion of the digital and the physical, the irrepressible rise of new technologies. My mission is to empower people to become economically self-reliant. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. 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. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. be to drive digital transformation and . Procurement & Construction, Financial First, for continuity of services. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? So its a real imperative across the top of the organization. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. Analytics, API Economy & Leadership Team. (2013) Comparing Media Systems beyond the Western World. . 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. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. 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. 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 . of Use, Payment . ", Looking back to why Western Union chose OutSystems, Tom says, We serve millions of customers in over 200 countries and territories, and we want to give them the best possible customer experience. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. . He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Board Committees. After exceeding expectations in 2020 despite the outbreak of COVID-19, the world's largest currency exchange service Western Union looks set to exceed US$1 billion in total annual revenues for its digital business segment in 2021 a major milestone for the company and a first in the world of digital cross-border payments.. Western Union's shift toward digital shows little sign of relenting. How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. How did you evolve for digital convenience and safety? 2023Western Union Holdings, Inc. All Rights Reserved. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. By John Manning, International Banker. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. Technology powers the data economy. Data privacy and security practices . New-found agility delivers growth and improved Customer Experience for partners and customers. Thats really enabled a lot more collaboration across groups. These strategies are paying off. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. 12. Hospitality, Waste One of the benefits that weve really seen as weve gone through these first two years of our journey is what happens when we get everyone speaking the same language. Really understand the business stakeholders problem and how you can fix or enable it. & Publishing, Logistics For example, we began offering an option for telephone money transfer. Western Union Digital Banking is offered by Western Union International Bank GmbH. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Today, structured and semi-structured data can easily coincide. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. 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. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. Finally, shareholders may punish Western Union for moving away from its higher margin core business to focus instead on simpler, lower-cost digital money transfers. But it becomes more self-driven, and that really enables the scale. This entails a leader or a manager being on the floor with people doing their day-to-day jobs, just observing the way they work. Cambridge: Cambridge University Press But you say its about more than technology? Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. That created a need to act. Some changes that used to take a month, we now deliver in around 48 hours.. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. This is just one example of how blockchain could be an opportunity for Western Union. The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. Africa, South How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Top-down prioritization of digital transformation. 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. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. The pandemics economic stressors created a situation where more people suddenly needed to send money to family and friends around the world, many of whom rarely use financial services. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Youre expected to find ways to optimize your processes and drive value. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. . Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . 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. de 2007 - actualidad16 aos 3 meses. Introducing the next-generation operating model, Winning with your talent-management strategy. Media, Madison Square But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. Western Union is the worlds first P2P company. Western Union has innovated before. Us, Terms Rica, Hong Technology, Industrial Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. 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. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. 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. 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. She also has worked with ad agencies like Ogilvy and McCann. Strategic partnerships working with platforms like Google is a critical piece of that. Filipino workers abroad), they need to bring physical money somewhere, and most of the fintech companies in remittance space dont have their own channels (they often partner with local kiosks). 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. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. 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. The Baupost Group is a $31 billion Boston-based investment firm. 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. 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. 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.