So, constant iteration and rapid delivery are crucial. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. 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. Western Union Launches Two Digital Banking apps in 11 Months And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. We offer consumers the choices they want, both for sending and receiving money, he stresses. 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. Sector, Travel and The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. The Essential Components 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. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Western Union Digital Banking 4+ - App Store The Western Union Way of digital transformation | McKinsey Services, High Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Harveer Singh Leads Western Union's Digital Transformation - Profile "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Harveer Singh leads Western Union's digital transformation with data Knowledge Institute, Chemical [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. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. So we established a set of what we call market-shaper practices that we wanted to focus on. 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. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. The international roll-out continues to other countries at pace. Leadership Team - Western Union | Corporate [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. And, Fellahi points out, When you look at customer acquisition on our digital channel, 80 percent of the customers we acquired in the past 12 months are new to usnot migrated from our traditional customer base., He expects digital money transfer and mobile technology to be the major driver of overall growth in coming years, adding, In the U.S., over 65 percent of WU.com transactions are initiated on a mobile device, and globally it is nearly 60 percent.. 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. Please enable Javascript to see this feature. Cambridge: Cambridge University Press Does it offer a more seamless customer experience? BWIRE: Support youths to enhance their digital skills 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. 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. One of these customers is Tom Mazzaferro, Chief Data & Innovation Officer of Western Union, which serves more than 100 million global customers through approximately 600,000 retail locations, and via its digital platforms. 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. 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. 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. As a company, Western Union is in the middle of a transformational moment. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Financing Digital Transformation and Bridging Digital Divide: The Case Institute, Infosys Innovation Driving Western Union's tech transformation - Digital Bulletin 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. The organisation was looking for somebody with a fresh perspective who could challenge the norms, bring people together to show them the value of what were doing and basically create an environment thats a little bit different to your usual corporate set-up. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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. Before OutSystems, we typically released every six weeks. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Western Union has the infrastructure to help make that a reality. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . Others prefer to prepare a transaction online and then go to a retail location to pay cash. 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. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. your next, Infosys 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. & Publishing, Logistics The digital transformation is helping Western Union emerge from a challenging two-year era. Digital transformation starts with people, which is a useful reminder that . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Introducing the next-generation operating model, Winning with your talent-management strategy. That created a need to act. Digital is all about how we reach the customer. Thank you for this great post, Hans. Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . Us, Terms The way we approached it was to use the central WU Way team for capability building. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. So its a real imperative across the top of the organization. We wont bug you too much because thats more work for all of us. Today, structured and semi-structured data can easily coincide. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Product Director, United States Money Transfer. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! . 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. Professors from HEC, ESCP business school, and leading carriers shared insights on . Western Union's digital transformation - Think with Google Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. 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. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Western Union hiring Global Head, Customer Experience & Design in Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Arvie de Vera - LinkedIn If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . 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. 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. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. 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. Western Union offers digital transactions in 70 countries to move money around the world. 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. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Talend is our backbone for that work and have really evolved their product to meet our needs.. The fusion of the digital and the physical, the irrepressible rise of new technologies. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Western Union, Chief Data Officer: Digital Transformation Initiatives My team and I had thought of the future being digital, of course, but the pandemic really forced us to make it a reality for the business. We wanted plug-and-play convenience to integrate any technology.. Western Union: New Thought Leadership Status in Digital Cross-border In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . What is the Best High-Yield Dividend Stock to Buy Now? Our 7 Top Picks Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Mohua Das Gupta - Head of Marketing, Tata CliQ. How Western Union Became a Global Digital Front-Runner for Cross-Border Over the last two years, Singh has been accelerating Western Union's tech plan. Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. Zealand, South Definition of Digital Transformation - IT Glossary | Gartner This aims to support the transition of the region into a digital economy and bring the benefits of digital transformation, such as faster economic growth, more jobs, and better services. Convera's Next Steps: Western Union Business Solutions - Forbes If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Western Union is also focused on the global remittance market. 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. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. 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.
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