Western Union: New Thought Leadership Status in Digital Cross-border The scale of change this represents for a business like Western Union is not to be underestimated; the company employs around 11,000 people and has more than 550,000 retail agents locations within . Western Union. Team members were drawn from different continents and operating on different time zones. 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. 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). 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. 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. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . He praises the vendor support and namechecks first AWS for enabling the organisation to quicken the pace of its procurement process and spin up workloads to the cloud faster than had originally been anticipated. 2023Western Union Holdings, Inc. All Rights Reserved. Wingspan, Infosys Specifically,. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Garden, The Economist Provide value consistently every month and deliver new value and capabilities. Safety starts with understanding how developers collect and share your data. Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . 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. People are asking us, Hey, can you come help me? It took six months to do the bare minimum. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Arvie de Vera - LinkedIn Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. IT and engineering under one leader drives an exceptional customer We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. 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. 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. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. 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. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. 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. Media, Madison Square 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. 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. 2021. Lastly, how do you see digital continuing to drive your services in the future? Introducing the next-generation operating model, Winning with your talent-management strategy. de 2007 - actualidad16 aos 3 meses. In [] 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 . Manufacturing, Information Services Imagine what we can do if you let us work with your team as well.. Meridian, Infosys Western Union, MFS Africa Partner to Enable Money Transfers into 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. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Mohua Das Gupta - Head of Marketing, Tata CliQ. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. 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 . Pay for your transfer instantly with a debit or credit card** or start a money transfer and complete the payment in cash at a nearby agent location. . Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Us, Terms ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. We offer consumers the choices they want, both for sending and receiving money, he stresses. Some changes that used to take a month, we now deliver in around 48 hours.. 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. few clicks, you can use OutSystems to bring your visions to life. 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. 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. UnionDigital Bank is the trusted bridge between innovation and regulation. She also has worked with ad agencies like Ogilvy and McCann. 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 digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. These strategies are paying off. Digital Transformation. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. Leadership Team - Western Union | Corporate Driving Western Union's Tech Transformation | by Digital Bulletin Ericsson will help accelerate Econet's digital transformation journey. Procurement & Construction, Financial Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. Enterprise Technology Operations Center Manager. The fusion of the digital and the physical, the irrepressible rise of new technologies. In the past, JSON storage and analysis required specific JSON databases. Business Unit Represents Approximately 7% of Company Revenue . Meeting the moment with solutions required Western Union to accelerate its own digital transformation. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Log in to help. Western Union will likely face internal resistance from three sources. 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. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. 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. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. 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. 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. The Western Union Way of digital transformation | McKinsey Western Union digital integrates UAE Pass - Gulf Business [4] Form 10-K for the year ended December 2017, p.7. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. 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. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. As a global leader in cross-border, cross-currency money movement and payments, Western Union has to comply with a huge number of financial regulations. 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. 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. A doctor in London taps an app on her phone to transfer 500 pounds. The international roll-out continues to other countries at pace. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. [7]While cryptocurrencies are an obvious threat to Western Unions cross-border money transfers, Blockchain also can be used in a range of imaginative ways. Western Union is a global leader in cross-border, cross-currency money movement and payments.
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