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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.. 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 . The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. & Publishing, Logistics As the figure below shows, five components are needed to execute an organization's digital transformation: 1. 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. ; With the solution, Western Union launched a state-of-the-art digital . 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. That helps us refocus on the particular market-shaper practices that we need to double down on in order to continue improving during our transformation journey. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Wingspan, Infosys One trend that has emerged as a result is the growing role of digital money transfers among people who may not otherwise use those services. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Security, Infosys 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. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Convera. Mazzaferro: Keep it simple. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Some want to go to a retail store and pay cash. Manufacturing, Communication 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). So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Does it offer a more seamless customer experience? 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. Its been a great combination. Cambridge: Cambridge University Press To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. The gap between access and use is growing, with 56% of people in . Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Profiles, Infosys Knowledge The international roll-out continues to other countries at pace. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Second, we increased our use of digital media to reach customers and build a feedback loop. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. 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. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Were there tools or technology that were particularly helpful in your transformation? Society Updated: 01-06-2022 - 11:45. 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. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. 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. ene. Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. Kong, New Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. 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. How did you navigate those early moments? 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). Inclusion, Bloomberg We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. your next, Infosys Western Uniona global leader in cross-border, cross-currency money movement and paymentsis driving a company-wide transformation, which includes migrating its infrastructure from on-prem to the Cloud. Increasingly, digital technology and mobile devices play a key role in these transactions. Engaged in problem resolution of complex . We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. 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. 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. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. That support has made it a lot easier to have the influence we need to make the transformation successful. For more than 170 years Western Union has been helping people send money all over the world. 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. . [2]But today, new technologies are threatening Western Unions entire business model. Western Union is a global leader in cross-border, cross-currency money movement and payments. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. What are the biggest lessons you learned? Data quality is so important to us, we need to know who we are marketing to and that means our data has to be of the highest quality.. 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. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. So its a real imperative across the top of the organization. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Western Union is a partner of the World Economic Forum (WEF) and is a leading voice in the conversation of how to build a global payments ecosystem, which is stable and where remittances can be made much faster. Its reach is staggering: present in more than 200 countries and territories, transacting in 130+ currencies, with approximately 150 million people having used Western Union to either send or receive funds over the last year. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Harare Responsible for . The CDO needs to drive digital transformation by enabling data to power product development and the company. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Mohua Das Gupta - Head of Marketing, Tata CliQ. Services, Data We're making content recommendations better for thousands of readers. Best practices were also key. 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. Procurement & Construction, Financial 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. [5]. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Western Union can leverage such physical presence to win this new innovative space. Western Union began a mission to transform the settlement platform with streamlined retail and digital cross-border money transfer operations to overcome the challenges and constraints of their legacy settlement systems. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. And still others want to do it all online.. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. When we started the transformation project, we came at it from the perspective of this being a cultural transformation just as much as a process transformation. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. January 25, 2019 | Video. As weve done that, everyone has started to speak the same language, whether its talking about going to huddles, doing process confirmations, conducting one-on-one coaching, or maybe doing floor walks. Digital transformation in the EUBenefitting people, the economy and the environment. Talend is our backbone for that work and have really evolved their product to meet our needs.. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Updated on. The aim of this paper is to sketch a brief history of complex digital transformation of media and . [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). For decades, Western Union benefited from network effects as it added density and new geographies. Youre starting to see that happen culturally. 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. . Fellahi sees the Messenger bot as a promising tool. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Tom Mazzaferro, Chief Data Officer at Western Union together with Nick Halsey, CEO at Okera talk about the technology that Western Union has adopted to help build new products and Western Union, Chief Data Officer: Digital Transformation Initiatives (Part 3) | Cloud | cdomagazine.tech As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. 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. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. But Western Union is missing the true potential of blockchain for its business. (PDF-165 KB) The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. Western Union powers your pursuit. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. Arab Emirates. Manufacturing, Information Services 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 . We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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 . Cookies help us deliver our services. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Lastly, how do you see digital continuing to drive your services in the future? 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. And that could be at an operation site or it could be more of a frontline thing like a sales executive. [8]. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Its in our DNA to think about global operations because Western Union covers the world.. To that end, Singh has built on an existing relationship to forge a highly valuable partnership with Salesforce and oversee the roll-out of its industry-leading Marketing Cloud. With a strong base of over 4 million customers and an established regional brand in the fast-growing digital wallet market, Western Union believes that stc pay is poised to experience strong growth in the future. Technology, Industrial ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. (2013) Comparing Media Systems beyond the Western World. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. 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. 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. Zealand, South We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . 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. 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. People. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Digital is all about how we reach the customer. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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]. 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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. 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. When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize before. We are also launching new products into the market, including a pilot for digital banking services in select markets in Europe and a revamped loyalty programme, which require us to capture data from our central warehouses to drive decision making, marketing and customer acquisition. Africa, South de 2007 - actualidad16 aos 3 meses. Its not done from the perspective of correction or a negative consequence. Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. Business Application Services, Service Experience Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Policy . 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. Digital Transformation. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Western Union Digital Banking is offered by Western Union International Bank GmbH. Digital Bulletin exists to tell the story. Furthermore, a chain of retail outlets is expensive. Technology or Operations transformation . Western Union. Western Union. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Provide value consistently every month and deliver new value and capabilities. . Learn about JSON storage. We offer consumers the choices they want, both for sending and receiving money, he stresses. of Use, Payment 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. Western Union has innovated before. . Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. The Foundation is supported by the Western Union Company, its employees, Agents, and business partners, working to support education and disaster relief efforts as pathways toward a better future. Imagine what we can do if you let us work with your team as well.. Ericsson will help accelerate Econet's digital transformation journey. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. Our digital-first crisis response is helping us evolve into the future. 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. For example, we began offering an option for telephone money transfer. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Feb 7, 2023. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . . She also has worked with ad agencies like Ogilvy and McCann. Garden, The Economist Finacle, Infosys These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. - Earn My WU points. At its core is a migration from on-prem to a cloud-based infrastructure, which it believes is key to allowing the organisation to scale and evolve into a company with the clout of an established financial institution combined with the agility and flexibility of a modern FinTech. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. Hospitality, Waste Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. 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. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. 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. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . 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. Professors from HEC, ESCP business school, and leading carriers shared insights on . Services, Public Guide for Suppliers, Select They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. . When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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. Western Union charges high fees since they need to cover rent and labor overhead.