Microservices, Digital Process 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. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. 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 . 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. 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. 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. InsurTech & Crypto projects as the world embraces CX, Business Transformation and 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 its global financial network, as well as a global online presence. During its February 2018 earnings call, CEO Hikmet Ersek announced that Western Union is experimenting with Ripple for settling transactions and for capital optimization, and is also testing Ripples native currency (XRP).[10]. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. Western Union. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. Western Union also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. be to drive digital transformation and . 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. Our research identified 10 attributes of an organizations data infrastructure that enable it to take full advantage of the data economy, the global supply and, Editors note: This is part of a series about the data economy. 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. The Western Union Way of digital transformation. Digital transformation in Western Union must be driven from the top-down. Arab Emirates. Business Application Services, Service Experience your next, Infosys 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. (2013) Comparing Media Systems beyond the Western World. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. What we are talking about is not cryptocurrency, it is not something that has to be mined. Safety starts with understanding how developers collect and share your data. So youre really talking about game-changing differences between how processes worked before and after. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Kong, New Its not done from the perspective of correction or a negative consequence. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Services, Consumer As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. Profiles, Infosys Knowledge The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Wingspan, Infosys We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. 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. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Western Union reduced data warehousing costs by 50% and has saved millions through streamlined data engineering and administration after moving more than 30 data stores, including on-premises data, into Snowflake. 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. Key takeaways. 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 . Our App has grown to become one of the industrys most widely used international money transfer apps and a Top 20 finance app in the App Store., Not at all. The partnership with Talend has evolved over the last few years and was originally established to provide our business and technology teams a fast and efficient way to build data pipelines. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Sector, Travel and Security, Infosys Think of Western Union, and its yellow placard advertising an agent location comes to mind. 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. People. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. . Gartner Magic Quadrant for Low-Code Application Platforms, 2023. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Group, Infosys Revenue Management Platform for Banking, About 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 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. Since 2008, Huawei has offered a wide and expanding range of . Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Although retail business declined during . In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. The fusion of the digital and the physical, the irrepressible rise of new technologies. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. The idea is to orient the company around improving these market-shaper practices, really getting the health of our organization strong, and becoming confident that if we can improve the health of the organization, the financial results will follow. This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. For decades, Western Union has defended its global position by investing in regulatory compliance. Garden, The Economist Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. Second, we increased our use of digital media to reach customers and build a feedback loop. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. Western Union has recently partnered with other digital platforms to expand its digital offerings. Snowflake: What do you see changing now that your organization is better able to share data? I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Salesforce has been such an important part of the digital experience journey.. 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 . 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. Board Committees. He shares his views on digital transformation and economic opportunities for all. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. We teach employees, and then they execute. 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. Enterprise Technology Operations Center Manager. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Africa, South 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. How did you navigate those early moments? Improvements that we made to our apps digital customer experience, for example, helped it become one of the most downloaded apps among our peer set in 2020. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Teams that may not previously have interacted with each other are now doing floor walks with each other. 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. Why Do Companies Choose to Outsource Work? With OutSystems, we deploy twice every week. Digital is all about how we reach the customer. 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). They essentially sponsor a team and loan the resources that are necessary. New-found agility delivers growth and improved Customer Experience for partners and customers. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. 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.
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