Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Western Union has recently partnered with other digital platforms to expand its digital offerings. Thank you for this great post, Hans. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. For example, we began offering an option for telephone money transfer. We believe in the work we do, why we do it, and who we hire to get it done. In 1861 it sent the first transcontinental telegraph. 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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. Youre now a year into your role as CMO and leading through a prolonged global crisis. Packaged Goods, Engineering For decades, Western Union benefited from network effects as it added density and new geographies. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . 12. be to drive digital transformation and . ; With the solution, Western Union launched a state-of-the-art digital . 1 (March 1990), pp. Us, Terms 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). 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 . 35, No. Western Union Uses AWS to Create Company-Wide Digital Transformation. . 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. 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. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. de 2007 - actualidad16 aos 3 meses. Though its too early for results, the response from consumers has been positive, he says. People are asking us, Hey, can you come help me? Jaffin: Western Union has a culture of innovating to meet customer needs, and the past 12 months have shown us that quick pivots can drive lasting change. Digital transformation in Western Union must be driven from the top-down. 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 started function by function, looking at individual deployments across our different groups in the company. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. 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. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. 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. Its important to understand that business stakeholders are customers of our data. 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. In the past, JSON storage and analysis required specific JSON databases. Youre expected to find ways to optimize your processes and drive value. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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. 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. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers The network upgrade will pave the way for Econet to deliver 5G connectivity in more . We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Meridian, Infosys [8]. Rica, Hong Finacle, Infosys 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. Technology powers the data economy. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Management, Digital Workplace Services, Consumer The Transformation Story of Western Digital. Cambridge: Cambridge University Press In the past five years, theres been a leveling across applications and data. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. 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. 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). <br><br>My Leadership Philosophy<br><br>I am an . One of its most high-profile hires was Harveer Singh, who was appointed as Chief Data Architect & Global Head of Engineering and previously co-led EYs Next Generation architecture & solutions for Financial Services. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Feb 7, 2023. We will expand our Messenger bot to other countries and add other languages, he adds. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Western Union. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . 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. your next, Infosys The international roll-out continues to other countries at pace. Build customized, secure, and scalable mobile banking apps. 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. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Best practices were also key. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. [4] Form 10-K for the year ended December 2017, p.7. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. [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. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center of excellence to ensure enterprise-wide success. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Funds can be picked up in cash at half a million Western Union agent locations worldwide or transferred electronically to the recipients bank account or to a debit card linked to a digital wallet. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. This will enable the company to maintain its high . Western Union Digital Banking is offered by Western Union International Bank GmbH. Jaffin: Digital was critical in a few ways. Institute, Infosys Innovation Analytics, API Economy & In addition to our digital banking app, there are at least 20 internal employee-facing apps that weve delivered that make work easier and more efficient for our employees., Asked what differences he sees in the development team, Tom says, With OutSystems, weve got a more cohesive and multi-talented development team because were using visual low-code development thats self-documenting. Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. Western Union has the infrastructure to help make that a reality. Snowflake: What do you see changing now that your organization is better able to share data? 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. If any of these should fit what you're looking for, consider exploring a career with Western Union. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Experience in leading digital products from either the financial services, payment, or fintech industries. Media, Madison Square 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 . Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. Engaged in problem resolution of complex . 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. [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. From apps that save lives to those that process loans in a This is just one example of how blockchain could be an opportunity for Western Union. . Sector, Travel and Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. . 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. 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.

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