Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector Swanback said a . Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. 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. Western Union: Leading or Lagging Digital Transformation? While Singh and his team have been occupied with the technology transformation taking place at Western Union, the breakneck speed at which the financial services and payments industry is changing means they also have to be planning for the longer-term. By using our services, you agree to our use of cookies. Teams that may not previously have interacted with each other are now doing floor walks with each other. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Entertainment, Professional ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Mohua Das Gupta - Head of Marketing, Tata CliQ. Need a Lenten fish fry? There's an interactive map for that 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. Driving Western Union's tech transformation - Digital Bulletin Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. Western Union's digital transformation - Think with Google When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Western Union Embraces Digital Transformation - BaselineMag.com My mission is to empower people to become economically self-reliant. Western Union and Zain Cash Collaborate to Facilitate Digital Cross We wont bug you too much because thats more work for all of us. In Western and Central Africa, only 36% of the population has access to broadband connectivity. Originally, the capacity of our on-prem environments wasnt projected to hit capacity until 2022, but we could see that point was going to be reached in 2020, so that meant a real acceleration.. He shares his views on digital transformation and economic opportunities for all. 12. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? Transformation, Cyber Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Imagine what we can do if you let us work with your team as well.. Western Union's Customer Journey Digital Transformation Fueled by NICE We also innovated to make our services more inclusive for customers by creating new ways to send funds digitally and offering real-time digital account payouts. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. And still others want to do it all online.. Please enable Javascript to see this feature. For example, in 2016 Western Union integrated money transfer options with messanging apps WeChat and Viber, allowing users to send small amounts of money through the apps. Increasingly, digital technology and mobile devices play a key role in these transactions. 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. [12]These kind of digital initiatives are good pursuits for current operational leaders, since they represent incremental or modular innovations to Western Unions existing product offerings. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. He shares his views on digital transformation and economic opportunities for all. When you see those people who are proactive and have aspirations, you are able to almost make them role models and build really effective ecosystems around them.. Meridian, Infosys of Use, Payment They essentially sponsor a team and loan the resources that are necessary. Western Union must adapt to an increasingly mobile world: if Western Union doesnt develop low-cost mobile money transfers, Western Union wont be able to compete with new competitors like Ant Financial and Zelle. 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. Product Director, United States Money Transfer. 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 . 35, No. . 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. 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 central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. 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. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Created: 05-05-2021 - 17:15. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization's licensed payment rails. The network upgrade will pave the way for Econet to deliver 5G connectivity in more . The Future of Payments is Invisible | CIO Western Union now has more than 550,000 agent locations in more than 200 countries. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. 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]. BWIRE: Support youths to enhance their digital skills Manufacturing, Communication Gartner Magic Quadrant for Low-Code Application Platforms, 2023. s full anLearn more about the data lake, a repository for structured, unstructured, and semi-structured data that provided direct access to raw organizational data. 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. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Profiles, Infosys Knowledge There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. 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. Not just front-end, but back office and our contact center. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. 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. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Strategic partnerships working with platforms like Google is a critical piece of that. 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. The CDO needs to drive digital transformation by enabling data to power product development and the company. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. Reliable for over 170 years. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. Thats changing. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. 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. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . We developed the whole front-end for the app in less than four months., Western Union uses OutSystems for customer-facing apps, back office, and workflow solutions. ene. 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). . 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. Western Union built its platform by assembling a global network of third party agents. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. 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). Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. Western Union: Reimagining a Financial Services Leader We will expand our Messenger bot to other countries and add other languages, he adds. Western Union video | re:Invent 2021 | AWS Management, Digital Workplace Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. To explore this content and receive communications from Google, please sign in with an existing Google account. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Western Union can leverage such physical presence to win this new innovative space. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Digital Bulletin exists to tell the story. The fusion of the digital and the physical, the irrepressible rise of new technologies. Digital transformation in the EU | News | European Parliament Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. The digital transformation is helping Western Union emerge from a challenging two-year era. Over the last two years, Singh has been accelerating Western Union's tech plan. 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. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. 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. 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. Services, Data Now its more pull. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. That created a need to act. 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. 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. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Western Union Customer Journey Transformation Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer Arab Emirates.
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