western union digital transformation11 Mar western union digital transformation
Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. This will enable the company to maintain its high . 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. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Not just front-end, but back office and our contact center. 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. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Leadership Team. Created: 05-05-2021 - 17:15. Manufacturing, Communication The culture change has to be driven across teams to show how technology has enabled different and better outcomes. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. 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. & Distribution, Media and The author approaches the problem using public. Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . 8 (Managing the Strategy Development Process). Automation, Microsoft Western Union now has more than 550,000 agent locations in more than 200 countries. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Digital transformation in Western Union must be driven from the top-down. How Western Union Became a Global Digital Front-Runner for Cross-Border Payments Money By Jay Jaffin, Head of Global Digital, Western Union May 24, 2021. One of our most important tools is the floor walk. 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. 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. People are enthusiastic about the results of the pilot, and they want to see that in their own area. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Snowflake: What do you see changing now that your organization is better able to share data? Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Packaged Goods, Engineering 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. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. Cortex, Infosys The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. The fusion of the digital and the physical, the irrepressible rise of new technologies. The digital transformation is helping Western Union emerge from a challenging two-year era. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. In Western and Central Africa, only 36% of the population has access to broadband connectivity. 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 -. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Because if you dont have the right data, your applications will struggle to provide the right business outcomes and customer experiences. 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. Ericsson will help accelerate Econet's digital transformation journey. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Product Director, United States Money Transfer. Western Union has recently partnered with other digital platforms to expand its digital offerings. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. We will expand our Messenger bot to other countries and add other languages, he adds. Western Union is the worlds first P2P company. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers 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. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. 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. 1 (March 1990), pp. 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. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. Receive rewards. In the past five years, theres been a leveling across applications and data. She also has worked with ad agencies like Ogilvy and McCann. 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. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. . Western Union powers your pursuit. Today, structured and semi-structured data can easily coincide. Its important to understand that business stakeholders are customers of our data. Maybe it started out as more of a push, where we were looking to come in and work with a team. Western Union International Bank is licensed by the Austrian Financial Market Authority. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. In [] 2021. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. Us, Terms Professors from HEC, ESCP business school, and leading carriers shared insights on . Provide value consistently every month and deliver new value and capabilities. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. Western Union built its platform by assembling a global network of third party agents. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Heres how, Customers want control over their data and wont hesitate to switch brands to get it, Global Insights Briefing: Holiday takeaways for marketers, From solar panels to spa days, see how 2022s top searches set the stage for 2023. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. 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. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . 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. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. If any of these should fit what you're looking for, consider exploring a career with Western Union. Western Union is a global leader in cross-border, cross-currency money movement and payments. 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. Now we are on track to achieve those gains and benefits that come with being more agile and being able to grow at scale, we can really begin to look forward and reap the rewards of the transformation.. Salesforce has been such an important part of the digital experience journey.. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. We started function by function, looking at individual deployments across our different groups in the company. 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. 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. Services, Data A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. 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 Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Updated on. 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. Were there tools or technology that were particularly helpful in your transformation? Deep divides in digital connectivity, internet use, and access remain. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. 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. 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. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. 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. [3], Western Union operates in three segments, with most of its revenues (79%) coming from the C2C segment: [4], Western Union became the dominant player in cross-border C2C money transfers through a platform strategyit connected people who wanted to send money across borders. 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. 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 . 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. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. 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. Technology or Operations transformation . So, constant iteration and rapid delivery are crucial. 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). 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. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. 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. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. COVID-19 has brought countless challenges, but its also caused us to focus all of our efforts around customers and reground ourselves in our mission. Hospitality, Waste And its not something you can achieve really quickly, its a multiple-year process. 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 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 paper analyzes the issues of digital transformation in the European Union in such key dimensions as financing digitalization and implementing public policy to bridge the digital divide in the EU member countries. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). 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. But its really all about allowing the manager to observe the way their employee works, whats easy about that job and whats hard about that job.
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