If any of these should fit what you're looking for, consider exploring a career with Western Union. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. 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. Theyll be there to help you stay on track or course correct when you have troubles. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. After exceeding expectations in 2020 despite the outbreak of COVID-19, the world's largest currency exchange service Western Union looks set to exceed US$1 billion in total annual revenues for its digital business segment in 2021 a major milestone for the company and a first in the world of digital cross-border payments.. Western Union's shift toward digital shows little sign of relenting. We wont bug you too much because thats more work for all of us. Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . [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. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. 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 also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. 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. Leadership. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. 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. [2] Westar 1, Wikipedia, accessed April 2018. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. Group, Infosys Revenue Management Platform for Banking, About Western Union charges high fees since they need to cover rent and labor overhead. According to the terms of the transaction . . You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. How Western Union achieved Digital Transformation with Infosys and Oracle. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Although retail business declined during . That created a need to act. 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. How did you navigate those early moments? Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. These strategies are paying off. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. That support has made it a lot easier to have the influence we need to make the transformation successful. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Finance. . On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Furthermore, a chain of retail outlets is expensive. 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. Team members were drawn from different continents and operating on different time zones. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. 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. 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. Jaffin: Digital was critical in a few ways. 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. To explore this content and receive communications from Google, please sign in with an existing Google account. Increasingly, digital technology and mobile devices play a key role in these transactions. Some want to go to a retail store and pay cash. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. By John Manning, International Banker. Western Unions platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies and 500K partner networks. 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. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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. 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. Western Union powers your pursuit. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Digital is all about how we reach the customer. What Ive tried to do is look at each of the groups and find out who the strong players in each of them are, the leaders that are vocal and very straightforward in conversation. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Navigate 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. Its more about having the manager understand how the work actually gets done on the floor. Really understand the business stakeholders problem and how you can fix or enable it. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . 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. 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. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. . Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. - Earn My WU points. One of our most important tools is the floor walk. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Analytics, API Economy & 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. de 2007 - actualidad16 aos 3 meses. of Use, Payment Western Union International Bank is licensed by the Austrian Financial Market Authority. Thats the high performancewe rely on with OutSystems., Low-Code for Digital Financial Services Delivery. 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. 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. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. . Teams that may not previously have interacted with each other are now doing floor walks with each other. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. Snowflake: What do you see changing now that your organization is better able to share data? Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. . Top retailers use AI-powered campaigns to engage their most valuable customers. 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. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Increasingly, digital technology and mobile devices play a key role in these transactions. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. The author approaches the problem using public. 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]. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Harare Responsible for . 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.. With OutSystems, we deploy twice every week. The Baupost Group is a $31 billion Boston-based investment firm. However, Western Union doesnt view its established retail business as totally separate from the digital world. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. The way we approached it was to use the central WU Way team for capability building. Convera. Services, Data Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. New-found agility delivers growth and improved Customer Experience for partners and customers. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. 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. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). So its a real imperative across the top of the organization. Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. Learn about JSON storage. Digital transformation starts with people, which is a useful reminder that . We will expand our Messenger bot to other countries and add other languages, he adds. Western Union built its platform by assembling a global network of third party agents.