western union digital transformation western union digital transformation

We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Society Updated: 01-06-2022 - 11:45. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Their bread and butter business is charging hefty fees on remittances and their core advantage was a network of retail outlets and agents across the US and partners around the world to get cash from one family member to another. 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.. Cambridge: Cambridge University Press The Transformation Story of Western Digital. And when that happens, they start to see further opportunities for continuous improvement, leading them to new ideas about things they can do to improve efficiency or effectiveness. From apps that save lives to those that process loans in a Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Mazzaferro: Keep it simple. 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. 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 . 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. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. Product Director, United States Money Transfer. Western Union offers digital transactions in 70 countries to move money around the world. 1 (March 1990), pp. The Western Union Way of digital transformation. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. If any of these should fit what you're looking for, consider exploring a career with Western Union. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Talends technology has been used similarly in response to people impacted by floods in Haiti and to Indian citizens at the height of the countrys COVID-19 crisis. 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. Western Union Uses AWS to Create Company-Wide Digital Transformation. Specifically,. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. 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. 8 (Managing the Strategy Development Process). 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. [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. 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.. Introducing the next-generation operating model, Winning with your talent-management strategy. Security, Infosys Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. 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. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Transformation, Cyber In [] Management, Digital Workplace & Publishing, Logistics The company considers local preferences, as well, accepting about 10 payment methods, such as Apple Pay in the U.S. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). To explore this content and receive communications from Google, please sign in with an existing Google account. Why Do Companies Choose to Outsource Work? According to the terms of the transaction . Business Unit Represents Approximately 7% of Company Revenue . Country/region, Costa The OutSystems platforms capabilities were immediately put to the test through 2021, as Western Union and its system integrator started development of its new digital banking app that includes a multicurrency bank account combined with money transfers, and other added benefits such as a Visa Platinum debit card. Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. arrow_forward. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. ; With the solution, Western Union launched a state-of-the-art digital . Western Union charges high fees since they need to cover rent and labor overhead. 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 . Meridian, Infosys Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Increasingly, digital technology and mobile devices play a key role in these transactions. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. [2]But today, new technologies are threatening Western Unions entire business model. Nov 2011 - Present11 years 5 months. Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. For decades, Western Union has defended its global position by investing in regulatory compliance. Discover the latest data, insights, and inspiration from Think with Google. Before OutSystems, we typically released every six weeks. Western Union can leverage such physical presence to win this new innovative space. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. . The culture change has to be driven across teams to show how technology has enabled different and better outcomes. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . 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.. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. 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. 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 primary reason we decided to go through with this transformation is that we saw an opportunity to positively impact revenue through our daily operations and behaviors. That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. Western Union has innovated before. How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. 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. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. 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. After the catastrophic explosion in Lebanon in 2020, the two companies worked together to build data pipelines to help those affected by the incident and provide support to agents in the area. Digital Bulletin exists to tell the story. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. Recipients can choose to pick up the sent money at a Western Union location, or send the money to a digital wallet or bank account. Thats changing. While WU is considered a global leader in their space, competitive insights and . Services, Public 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 . Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Talends technology was used to bring various sources of data from different locations into a single place in rapid fashion, helping make decisions such as waiving fees for those sending funds to people caught up in the explosion.