western union digital transformation

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. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Stephanie Pankau - Product Director, United States Money Transfer Western Union has recently partnered with other digital platforms to expand its digital offerings. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. 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. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Arab Emirates. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. And that could be at an operation site or it could be more of a frontline thing like a sales executive. HELIX, Management Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money Western Union Advances Its Digital Growth Strategy With Investment in Since 2008, Huawei has offered a wide and expanding range of . 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. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Western Union Customer Journey Transformation We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. Western Union. The organisation was looking for somebody with a fresh perspective who could challenge the norms, bring people together to show them the value of what were doing and basically create an environment thats a little bit different to your usual corporate set-up. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. 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. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. The Essential Components of Digital Transformation Looking back at the results of our work over the last couple of years across all of our deployments, you see some really impressive gains. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. Western Union and Zain Cash Collaborate to Facilitate Digital Cross 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 . Product Director, United States Money Transfer. Guide for Suppliers, Select 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. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. The Foundation is supported by the Western Union Company, its employees, Agents, and business partners, working to support education and disaster relief efforts as pathways toward a better future. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. 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. Western Union reduced data warehousing costs by 50% and has saved millions through streamlined data engineering and administration after moving more than 30 data stores, including on-premises data, into Snowflake. The top challenge for businesses with digital transformation goals in 2023 is determining where their companies should direct spending on technologies, according to a BCG X report. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Top retailers use AI-powered campaigns to engage their most valuable customers. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. 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. [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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Over the last two years, Singh has been accelerating Western Union's tech plan. Digital transformation in Western Union must be driven from the top-down. Strategic partnerships working with platforms like Google is a critical piece of that. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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 . 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. How Western Union achieved Digital Transformation with Infosys and Oracle. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. 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 . The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. We believe in the work we do, why we do it, and who we hire to get it done. (PDF-165 KB) The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. Western Union Uses AWS to Create Company-Wide Digital Transformation. She also has worked with ad agencies like Ogilvy and McCann. Its more about having the manager understand how the work actually gets done on the floor. Denver, Colorado. "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. 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. Western Union is working alongside Amazon Web Services (AWS) and AWS Partners to transform and expand its business, including the launch of a new digital bank. 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. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. 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. 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. These strategies are paying off. Driving Western Union's tech transformation - Digital Bulletin

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