What are the biggest lessons you learned? Mazzaferro: Keep it simple. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Though its too early for results, the response from consumers has been positive, he says. Cortex, Infosys In the past, JSON storage and analysis required specific JSON databases. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Its important to understand that business stakeholders are customers of our data. Rica, Hong . [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. 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. 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. . The aim of this paper is to sketch a brief history of complex digital transformation of media and . Manufacturing, Information Services 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.. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. 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. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. DENVER-(BUSINESS WIRE)-The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. 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. Microservices, Digital Process 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. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. 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. 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. In order to fund the investments, we decided that it was really important to do a transformation exercise, look for ways to gain efficiencies and effectiveness across our processes and procedures, and then use those efficiencies to fund the growth investments. 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. Country/region, Costa Furthermore, a chain of retail outlets is expensive. 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. If any of these should fit what you're looking for, consider exploring a career with Western Union. 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. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. 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. Log in to help. 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. 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. 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. Leadership. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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. 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. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. The transformation of Western Digital to a Live Enterprise Modernization of legacy enterprise resource planning (ERP) applications provides an opportunity for a technical upgrade as well as a transformation of the core business, according to IDC. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . Profiles, Infosys Knowledge Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Hospitality, Waste Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. But it becomes more self-driven, and that really enables the scale. Garden, The Economist 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. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Finance. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. . Digital transformation in Western Union must be driven from the top-down. Its not done from the perspective of correction or a negative consequence. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. - Access cash back rewards at the WU store. 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. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. We started function by function, looking at individual deployments across our different groups in the company. These are things like rewards and recognition, top-down innovation, and consequence management. 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. As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Second, we increased our use of digital media to reach customers and build a feedback loop. 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. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Salesforce has been such an important part of the digital experience journey.. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Western Union Uses AWS to Create Company-Wide Digital Transformation. 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. The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. Entertainment, Professional But theyve been hugely supportive and as weve hit milestones, such as moving significant infrastructure completely to the cloud or achieving significant savings with the Marketing Cloud, we have built that business case. They essentially sponsor a team and loan the resources that are necessary. . Thats changing. 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. In 1861 it sent the first transcontinental telegraph. 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. be to drive digital transformation and . Analytics, API Economy & People are enthusiastic about the results of the pilot, and they want to see that in their own area. 35, No. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Enterprise Technology Operations Center Manager. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Western Union is the worlds first P2P company. Introducing the next-generation operating model, Winning with your talent-management strategy. . Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. 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. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. In the past five years, theres been a leveling across applications and data. The Baupost Group is a $31 billion Boston-based investment firm. It took six months to do the bare minimum. 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. few clicks, you can use OutSystems to bring your visions to life. And that could be at an operation site or it could be more of a frontline thing like a sales executive. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. 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.

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