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. One of these customers is Tom Mazzaferro, Chief Data & Innovation Officer of Western Union, which serves more than 100 million global customers through approximately 600,000 retail locations, and via its digital platforms.
Stephanie Pankau - Product Director, United States Money Transfer And still others want to do it all online..
The Western Union Company (WU) Q3 2022 Earnings Call Transcript It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. The idea is to orient the company around improving these market-shaper practices, really getting the health of our organization strong, and becoming confident that if we can improve the health of the organization, the financial results will follow. [8]. Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . Provide value consistently every month and deliver new value and capabilities. 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. Services, Consumer
Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. People are asking us, Hey, can you come help me? Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. And, Fellahi points out, When you look at customer acquisition on our digital channel, 80 percent of the customers we acquired in the past 12 months are new to usnot migrated from our traditional customer base., He expects digital money transfer and mobile technology to be the major driver of overall growth in coming years, adding, In the U.S., over 65 percent of WU.com transactions are initiated on a mobile device, and globally it is nearly 60 percent.. Maybe it started out as more of a push, where we were looking to come in and work with a team.
Financing Digital Transformation and Bridging Digital Divide: The Case That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets.
MFS Africa partners Western Union to broaden financial inclusion Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Cortex, Infosys
We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Specifically,. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Business Unit Represents Approximately 7% of Company Revenue Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC ("Goldfinch"), a private equity firm investing in . The digital transformation is helping Western Union emerge from a challenging two-year era. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. 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. The Western Union Way of digital transformation. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year.
Anil Santhapuri - Director of Skills Solutions, Global Talent Western Union uses a central team to build new capabilities across the business. Why Do Companies Choose to Outsource Work? Experience in leading digital products from either the financial services, payment, or fintech industries. At its core is a migration from on-prem to a cloud-based infrastructure, which it believes is key to allowing the organisation to scale and evolve into a company with the clout of an established financial institution combined with the agility and flexibility of a modern FinTech. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. One of our most important tools is the floor walk.
Deloitte Collaborates With AWS to Put Enterprise-Class Banking . 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. The Baupost Group is a $31 billion Boston-based investment firm. Inclusion, Bloomberg
Swanback said a . This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. (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. Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. Over the last two years, Singh has been accelerating Western Union's tech plan. And its not something you can achieve really quickly, its a multiple-year process. 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. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers.
Western Union Embraces Digital Transformation - BaselineMag.com Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. That support has made it a lot easier to have the influence we need to make the transformation successful. 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. Profiles, Infosys Knowledge
Digital is all about how we reach the customer. Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency).
Cash And Trade Magazine - For Cash and Trade professionals in the 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.. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally.
Working across many cultures at Western Union | McKinsey [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. We're making content recommendations better for thousands of readers.
Digital Summit WB6 - Prishtina 2022 Western Union Careers | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . To learn more about the data economy, what your organization stands to gain from using data effectively, and how to become a Data Economy Leader, download the report overview, How to Win in Todays Data Economy. This aims to support the transition of the region into a digital economy and bring the benefits of digital transformation, such as faster economic growth, more jobs, and better services. Team members were drawn from different continents and operating on different time zones. 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. (2013) Comparing Media Systems beyond the Western World. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . We believe in the work we do, why we do it, and who we hire to get it done. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. We wanted plug-and-play convenience to integrate any technology.. ene.
Dr. Hosam AbouElDahab on LinkedIn: Western Union and Beforepay Offer Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Receive rewards. Western Union will likely face internal resistance from three sources.
Western Union Announces Agreement to Sell Western Union Business It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. 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. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. We know there are certain systems that we cannot just move to the cloud straight away such as the AS400 IBM mainframe, but weve managed to take the ecosystem that surrounds our legacy technology and move it to the cloud and we think we can get everything to the cloud before the end of the year. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. 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. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. 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 more than 170 years Western Union has been helping people send money all over the world.
Western Union Digital Banking 4+ - App Store Country/region, Costa
& Distribution, Media and
Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities 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.. Increasingly, digital technology and mobile devices play a key role in these transactions. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Jaffin: Digital was critical in a few ways.
Western Union video | re:Invent 2021 | AWS And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Network (IIN), Diversity Equity
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. The company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. Meeting the moment with solutions required Western Union to accelerate its own digital transformation.
Harveer Singh leads Western Union's digital transformation with data Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? . 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 its global financial network, as well as a global online presence. Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . - Earn My WU points. Some changes that used to take a month, we now deliver in around 48 hours.. Introducing the next-generation operating model, Winning with your talent-management strategy. According to the terms of the transaction . The culture change has to be driven across teams to show how technology has enabled different and better outcomes. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. 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. 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..
Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn 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. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! 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. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. [9]Western Union recently dipped its toes into blockchain. The Western Union Way of digital transformation. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens.
Leadership Team - Western Union | Corporate 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. [7]While cryptocurrencies are an obvious threat to Western Unions cross-border money transfers, Blockchain also can be used in a range of imaginative ways. ; With the solution, Western Union launched a state-of-the-art digital . [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. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Mazzaferro: Keep it simple. For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). Thank you for this great post, Hans. Digital transformation in the EU. s full anLearn more about the data lake, a repository for structured, unstructured, and semi-structured data that provided direct access to raw organizational data. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information.
Western Union's digital transformation sprints to mobile Western Union's Customer Journey Digital Transformation Fueled by NICE Increasingly, digital technology and mobile devices play a key role in these transactions.
Digital transformation in the EU | News | European Parliament Knowledge Institute, Chemical
Western Union. Management, Digital Workplace
And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. Cambridge: Cambridge University Press Convera. . Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Singh is a proponent for a Central Bank Digital Currency, which he says is significantly different to the digital assets such as BitCoin and Ethereum, which can fluctuate wildly in value over short periods of time. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. For decades, Western Union benefited from network effects as it added density and new geographies. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. [5]. 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 Future of Payments is Invisible | CIO Some want to go to a retail store and pay cash. Leadership Team. In the past five years, theres been a leveling across applications and data. Digital Bulletin exists to tell the story. Really understand the business stakeholders problem and how you can fix or enable it. With a strong base of over 4 million customers and an established regional brand in the fast-growing digital wallet market, Western Union believes that stc pay is poised to experience strong growth in the future. Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Western Union is a global leader in cross-border, cross-currency money movement and payments.
Western Union Digital Banking - Apps on Google Play It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. 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).
Western Union Partners with MFS Africa to Enable Money Transfers into Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500).