But Western Union is missing the true potential of blockchain for its business. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Our digital-first crisis response is helping us evolve into the future. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. . Thank you for this great post, Hans. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. We set up virtual war rooms, met with our executive team daily to strategize, and spoke to customers every week to keep a pulse on their needs. Western Union uses a central team to build new capabilities across the business. What are the biggest lessons you learned? Microservices, Digital Process
Tom Mazzaferro, Chief Data Officer at Western Union together with Nick Halsey, CEO at Okera talk about the technology that Western Union has adopted to help build new products and Western Union, Chief Data Officer: Digital Transformation Initiatives (Part 3) | Cloud | cdomagazine.tech Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Reliable for over 170 years. 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). Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Enterprise Technology Operations Center Manager. 12. Western Union has the infrastructure to help make that a reality. Salesforce has a value proposition that was immediately interesting because it allows you to build a single omnichannel journey that can be managed really efficiently when I want to make a change I only need to do so in one place. [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. 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. Digital Transformation. 2021. Deep divides in digital connectivity, internet use, and access remain. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization?
Deloitte Collaborates With AWS to Put Enterprise-Class Banking 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. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Nov 2011 - Present11 years 5 months. 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. Theyll be there to help you stay on track or course correct when you have troubles. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. [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. Board of Directors. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Digital transformation starts with people, which is a useful reminder that . However, Western Union doesnt view its established retail business as totally separate from the digital world. 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.
Driving Western Union's tech transformation - Digital Bulletin 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. Navigate
How Western Union Became a Global Digital Front-Runner for Cross-Border Institute, Infosys Innovation
Safety starts with understanding how developers collect and share your data. 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. We offer consumers the choices they want, both for sending and receiving money, he stresses. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Convera. Western Union is a global leader in cross-border, cross-currency money movement and payments. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Today, structured and semi-structured data can easily coincide. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. 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. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Most of the customers for remittance service (e.g. With OutSystems, we deploy twice every week.
In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally.
Western Union's digital transformation - Think with Google 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. Services, Consumer
And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain).
Women in Marketing: Executives who are building brand narratives The Essential Components of Digital Transformation When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. be to drive digital transformation and . Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. Finance. Lean deployments are a big piece of our overall transformation program. Experience in leading digital products from either the financial services, payment, or fintech industries. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. of Use, Payment
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. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. My role was to bring all of these different teams together and instil a culture that recognised it wasnt just about how fast we were going, but also about the quality of the product were delivering.. 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 the worlds first P2P company. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Digital transformation in the EUBenefitting people, the economy and the environment. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. 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].
Western Union's digital transformation sprints to mobile 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. 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. We're making content recommendations better for thousands of readers. In the past five years, theres been a leveling across applications and data.
Leadership Team - Western Union | Corporate Harveer Singh Leads Western Union's Digital Transformation - Profile [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.
Western Union Announces Agreement to Sell Western Union Business Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. 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. Maybe it started out as more of a push, where we were looking to come in and work with a team. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. That helps us refocus on the particular market-shaper practices that we need to double down on in order to continue improving during our transformation journey. Cortex, Infosys
One of our most important tools is the floor walk. These strategies are paying off. It's a physical branding and marketing component that few money-transfer providers can match - but one that's of diminishing value in a digital world. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains.