few clicks, you can use OutSystems to bring your visions to life. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. 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 . Africa, South Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. Sector, Travel and Western Uniona global leader in cross-border, cross-currency money movement and paymentsis driving a company-wide transformation, which includes migrating its infrastructure from on-prem to the Cloud. COVID-19 has brought countless challenges, but its also caused us to focus all of our efforts around customers and reground ourselves in our mission. 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. Updated on. 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. A doctor in London taps an app on her phone to transfer 500 pounds. What are the biggest lessons you learned? By using our services, you agree to our use of cookies. Thank you for this great post, Hans. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. Western Union International Bank is licensed by the Austrian Financial Market Authority. Policy . However, Western Union would be wise to form a new, separate unit for exploring blockchain services. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Lean deployments are a big piece of our overall transformation program. 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. Western Union is also focused on the global remittance market. 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. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. What Ive tried to do is look at each of the groups and find out who the strong players in each of them are, the leaders that are vocal and very straightforward in conversation. ; With the solution, Western Union launched a state-of-the-art digital . Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Harare Responsible for . In 1861 it sent the first transcontinental telegraph. Society Updated: 01-06-2022 - 11:45. . The center of excellence keeps things on track and makes sure we follow a framework and are tracking the results, so that we can measure the impact of the transformation across the whole organization. Fellahi sees the Messenger bot as a promising tool. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. your next, Infosys How did you evolve for digital convenience and safety? Over the last two years, Singh has been accelerating Western Union's tech plan. As a company, Western Union is in the middle of a transformational moment. . Inclusion, Bloomberg Professors from HEC, ESCP business school, and leading carriers shared insights on . Media, Madison Square Salesforce has been such an important part of the digital experience journey.. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. 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. On March 1, Huawei held a "Digital Leadership Seminar" during Mobile World Congress (MWC) 2023 in Barcelona, Spain, attended by more than 60 high-level customers from global carriers, government enterprises, and KOL. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Digital transformation in Western Union must be driven from the top-down. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. 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. With OutSystems, we deploy twice every week. Kong, New The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. We will expand our Messenger bot to other countries and add other languages, he adds. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Our leadership team remains true to our vision and values, putting customers' evolving needs at the center of our innovation and holding up trust and convenience as the hallmarks of our business. He praises the vendor support and namechecks first AWS for enabling the organisation to quicken the pace of its procurement process and spin up workloads to the cloud faster than had originally been anticipated. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Board of Directors. So youre really talking about game-changing differences between how processes worked before and after. In Western and Central Africa, only 36% of the population has access to broadband connectivity. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. Today, structured and semi-structured data can easily coincide. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. 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. It took six months to do the bare minimum. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? Profiles, Infosys Knowledge 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. 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. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. Western Union International Banks CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Increasingly, digital technology and mobile devices play a key role in these transactions. One of its most high-profile hires was Harveer Singh, who was appointed as Chief Data Architect & Global Head of Engineering and previously co-led EYs Next Generation architecture & solutions for Financial Services. Knowledge Institute, Chemical Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Western Union uses a central team to build new capabilities across the business. Not just front-end, but back office and our contact center. Convera. And its not something you can achieve really quickly, its a multiple-year process. Security, Infosys Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. Technology powers the data economy. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . 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. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. Digital transformation in Western Union must be driven from the top-down. The author approaches the problem using public. Teams that may not previously have interacted with each other are now doing floor walks with each other. Western Union now has more than 550,000 agent locations in more than 200 countries. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. 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. For decades, Western Union benefited from network effects as it added density and new geographies. Whats really nice about that is that its so visually obvious. 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. Open a free Western Union Digital Banking bank account to manage your international finances and make instant, transfer fee-free* money transfers to other Western Union Digital Banking account holders. [4] Form 10-K for the year ended December 2017, p.7. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. In [] 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. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. 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. 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. & Distribution, Media and Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Industry experts were also drafted in to create the army that was required for this technology mission. [9]Western Union recently dipped its toes into blockchain. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernize their legacy core banking stacks.
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