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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? For decades, Western Union benefited from network effects as it added density and new geographies. The gap between access and use is growing, with 56% of people in . 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. Western Union powers your pursuit. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Policy . Microservices, Digital Process Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. While WU is considered a global leader in their space, competitive insights and . A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. For example, we began offering an option for telephone money transfer. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. 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. 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. Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. 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. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Its in our DNA to think about global operations because Western Union covers the world.. We wanted plug-and-play convenience to integrate any technology.. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? arrow_forward. Western Union is trying to use Blockchain as an incremental or modular innovation, when in fact it could be an architectural orradical innovation (see chart below) introducing entirely new businesses that fit well into Western Unions existing capabilities. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Country/region, Costa Youre expected to come up with new ways of innovation to drive revenue growth across the organization. With my work with WEF, I was lucky enough to sit around a table recently with some important people and talk about how we can take this forward. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. Introducing the next-generation operating model, Winning with your talent-management strategy. 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. Western Union will likely face internal resistance from three sources. Western Union charges high fees since they need to cover rent and labor overhead. Services, Public In the past, JSON storage and analysis required specific JSON databases. 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. With OutSystems, we deploy twice every week. Its been a great combination. Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Group, Infosys Revenue Management Platform for Banking, About The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. 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. People are asking us, Hey, can you come help me? The pandemic really accelerated the digital transformation journey; the plan was for it to be rolled out in three years but that timeframe became 18 months, Singh tells Digital Bulletin. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Institute, Infosys Innovation 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. So we established a set of what we call market-shaper practices that we wanted to focus on. 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. Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. Meridian, Infosys The service, which is set to launch in Madagascar, will see funds from around the world move through payment rails operated by MFS Africa, the continent's largest payment gateway.. MFS Africa's digital payments network connects more than 400 million mobile money wallets, more than 200 million bank accounts across Africa, and more than 200,000 agents in Nigeria, to enable cross-platform and . 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 . In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Inclusion, Bloomberg Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Industry experts were also drafted in to create the army that was required for this technology mission. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. To explore this content and receive communications from Google, please sign in with an existing Google account. 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. 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 . The pandemic really accelerated the digital transformation journey; the plan was for it to be rolled out in three years but that timeframe became 18 months. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Some want to go to a retail store and pay cash. Convera. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. your next, Infosys Fellahi sees the Messenger bot as a promising tool. Key takeaways. Western Union can leverage such physical presence to win this new innovative space. . Finance. Whats really nice about that is that its so visually obvious. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's 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. . ; With the solution, Western Union launched a state-of-the-art digital . Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. The fusion of the digital and the physical, the irrepressible rise of new technologies. Salesforce has been such an important part of the digital experience journey.. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Team members were drawn from different continents and operating on different time zones. de 2007 - actualidad16 aos 3 meses. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Companies like Venmo(PayPal) and Zelle(joint venture by several large U.S. banks) have deep pockets, but so far are mostly competing in domestic payment markets. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. As a company, Western Union is in the middle of a transformational moment. 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. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. 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. Manufacturing, Information Services Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. 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. 12. They essentially sponsor a team and loan the resources that are necessary. From apps that save lives to those that process loans in a Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. 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. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. 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.