western union digital transformation

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. If any of these should fit what you're looking for, consider exploring a career with Western Union. Western Union Careers Here are 4 steps they follow, Why durable solutions are needed to build the future of audiences, A data-privacy team can support your privacy transformation. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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 . Entertainment, Professional Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Western Union is to shed its Business Solutions unit, with investment firms Goldfinch and Baupost set to acquire the business for $910 million in cash. Reliable for over 170 years. UnionDigital Bank is the trusted bridge between innovation and regulation. Deep divides in digital connectivity, internet use, and access remain. Powering Digital Transformation: How Western Union Leverages the Data Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Industry experts were also drafted in to create the army that was required for this technology mission. In the past five years, theres been a leveling across applications and data. be to drive digital transformation and . 8 (Managing the Strategy Development Process). Its not done from the perspective of correction or a negative consequence. W ith the outbreak of a crippling global pandemic and a pronounced global economic slowdown, the last few years have been rather tumultuous for the world. Western Union is the worlds first P2P company. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. & Publishing, Logistics Transformation, Cyber Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Security, Infosys We're making content recommendations better for thousands of readers. 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. 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. Were there tools or technology that were particularly helpful in your transformation? Accelerating Digital Transformation in Western and Central Africa How do you start there and end up with a fully embedded transformation across a company of 12,000 people? The Western Union Way of digital transformation. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. 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. Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. How did you navigate those early moments? Automation, Microsoft 35, No. Stephanie Pankau - Product Director, United States Money Transfer 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. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . 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. 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. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? [4] Form 10-K for the year ended December 2017, p.7. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. 12. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Technology powers the data economy. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. It took six months to do the bare minimum. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. Similarly, Western Union's ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities. Over the last two years, Singh has been accelerating Western Union's tech plan. Arvie de Vera - LinkedIn Thats not to say cloud is always cheap, it can be expensive but we have a very stringent Review Board to keep our costs in check, so cost reduction is something about which we are confident.. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Convera. 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. In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. [9]Western Union recently dipped its toes into blockchain. Western Union digital integrates UAE Pass - Gulf Business Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. 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. Finance. 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. Build customized, secure, and scalable mobile banking apps. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. Log in to help. [5]. Their bread and butter business is charging hefty fees on remittances and their core advantage was a network of retail outlets and agents across the US and partners around the world to get cash from one family member to another. Technology or Operations transformation . Wingspan, Infosys Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. This will enable the company to maintain its high . 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. . McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. Western Union Uses AWS to Create Company-Wide Digital Transformation. 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. Services, High Recipients can choose to pick up the sent money at a Western Union location, or send the money to a digital wallet or bank account. Services, Consumer You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Its more about having the manager understand how the work actually gets done on the floor. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Western Union Digital Banking is offered by Western Union International Bank GmbH. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. 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. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. Thats really enabled a lot more collaboration across groups. In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. The way we approached it was to use the central WU Way team for capability building. Procurement & Construction, Financial The transition from legacy systems to Oracle Solutions was critical to the strategy's success. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Maybe it started out as more of a push, where we were looking to come in and work with a team. We teach employees, and then they execute. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. 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.. What are the biggest lessons you learned? The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. 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). 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. Since 2008, Huawei has offered a wide and expanding range of . Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Snowflake: What do you see changing now that your organization is better able to share data? First, for continuity of services. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Top-down prioritization of digital transformation. Analytics, API Economy & Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Leadership. Most of the customers for remittance service (e.g. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Deloitte Collaborates With AWS to Put Enterprise-Class Banking 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. Cookies help us deliver our services. Knowledge Institute, Chemical Its been a great combination. Western Union. Technology, Industrial They have also triggered profound changes within global banking, demanding that lenders remain flexible, nimble, and innovative in their digital-banking strategies to meet customers' rapidly . Increasingly, digital technology and mobile devices play a key role in these transactions. . We offer consumers the choices they want, both for sending and receiving money, he stresses. Western Union also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. Western Union's digital transformation sprints to mobile Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers The Future of Payments is Invisible | CIO Profiles, Infosys Knowledge Jaffin: Digital was critical in a few ways. Not just front-end, but back office and our contact center. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. Business Unit Represents Approximately 7% of Company Revenue . Western Union: Reimagining a Financial Services Leader In the past, JSON storage and analysis required specific JSON databases. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Packaged Goods, Engineering Working across many cultures at Western Union | McKinsey As a global leader in cross-border, cross-currency money movement and payments, Western Union has to comply with a huge number of financial regulations. The gap between access and use is growing, with 56% of people in . Really understand the business stakeholders problem and how you can fix or enable it. Digital Bulletin exists to tell the story. 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. Over the last two years, Singh has been accelerating Western Union's tech plan. Definition of Digital Transformation - IT Glossary | Gartner So youre really talking about game-changing differences between how processes worked before and after.

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