"As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . [6], However, regulators cant keep pace with the wave of new blockchain applications. With OutSystems, we deploy twice every week. Before OutSystems, we typically released every six weeks. 2023 Snowflake Inc. All Rights Reserved | If youd rather not receive future emails from Snowflake, unsubscribe here or customize your communication preferences, Snowflake for Advertising, Media, & Entertainment, unsubscribe here or customize your communication preferences. We use OutSystems in multiple layers of our tech stack, says Tom. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Western Union is doing that. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. People who knew how a team or a group worked before can come in and see its night-and-day different. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. 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 . 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. Services, Public Salesforce has been such an important part of the digital experience journey.. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Western Union is the worlds first P2P company. So, constant iteration and rapid delivery are crucial. But Western Union is missing the true potential of blockchain for its business. 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. 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. Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector He shares his views on digital transformation and economic opportunities for all. In Western and Central Africa, only 36% of the population has access to broadband connectivity. Entertainment, Professional And when that happens, they start to see further opportunities for continuous improvement, leading them to new ideas about things they can do to improve efficiency or effectiveness. Arab Emirates. Theyll be there to help you stay on track or course correct when you have troubles. 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. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. You stepped in as CMO just as COVID-19 was emerging, and I cant imagine that a global health crisis was what youd envisioned for your first 100 days. One trend that has emerged as a result is the growing role of digital money transfers among people who may not otherwise use those services. Updated on. People are enthusiastic about the results of the pilot, and they want to see that in their own area. 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. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Not just front-end, but back office and our contact center. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. The way we approached it was to use the central WU Way team for capability building. Society Updated: 01-06-2022 - 11:45. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. 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. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). 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. 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. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Receive rewards. Its been a great combination. 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. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . 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). My team and I had thought of the future being digital, of course, but the pandemic really forced us to make it a reality for the business. Our digital-first crisis response is helping us evolve into the future. 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 -. We also innovated to make our services more inclusive for customers by creating new ways to send funds digitally and offering real-time digital account payouts. For more than 170 years Western Union has been helping people send money all over the world. Africa, South Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Western Union Digital Banking is offered by Western Union International Bank GmbH. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Experience in leading digital products from either the financial services, payment, or fintech industries. Inclusion, Bloomberg Meeting the moment with solutions required Western Union to accelerate its own digital transformation. 1 (March 1990), pp. According to the terms of the transaction . [2] Westar 1, Wikipedia, accessed April 2018. Western Union. 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.. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. 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]. Build customized, secure, and scalable mobile banking apps. One of our most important tools is the floor walk. Professors from HEC, ESCP business school, and leading carriers shared insights on . ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. Policy . 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.. 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. . And that could be at an operation site or it could be more of a frontline thing like a sales executive. Sector, Travel and 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. 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 . | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . Western Union. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. Finance. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union charges high fees since they need to cover rent and labor overhead. We serve all customer segments: from digital natives who are never without their smartphones to the 4 billion people on earth the World Bank estimates arent online yet., Western Union is strongly committed to migrants and to refugees: migration is at the heart of our business. 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. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Product Director, United States Money Transfer. This will enable the company to maintain its high . [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. He shares his views on digital transformation and economic opportunities for all. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. The Western Union Way of digital transformation. 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. Safety starts with understanding how developers collect and share your data. 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. Instead, Western Union should fund and fully staff a separate unit that has preferential access to Western Unions resources, but is not restricted by legacy operators within Western Union. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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. Introducing the next-generation operating model, Winning with your talent-management strategy. The international roll-out continues to other countries at pace. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. 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 . . 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. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. 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.. 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. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Finacle, Infosys 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. Second, we increased our use of digital media to reach customers and build a feedback loop. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Kong, New Transformation, Cyber For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. 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. <br><br>My Leadership Philosophy<br><br>I am an . Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. The author approaches the problem using public. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Its more about having the manager understand how the work actually gets done on the floor. 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. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. If any of these should fit what you're looking for, consider exploring a career with Western Union. Denver, Colorado. 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 . In the past five years, theres been a leveling across applications and data. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center of excellence to ensure enterprise-wide success. 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.. 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. Deep divides in digital connectivity, internet use, and access remain. In 1861 it sent the first transcontinental telegraph. Thats really enabled a lot more collaboration across groups. How Western Union achieved Digital Transformation with Infosys and Oracle. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. 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.. your next, Infosys WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. 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. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Digital transformation in Western Union must be driven from the top-down. We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. For example, we began offering an option for telephone money transfer. And its not something you can achieve really quickly, its a multiple-year process. Services, High 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. That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. Snowflake: What do you see changing now that your organization is better able to share data? People are asking us, Hey, can you come help me? Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Enterprise Technology Operations Center Manager. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. - Earn My WU points. The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. Though its too early for results, the response from consumers has been positive, he says. New-found agility delivers growth and improved Customer Experience for partners and customers. 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. Top retailers use AI-powered campaigns to engage their most valuable customers. Most of the customers for remittance service (e.g. Achieving that is going to give Western Union agility, stability and resilience and allow us to focus on product development, because we know that our technology is going to sit in the cloud and take up a lot less of our time. 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Business Application Services, Service Experience Engaged in problem resolution of complex . 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. & Distribution, Media and Talend is our backbone for that work and have really evolved their product to meet our needs.. 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 As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. The digital transformation is helping Western Union emerge from a challenging two-year era. Talends technology was used to bring various sources of data from different locations into a single place in rapid fashion, helping make decisions such as waiving fees for those sending funds to people caught up in the explosion. We offer consumers the choices they want, both for sending and receiving money, he stresses. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. 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. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Maybe it started out as more of a push, where we were looking to come in and work with a team. Ericsson will help accelerate Econet's digital transformation journey. Does it offer a more seamless customer experience? Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months.

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