Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Increasingly, digital technology and mobile devices play a key role in these transactions. Western Union powers your pursuit. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. . From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. 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. We built the Western Union Way team, or the WU Way team as we call it, with ten high-potential individuals from around the company. Digital transformation in Western Union must be driven from the top-down. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Our App has grown to become one of the industrys most widely used international money transfer apps and a Top 20 finance app in the App Store., Not at all. 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 has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. We believe in the work we do, why we do it, and who we hire to get it done. Digital Bulletin exists to tell the story. 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. As a company, Western Union is in the middle of a transformational moment. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Top-down prioritization of digital transformation. At its core is a migration from on-prem to a cloud-based infrastructure, which it believes is key to allowing the organisation to scale and evolve into a company with the clout of an established financial institution combined with the agility and flexibility of a modern FinTech. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Talend is our backbone for that work and have really evolved their product to meet our needs.. Salesforce has been such an important part of the digital experience journey.. Consumers are less aware that we have transformed ourselves into one of the largest digital money transfer firms in the world, with our digital activity generating well over $400 million revenues in 2017. As weve done that, everyone has started to speak the same language, whether its talking about going to huddles, doing process confirmations, conducting one-on-one coaching, or maybe doing floor walks. Second, we increased our use of digital media to reach customers and build a feedback loop. And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. 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. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . Western Union. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. Key takeaways. [7]While cryptocurrencies are an obvious threat to Western Unions cross-border money transfers, Blockchain also can be used in a range of imaginative ways. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. The way we approached it was to use the central WU Way team for capability building. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. 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 . Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Navigate Thats changing. The aim of this paper is to sketch a brief history of complex digital transformation of media and . The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. Western Union can leverage such physical presence to win this new innovative space. Western Union International Bank is licensed by the Austrian Financial Market Authority. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . 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.. This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. 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. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. . I also agree with you that the competitive advantage of Western Union is a broad network of retail footprint across the world. The author approaches the problem using public. 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. 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. 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. 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. Introducing the next-generation operating model, Winning with your talent-management strategy. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. 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. 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. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Cookies help us deliver our services. 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. . 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 . In addition to our digital banking app, there are at least 20 internal employee-facing apps that weve delivered that make work easier and more efficient for our employees., Asked what differences he sees in the development team, Tom says, With OutSystems, weve got a more cohesive and multi-talented development team because were using visual low-code development thats self-documenting. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. 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. 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. 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. 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. Professors from HEC, ESCP business school, and leading carriers shared insights on . Although retail business declined during . Furthermore, a chain of retail outlets is expensive. According to the terms of the transaction . One of the benefits that weve really seen as weve gone through these first two years of our journey is what happens when we get everyone speaking the same language. - Access cash back rewards at the WU store. 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. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. 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. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). 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 . We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. 2023Western Union Holdings, Inc. All Rights Reserved. Western Union. 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. 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. Arab Emirates. Feb 7, 2023. It took six months to do the bare minimum. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. of Use, Payment [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Talends technology has been used similarly in response to people impacted by floods in Haiti and to Indian citizens at the height of the countrys COVID-19 crisis. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Management, Digital Workplace Experience in leading digital products from either the financial services, payment, or fintech industries. We wanted plug-and-play convenience to integrate any technology.. So we established a set of what we call market-shaper practices that we wanted to focus on. 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 -. Please enable Javascript to see this feature. Data privacy and security practices . Infosys accelerated Western Union's digital transformation by harmonizing agent operations, implementing billing and collection standards, enabling modular growth, accelerating new product launches, enabling digital on-demand procedures, designing global accounting solutions based on one single template, supporting highly complex pricing and multiple business models, and massive management processes as a strategic technology partner. Thank you for this great post, Hans. [2] Westar 1, Wikipedia, accessed April 2018. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. 12. 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. DENVER-(BUSINESS WIRE)-The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. Data safety. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. 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. Mohua Das Gupta - Head of Marketing, Tata CliQ. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. 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. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union.