The Western Union Way of digital transformation. Sector, Travel and Improvements that we made to our apps digital customer experience, for example, helped it become one of the most downloaded apps among our peer set in 2020. . "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Western Union began a mission to transform the settlement platform with streamlined retail and digital cross-border money transfer operations to overcome the challenges and constraints of their legacy settlement systems. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. Analytics, API Economy & Increasingly, digital technology and mobile devices play a key role in these transactions. For example, we began offering an option for telephone money transfer. Industry experts were also drafted in to create the army that was required for this technology mission. Western Union Uses AWS to Create Company-Wide Digital Transformation. 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. When fully realised, he says, it will give Western Union the agility it is seeking, while also having a positive impact on its bottom line. First, for continuity of services. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Most of the customers for remittance service (e.g. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Western Union Launches Two Digital Banking apps in 11 Months The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Stephanie Pankau - Product Director, United States Money Transfer [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. Garden, The Economist 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. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. In the past, JSON storage and analysis required specific JSON databases. Feb 7, 2023. Learn what is a data platform, which encompass a range of elements required to support the data management cycle. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. Best practices were also key. What is the Best High-Yield Dividend Stock to Buy Now? Our 7 Top Picks Western Union and Zain Cash Collaborate to Facilitate Digital Cross 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. How Western Union achieved Digital Transformation with Infosys and Oracle Now its more pull. 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 . In the latest step in its digital journey, Western Union recently launched a bot that enables Facebook Messenger users in the United States to send money to more than 200 countries, across 130 currencies, from within the messaging app. Since 2008, Huawei has offered a wide and expanding range of . Thats changing. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. Services, Consumer Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. 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. In Western and Central Africa, only 36% of the population has access to broadband connectivity. 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. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Deep divides in digital connectivity, internet use, and access remain. Powering Digital Transformation: How Western Union Leverages the Data 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. Western Union is doing that. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. The Transformation Story of Western Digital. Finacle, Infosys Western Union built its platform by assembling a global network of third party agents. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. 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. 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. 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. As mobile payments and blockchain tech challenge the status quo of cross-border money transfers, Western Union must digitally transform itself at the right pace or risk going the way of the telegraph. "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. Digital transformation in the EU | News | European Parliament Lastly, how do you see digital continuing to drive your services in the future? Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Anil Santhapuri - Director of Skills Solutions, Global Talent Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. Created: 05-05-2021 - 17:15. These strategies are paying off. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. 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. Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. Alonso Calderon - Enterprise Technology Operations Center Manager 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. Discover the latest data, insights, and inspiration from Think with Google. Western Union agrees sale of Business Solutions division for $910m That support has made it a lot easier to have the influence we need to make the transformation successful. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Western Union Digital Banking 4+ - App Store Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Western Union is also focused on the global remittance market. Whats really nice about that is that its so visually obvious. What we are talking about is not cryptocurrency, it is not something that has to be mined. 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. 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. Manufacturing, Communication However, Western Union doesnt view its established retail business as totally separate from the digital world. 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. Inclusion, Bloomberg Digital transformation in Western Union must be driven from the top-down. Driving Western Union's tech transformation - Digital Bulletin Western Union. [8]. BWIRE: Support youths to enhance their digital skills [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Western Union powers your pursuit. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. When you see those people who are proactive and have aspirations, you are able to almost make them role models and build really effective ecosystems around them.. Our digital-first crisis response is helping us evolve into the future. 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. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy.