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Today, WU.com is available in 40 countries, with mobile apps in 18 of them. 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). 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. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. 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. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. 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. Increasingly, digital technology and mobile devices play a key role in these transactions. Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. "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. Updated on. 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. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. 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. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. 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. Safety starts with understanding how developers collect and share your data. Salesforce has been such an important part of the digital experience journey.. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. 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. 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. . Log in to help. 2021. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. Western Union built its platform by assembling a global network of third party agents. Procurement & Construction, Financial Team members were drawn from different continents and operating on different time zones. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Western Unions platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies and 500K partner networks. Second, we increased our use of digital media to reach customers and build a feedback loop. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. 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. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. The Foundation is supported by the Western Union Company, its employees, Agents, and business partners, working to support education and disaster relief efforts as pathways toward a better future. After exceeding expectations in 2020 despite the outbreak of COVID-19, the world's largest currency exchange service Western Union looks set to exceed US$1 billion in total annual revenues for its digital business segment in 2021 a major milestone for the company and a first in the world of digital cross-border payments.. Western Union's shift toward digital shows little sign of relenting. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. 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. 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.. 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. Western Union has the infrastructure to help make that a reality. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. 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. Business Unit Represents Approximately 7% of Company Revenue . To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. 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 is a global leader in cross-border, cross-currency money movement and payments. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Data safety. Swanback said a . Deep divides in digital connectivity, internet use, and access remain. . Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. With OutSystems, we deploy twice every week. 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. Lean deployments are a big piece of our overall transformation program. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. [2]But today, new technologies are threatening Western Unions entire business model. 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. Technology powers the data economy. Korea, United 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. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. Experience in leading digital products from either the financial services, payment, or fintech industries. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Introducing the next-generation operating model, Winning with your talent-management strategy. Jaffin: Digital was critical in a few ways. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Digital Transformation. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. Digital transformation starts with people, which is a useful reminder that . Leadership Team. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. The Baupost Group is a $31 billion Boston-based investment firm. Profiles, Infosys Knowledge Continue to partner with popular digital platforms to provide legacy C2C money transfer services. We wont bug you too much because thats more work for all of us. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. ; With the solution, Western Union launched a state-of-the-art digital . Its important to understand that business stakeholders are customers of our data. 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. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. Business Application Services, Service Experience In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Entertainment, Professional Fellahi sees the Messenger bot as a promising tool. Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. They essentially sponsor a team and loan the resources that are necessary. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Youre expected to find ways to optimize your processes and drive value. 2023Western Union Holdings, Inc. All Rights Reserved. Policy . So we established a set of what we call market-shaper practices that we wanted to focus on. 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. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. 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. Arab Emirates. Denver, Colorado. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. ene. 1 (March 1990), pp. 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. Talend is our backbone for that work and have really evolved their product to meet our needs.. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Enterprise Technology Operations Center Manager. Not just front-end, but back office and our contact center. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. Microservices, Digital Process We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. The CDO needs to drive digital transformation by enabling data to power product development and the company. 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. . Digital Bulletin exists to tell the story. Western Union is a partner of the World Economic Forum (WEF) and is a leading voice in the conversation of how to build a global payments ecosystem, which is stable and where remittances can be made much faster. 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. Today, structured and semi-structured data can easily coincide. 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 . But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. We believe in the work we do, why we do it, and who we hire to get it done.