Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. The aim of this paper is to sketch a brief history of complex digital transformation of media and . How Western Union achieved Digital Transformation with Infosys and Oracle. With my work with WEF, I was lucky enough to sit around a table recently with some important people and talk about how we can take this forward. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. One of our most important tools is the floor walk. Manufacturing, Information Services There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. Korea, United 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. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. People. . That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. Reliable for over 170 years. Swanback said a . Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernize their legacy core banking stacks. We use OutSystems in multiple layers of our tech stack, says Tom. Now its more pull. Kong, New But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. While WU is considered a global leader in their space, competitive insights and . He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. And still others want to do it all online.. This is just one example of how blockchain could be an opportunity for Western Union. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. How did you navigate those early moments? 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. Western Union charges high fees since they need to cover rent and labor overhead. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Thank you for this great post, Hans. Western Union built its platform by assembling a global network of third party agents. 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. Youre starting to see that happen culturally. Automation, Microsoft 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. ", Looking back to why Western Union chose OutSystems, Tom says, We serve millions of customers in over 200 countries and territories, and we want to give them the best possible customer experience. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. Board of Directors. 12. The gap between access and use is growing, with 56% of people in . These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. 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 . His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Western Union is a global leader in cross-border, cross-currency money movement and payments. 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. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Its in our DNA to think about global operations because Western Union covers the world.. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? 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. Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. of Use, Payment Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! Updated on. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. few clicks, you can use OutSystems to bring your visions to life. 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. These are more tactical, day-to-day ways to implement lean across the organization. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. 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). [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Wingspan, Infosys ; With the solution, Western Union launched a state-of-the-art digital . [8]. 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. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. In 1861 it sent the first transcontinental telegraph. 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. Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. 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. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Society Updated: 01-06-2022 - 11:45. Ericsson will help accelerate Econet's digital transformation journey. According to the terms of the transaction . 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. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Procurement & Construction, Financial When we started the transformation project, we came at it from the perspective of this being a cultural transformation just as much as a process transformation. The paper analyzes the issues of digital transformation in the European Union in such key dimensions as financing digitalization and implementing public policy to bridge the digital divide in the EU member countries. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Western Union has the infrastructure to help make that a reality. . 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 one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies.
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