Deloitte Collaborates With AWS to Put Enterprise-Class Banking 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 . 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. Arab Emirates. Digital transformation in Western Union must be driven from the top-down. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? 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]. Driving Western Union's Tech Transformation | by Digital Bulletin When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize before. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Arvie de Vera - LinkedIn Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. Cash And Trade Magazine - For Cash and Trade professionals in the Western Union Careers Western Union Software Purchases and Digital Transformation Initiatives Now Departing: Union Pacific's 40-Year-Old Mainframe | CIO Over the last two years, Singh has been accelerating Western Union's tech plan. Teams that may not previously have interacted with each other are now doing floor walks with each other. Wingspan, Infosys Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. Convera. How did you evolve for digital convenience and safety? Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. By John Manning, International Banker. 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. Build customized, secure, and scalable mobile banking apps. 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 . 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. of Use, Payment Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Microservices, Digital Process [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). 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. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. 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. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Profiles, Infosys Knowledge Digital transformation of journalism and media in Serbia: What has gone 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). Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. As a company, Western Union is in the middle of a transformational moment. Digital transformation in the EU | News | European Parliament Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. <br><br>My Leadership Philosophy<br><br>I am an . Deep divides in digital connectivity, internet use, and access remain. Its not done from the perspective of correction or a negative consequence. Western Union: Reimagining a Financial Services Leader Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Manufacturing, Communication 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. 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. The Western Union Company (WU) Q3 2022 Earnings Call Transcript 2023 MWC Huawei Digital Leadership Seminar: Connecting Global Wisdom OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Western Union will likely face internal resistance from three sources. Salesforce has been such an important part of the digital experience journey.. 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. They essentially sponsor a team and loan the resources that are necessary. While WU is considered a global leader in their space, competitive insights and . In the past five years, theres been a leveling across applications and data. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. 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. Cortex, Infosys 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. 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). Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. Now its more pull. Guide for Suppliers, Select . Theyll be there to help you stay on track or course correct when you have troubles. Country/region, Costa Receive rewards. That support has made it a lot easier to have the influence we need to make the transformation successful. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Western Union. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. By using our services, you agree to our use of cookies. Swanback said a . There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. On March 1, Huawei held a "Digital Leadership Seminar" during Mobile World Congress (MWC) 2023 in Barcelona, Spain, attended by more than 60 high-level customers from global carriers, government enterprises, and KOL. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Western Union Digital Banking 4+ - App Store 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. The CDO needs to drive digital transformation by enabling data to power product development and the company. 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. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . 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. 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. We teach employees, and then they execute. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Gartner Magic Quadrant for Low-Code Application Platforms, 2023.