western union digital transformation

A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Western Union and Zain Cash Collaborate to Facilitate Digital Cross The author approaches the problem using public. Technology or Operations transformation . Mohua Das Gupta - Head of Marketing, Tata CliQ. We offer consumers the choices they want, both for sending and receiving money, he stresses. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. 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.. The Western Union Way of digital transformation. 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. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. your next, Infosys The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. Harveer Singh leads Western Union's digital transformation with data For decades, Western Union has defended its global position by investing in regulatory compliance. 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. 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. Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. These strategies are paying off. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . 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). Others prefer to prepare a transaction online and then go to a retail location to pay cash. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. 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. An undisputed leader in the global payments space, Western Union is driving a company-wide technology transformation, underpinned by migrating its infrastructure from on-prem to the cloud. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. Western Union can leverage such physical presence to win this new innovative space. Reliable for over 170 years. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. Lastly, how do you see digital continuing to drive your services in the future? Rokas kudas - Quality Assurance Manager - Western Union | LinkedIn Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Achieving that is going to give Western Union agility, stability and resilience and allow us to focus on product development, because we know that our technology is going to sit in the cloud and take up a lot less of our time. He shares his views on digital transformation and economic opportunities for all. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. Introducing the next-generation operating model, Winning with your talent-management strategy. 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. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. How would this improve our agility, the need to deliver great digital experiences at scale, and the desire to use low-code across the whole stackfront-end, integration, and back-end core systems., Western Union became an OutSystems customer in November 2020. How Western Union Became a Global Digital Front-Runner for Cross-Border Need a Lenten fish fry? There's an interactive map for that Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? Union Pacific, the railroad company that transports chemicals, coal, food, minerals and automobiles in and around 23 Western U.S. states, has had two workhorses that toiled tirelessly for the past . Product Director, United States Money Transfer. Enterprise Technology Operations Center Manager. How Western Union accelerated digital during the pandemic Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. Driving Western Union's tech transformation - Digital Bulletin Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Jaffin: Digital was critical in a few ways. Meridian, Infosys A doctor in London taps an app on her phone to transfer 500 pounds. [4] Form 10-K for the year ended December 2017, p.7. Digital is all about how we reach the customer. Western Union will likely face internal resistance from three sources. If any of these should fit what you're looking for, consider exploring a career with Western Union. 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. Thats really enabled a lot more collaboration across groups. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Today customers can commence their journey on our mobile App, pay for their transaction digitally or opt to pay cash from any of our participating Western Union retail locations, use wu.com or go directly to any of the 1,200 agent locations or Western Union-owned locations in Austria[i]. Hearing from customers helped us focus our messaging on two key ideas: digital convenience and staying safe through contactless funds transfer. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. One of these customers is Tom Mazzaferro, Chief Data & Innovation Officer of Western Union, which serves more than 100 million global customers through approximately 600,000 retail locations, and via its digital platforms. Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. That created a need to act. The Baupost Group is a $31 billion Boston-based investment firm. Think of Western Union, and its yellow placard advertising an agent location comes to mind. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). Western Union Partners With MFS Africa to Enable Money Transfers Into Recipients can choose to pick up the sent money at a Western Union location, or send the money to a digital wallet or bank account. Western Union's Customer Journey Digital Transformation Fueled by NICE Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Automation, Microsoft But theyve been hugely supportive and as weve hit milestones, such as moving significant infrastructure completely to the cloud or achieving significant savings with the Marketing Cloud, we have built that business case. Learn about JSON storage. From the CEO down through his executive team, you see a real commitment to this transformation exercise and a real commitment to finding ways to optimize our processes, to get efficiencies, and to fund those investments that will drive topline revenue growth. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. 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. Swanback said a . 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 .