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. 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. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. Provide value consistently every month and deliver new value and capabilities. By using our services, you agree to our use of cookies. What are the biggest lessons you learned? "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. Learn about JSON storage. Thank you for this great post, Hans. That helps us refocus on the particular market-shaper practices that we need to double down on in order to continue improving during our transformation journey. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. In 1861 it sent the first transcontinental telegraph. Discover the latest data, insights, and inspiration from Think with Google. Funds can be picked up in cash at half a million Western Union agent locations worldwide or transferred electronically to the recipients bank account or to a debit card linked to a digital wallet. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . 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 has gained a comprehensive view of the customer while running the Data Cloud on AWS. We wont bug you too much because thats more work for all of us. For example, in 2016 Western Union integrated money transfer options with messanging apps WeChat and Viber, allowing users to send small amounts of money through the apps. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. Tom Mazzaferro, Chief Data Officer at Western Union together with Nick Halsey, CEO at Okera talk about the technology that Western Union has adopted to help build new products and Western Union, Chief Data Officer: Digital Transformation Initiatives (Part 3) | Cloud | cdomagazine.tech Our research identified 10 attributes of an organizations data infrastructure that enable it to take full advantage of the data economy, the global supply and, Editors note: This is part of a series about the data economy. 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. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. How did you evolve for digital convenience and safety? 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. Entertainment, Professional Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). 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. In [] Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Increasingly, digital technology and mobile devices play a key role in these transactions. of Use, Payment With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Manufacturing, Communication Meridian, Infosys Top retailers use AI-powered campaigns to engage their most valuable customers. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Kong, New Think of Western Union, and its yellow placard advertising an agent location comes to mind. Western Union and Zain Cash Collaborate to Facilitate Digital Cross Business Application Services, Service Experience Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. How Western Union accelerated digital during the pandemic 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. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union is a global leader in cross-border, cross-currency money movement and payments. Western Union International Banks CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. The Western Union Way of digital transformation | McKinsey Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. He shares his views on digital transformation and economic opportunities for all. today more than 65% of Western Union's digital transactions originate on a mobile . [11]See generally Rebecca M. Henderson & Kim B. Clark, Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms, Administrative Science Quarterly Vol. . Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. They essentially sponsor a team and loan the resources that are necessary. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Deep divides in digital connectivity, internet use, and access remain. 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. 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. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Digital transformation starts with people, which is a useful reminder that . Its been a great combination. [7]While cryptocurrencies are an obvious threat to Western Unions cross-border money transfers, Blockchain also can be used in a range of imaginative ways. Theyll be there to help you stay on track or course correct when you have troubles. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. 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. 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. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018.
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