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. "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. [5]. 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. We believe in the work we do, why we do it, and who we hire to get it done. Western Union Embraces Digital Transformation - BaselineMag.com Behind those market-shaper practices are the lean tools and behaviors we develop and encourage. 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 . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? [6], However, regulators cant keep pace with the wave of new blockchain applications. He shares his views on digital transformation and economic opportunities for all. [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1). Our digital-first crisis response is helping us evolve into the future. Leadership Team. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. To learn more about the data economy, what your organization stands to gain from using data effectively, and how to become a Data Economy Leader, download the report overview, How to Win in Todays Data Economy. Not just front-end, but back office and our contact center. few clicks, you can use OutSystems to bring your visions to life. 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 Singh is a proponent for a Central Bank Digital Currency, which he says is significantly different to the digital assets such as BitCoin and Ethereum, which can fluctuate wildly in value over short periods of time. The international roll-out continues to other countries at pace. 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 partnership with Talend has evolved over the last few years and was originally established to provide our business and technology teams a fast and efficient way to build data pipelines. Western Union Advances Its Digital Growth Strategy With Investment in Western Union and Beforepay introduce 'send now, pay later' service Snowflake: What do you see changing now that your organization is better able to share data? 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. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Western Union has had a compound annual growth rate above 25 percent over the past five years, since the launch of the digital division. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Working across many cultures at Western Union | McKinsey 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 . We recently delivered a similar requirement to a higher standard using one OutSystems developer in just 15 days. This does have privacy implications and hence needs to be vetted out with regulatory authorities around the world. Policy . Western Union uses a central team to build new capabilities across the business. What are the biggest lessons you learned? Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. Open a free Western Union Digital Banking bank account to manage your international finances and make instant, transfer fee-free* money transfers to other Western Union Digital Banking account holders. . First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. Youre expected to find ways to optimize your processes and drive value. 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. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. 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. When fully realised, he says, it will give Western Union the agility it is seeking, while also having a positive impact on its bottom line. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. 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. 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. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. Western Union Software Purchases and Digital Transformation Initiatives A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Accelerating Digital Transformation in Western and Central Africa 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. Digital transformation starts with people, which is a useful reminder that . Transformation, Cyber For example, we began offering an option for telephone money transfer. of Use, Payment 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. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. 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. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. Financing Digital Transformation and Bridging Digital Divide: The Case Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Receive rewards. 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. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. 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 . Western Union, Chief Data Officer: Digital Transformation Initiatives Introducing the next-generation operating model, Winning with your talent-management strategy. The organisation was looking for somebody with a fresh perspective who could challenge the norms, bring people together to show them the value of what were doing and basically create an environment thats a little bit different to your usual corporate set-up. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. But its really all about allowing the manager to observe the way their employee works, whats easy about that job and whats hard about that job. . Strategic partnerships working with platforms like Google is a critical piece of that. And that could be at an operation site or it could be more of a frontline thing like a sales executive. Western Union is a global leader in cross-border, cross-currency money movement and payments. Profiles, Infosys Knowledge 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. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. As a company, Western Union is in the middle of a transformational moment. BWIRE: Support youths to enhance their digital skills The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers.
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