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. 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. 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. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. . 12. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. The Transformation Story of Western Digital. 35, No. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . 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. By John Manning, International Banker. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Specifically,. Network (IIN), Diversity Equity Digital transformation in the EU. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. 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. Thats really enabled a lot more collaboration across groups. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center of excellence to ensure enterprise-wide success. 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. 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. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Management, Digital Workplace Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. 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. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. We're making content recommendations better for thousands of readers. 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. A doctor in London taps an app on her phone to transfer 500 pounds. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. Mazzaferro: Keep it simple. [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. In [] 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. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. Western Union is a partner of the World Economic Forum (WEF) and is a leading voice in the conversation of how to build a global payments ecosystem, which is stable and where remittances can be made much faster. 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. Digital transformation in Western Union must be driven from the top-down. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Finacle, Infosys Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Western Union uses a central team to build new capabilities across the business. Thats changing. Business Unit Represents Approximately 7% of Company Revenue . Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. The strategy is also to reduce costs; on-prem infrastructure and people running it is expensive and you need back-ups of everything, especially in financial services. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. The CDO needs to drive digital transformation by enabling data to power product development and the company. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Manufacturing, Communication Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. (PDF-165 KB) The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. Over the last two years, Singh has been accelerating Western Union's tech plan. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. 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. 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. People are asking us, Hey, can you come help me? With OutSystems, we deploy twice every week. January 25, 2019 | Video. Now its more pull. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. Hospitality, Waste And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. [12]These kind of digital initiatives are good pursuits for current operational leaders, since they represent incremental or modular innovations to Western Unions existing product offerings. Youre expected to find ways to optimize your processes and drive value. Nov 2011 - Present11 years 5 months. 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 . Western Union. Strategic partnerships working with platforms like Google is a critical piece of that. We built the Western Union Way team, or the WU Way team as we call it, with ten high-potential individuals from around the company. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. What Ive tried to do is look at each of the groups and find out who the strong players in each of them are, the leaders that are vocal and very straightforward in conversation. The way we approached it was to use the central WU Way team for capability building. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. Some changes that used to take a month, we now deliver in around 48 hours.. . Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Services, Data [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Digital transformation in Western Union must be driven from the top-down. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. But Western Union is missing the true potential of blockchain for its business. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Western Union. . They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. be to drive digital transformation and . The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization's licensed payment rails. 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. DENVER-(BUSINESS WIRE)-The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. Teams that may not previously have interacted with each other are now doing floor walks with each other. With a strong base of over 4 million customers and an established regional brand in the fast-growing digital wallet market, Western Union believes that stc pay is poised to experience strong growth in the future. 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. Institute, Infosys Innovation So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. The top challenge for businesses with digital transformation goals in 2023 is determining where their companies should direct spending on technologies, according to a BCG X report. 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. Automation, Microsoft [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. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic.
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