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Professors from HEC, ESCP business school, and leading carriers shared insights on . Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. Not just front-end, but back office and our contact center. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. Convera. 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. Whats really nice about that is that its so visually obvious. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. But Western Union is missing the true potential of blockchain for its business. A doctor in London taps an app on her phone to transfer 500 pounds. Management, Digital Workplace Denver, Colorado. Digital Bulletin exists to tell the story. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. I want to see those same results in my organization. I think thats an indication of how well its really working across the company. We use OutSystems in multiple layers of our tech stack, says Tom. 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. Lastly, how do you see digital continuing to drive your services in the future? ", Looking back to why Western Union chose OutSystems, Tom says, We serve millions of customers in over 200 countries and territories, and we want to give them the best possible customer experience. It took six months to do the bare minimum. These initiatives will likely change Western Unions operating model, therefore they must be fully supported by CEO Hikmet Ersek and should occupy most of his time. However, Western Union doesnt view its established retail business as totally separate from the digital world. [5]. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. He shares his views on digital transformation and economic opportunities for all. Why Do Companies Choose to Outsource Work? We wanted plug-and-play convenience to integrate any technology.. In addition to our digital banking app, there are at least 20 internal employee-facing apps that weve delivered that make work easier and more efficient for our employees., Asked what differences he sees in the development team, Tom says, With OutSystems, weve got a more cohesive and multi-talented development team because were using visual low-code development thats self-documenting. Each quarter our research team identifies on-prem and cloud applications that are being used by the 11000 Western Union employees from the public (Press Releases, Customer References . We started function by function, looking at individual deployments across our different groups in the company. Business Unit Represents Approximately 7% of Company Revenue . 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. New-found agility delivers growth and improved Customer Experience for partners and customers. Infosys accelerated Western Union's digital transformation by harmonizing agent operations, implementing billing and collection standards, enabling modular growth, accelerating new product launches, enabling digital on-demand procedures, designing global accounting solutions based on one single template, supporting highly complex pricing and multiple business models, and massive management processes as a strategic technology partner. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. 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. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. The company wanted to improve the digital experiences offered to customers and build new digital bankingproducts to extend its relationship with customers. One of our most important tools is the floor walk. 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. Created: 05-05-2021 - 17:15. The Baupost Group is a $31 billion Boston-based investment firm. The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. People. But it becomes more self-driven, and that really enables the scale. 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.. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Korea, United arrow_forward. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. 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. Discover the latest data, insights, and inspiration from Think with Google. [9]Western Union recently dipped its toes into blockchain. It has become one of the leaders in Extract, Transform, Load (ETL) technology and the majority of the data moving across our ecosystem is now powered by Talend. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Ericsson will help accelerate Econet's digital transformation journey. 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. 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. 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. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . Guide for Suppliers, Select To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. Western Union is a global leader in cross-border, cross-currency money movement and payments. In order to fund the investments, we decided that it was really important to do a transformation exercise, look for ways to gain efficiencies and effectiveness across our processes and procedures, and then use those efficiencies to fund the growth investments. Having found great success with its Marketing Cloud, Singh outlines his longer-term vision to connect a number of Western Unions central products. Youre expected to find ways to optimize your processes and drive value. January 25, 2019 | Video. Western Union. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. How Western Union Became a Global Digital Front-Runner for Cross-Border Payments Money By Jay Jaffin, Head of Global Digital, Western Union May 24, 2021. The gap between access and use is growing, with 56% of people in . Entertainment, Professional As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. 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 Western Union Way of digital transformation. So we established a set of what we call market-shaper practices that we wanted to focus on. We know there are certain systems that we cannot just move to the cloud straight away such as the AS400 IBM mainframe, but weve managed to take the ecosystem that surrounds our legacy technology and move it to the cloud and we think we can get everything to the cloud before the end of the year. Really understand the business stakeholders problem and how you can fix or enable it. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. Experience in leading digital products from either the financial services, payment, or fintech industries. My Career Summary Anil Santhapuri is a values-based and results-oriented Talent professional, with 20 years of professional experience in the areas of talent management, learning & leadership development. Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. 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. 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. ; Offering combines Deloitte's ConvergePROSPERITY BankingSuite solution and multiple AWS services. 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. Knowledge Institute, Chemical The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the Internal Revenue Code, contributions to which are tax-deductible for US income tax purposes. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Hospitality, Waste That means we can onboard new developers and have them productive much faster, and weve got fewer knowledge silos in the development team., Moreover, low-code development on OutSystems helps Tom fight back in the war for digital talent. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. Maybe it started out as more of a push, where we were looking to come in and work with a team. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Furthermore, a chain of retail outlets is expensive. 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. In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. In just 11 months, we delivered a full-service digital banking experience that expands our relationship with customers.. In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. Data safety. We believe in the work we do, why we do it, and who we hire to get it done. So, constant iteration and rapid delivery are crucial. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. Second, we increased our use of digital media to reach customers and build a feedback loop. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. 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.