Society Updated: 01-06-2022 - 11:45. Western Union built its platform by assembling a global network of third party agents. Before OutSystems, we typically released every six weeks. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. Cambridge: Cambridge University Press Western Union is trying to use Blockchain as an incremental or modular innovation, when in fact it could be an architectural orradical innovation (see chart below) introducing entirely new businesses that fit well into Western Unions existing capabilities. We set up virtual war rooms, met with our executive team daily to strategize, and spoke to customers every week to keep a pulse on their needs. Hospitality, Waste Western Union is also focused on the global remittance market. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Why Do Companies Choose to Outsource Work? be to drive digital transformation and . 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. Denver, Colorado. Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. [9]Western Union recently dipped its toes into blockchain. 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 . Engaged in problem resolution of complex . 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. 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. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Digital Transformation. Data quality is so important to us, we need to know who we are marketing to and that means our data has to be of the highest quality.. 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. The scale of change this represents for a business like Western Union is not to be underestimated; the company employs around 11,000 people and has more than 550,000 retail agents locations within . Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. 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. [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. Enterprise Technology Operations Center Manager. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Created: 05-05-2021 - 17:15. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. 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. "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. Western Union. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. Business Application Services, Service Experience Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. What does "digital transformation" mean to Western Union? So youre really talking about game-changing differences between how processes worked before and after. The aim of this paper is to sketch a brief history of complex digital transformation of media and . 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. Entertainment, Professional Consumers are less aware that we have transformed ourselves into one of the largest digital money transfer firms in the world, with our digital activity generating well over $400 million revenues in 2017. 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). Western Union has recently partnered with other digital platforms to expand its digital offerings. Now we are on track to achieve those gains and benefits that come with being more agile and being able to grow at scale, we can really begin to look forward and reap the rewards of the transformation.. My mission is to empower people to become economically self-reliant. [1] The first transcontinental telegraph was sent on October 24, 1861, from the Chief Justice of California to President Abraham Lincoln. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. 35, No. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Packaged Goods, Engineering From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. (2013) Comparing Media Systems beyond the Western World. Profiles, Infosys Knowledge Second, we increased our use of digital media to reach customers and build a feedback loop. Western Union can leverage such physical presence to win this new innovative space. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. The scale of change this represents for a business like Western Union is not to be underestimated; the company employs around 11,000 people and has more than 550,000 retail agents locations within its global financial network, as well as a global online presence. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Commenting on the advantages of development on OutSystems, Tom says, We estimate that were getting new products to market at least twice as fast as competitors, and were probably using a tenth of the resources they are on front-end development. . The way we approached it was to use the central WU Way team for capability building. [8]. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. 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. We believe in the work we do, why we do it, and who we hire to get it done. Theyll be there to help you stay on track or course correct when you have troubles. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. The OutSystems platforms capabilities were immediately put to the test through 2021, as Western Union and its system integrator started development of its new digital banking app that includes a multicurrency bank account combined with money transfers, and other added benefits such as a Visa Platinum debit card. Over the last two years, Singh has been accelerating Western Union's tech plan. OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. 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. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Our digital-first crisis response is helping us evolve into the future. 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. Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments and Zain Cash, the award-winning mobile financia . However, Western Union would be wise to form a new, separate unit for exploring blockchain services. & Publishing, Logistics Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. 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 . Really understand the business stakeholders problem and how you can fix or enable it. Western Union could use existing retail outlets as nodes on a land register blockchain, which could bring in new sources of revenue to those retail stores. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. We embrace the white canvas and first principles design, breaking away from legacy systems to create smart . 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. 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. Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. For decades, Western Union benefited from network effects as it added density and new geographies. Western Union must adapt to an increasingly mobile world: if Western Union doesnt develop low-cost mobile money transfers, Western Union wont be able to compete with new competitors like Ant Financial and Zelle. To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Digital transformation in Western Union must be driven from the top-down.
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