The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. The primary reason we decided to go through with this transformation is that we saw an opportunity to positively impact revenue through our daily operations and behaviors. Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Western Union. 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 . Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Its in our DNA to think about global operations because Western Union covers the world.. We have a lot of great ideas in terms of investments to drive that topline revenue growth, but we needed ways to fund those. We use OutSystems in multiple layers of our tech stack, says Tom. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. 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. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. IT and engineering under one leader drives an exceptional customer If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Profiles, Infosys Knowledge 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. Top retailers use AI-powered campaigns to engage their most valuable customers. Second, we increased our use of digital media to reach customers and build a feedback loop. 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. For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. Snowflake worked with Longitude to assess what it takes to lead in the data economy. Markets are perpetually shifting and change is unavoidable, but to keep up with those shifting tides companies need to stay focused on digital transformation. The author approaches the problem using public. Digital transformation starts with people, which is a useful reminder that . Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. Services, Data Feb 7, 2023. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. How Western Union Became a Global Digital Front-Runner for Cross-Border In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. Western Union Software Purchases and Digital Transformation Initiatives The pandemic really accelerated the digital transformation journey; the plan was for it to be rolled out in three years but that timeframe became 18 months. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Western Union is doing that. We continue to experiment with the technology and time will tell if it offers a better alternative to traditional rails.. Best practices were also key. 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. We will expand our Messenger bot to other countries and add other languages, he adds. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. 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. Group, Infosys Revenue Management Platform for Banking, About 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. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . 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. be to drive digital transformation and . Really understand the business stakeholders problem and how you can fix or enable it. We wont bug you too much because thats more work for all of us. ene. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. By John Manning, International Banker. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. On May 17, 2018, at the Digital Assembly in Sofia, Bulgaria, the European Commission launched the Digital Agenda for the Western Balkans. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Western Union has recently partnered with other digital platforms to expand its digital offerings. Kong, New While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Youre expected to find ways to optimize your processes and drive value. Accelerating Digital Transformation in Western and Central Africa Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. 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. Data privacy and security practices . Leadership. Digital transformation in the EU | News | European Parliament What is the Best High-Yield Dividend Stock to Buy Now? Our 7 Top Picks The fusion of the digital and the physical, the irrepressible rise of new technologies. How did you evolve for digital convenience and safety? Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . So we established a set of what we call market-shaper practices that we wanted to focus on. (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. People are asking us, Hey, can you come help me? Discover the latest data, insights, and inspiration from Think with Google. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. How did you navigate those early moments? 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. Mazzaferro: Keep it simple. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. What we are talking about is not cryptocurrency, it is not something that has to be mined. 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. It took six months to do the bare minimum. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Digital transformation in the EU. In Western and Central Africa, only 36% of the population has access to broadband connectivity. Rica, Hong The Foundation is supported by the Western Union Company, its employees, Agents, and business partners, working to support education and disaster relief efforts as pathways toward a better future. We wanted plug-and-play convenience to integrate any technology.. Build customized, secure, and scalable mobile banking apps. Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. Packaged Goods, Engineering Western Union is also focused on the global remittance market. Manufacturing, Information Services Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. 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. Something that is ripe for discussion among many of these discussion groups is the idea of a digital dollar, which could be made transferable all around the world with vendors and partners.. Leadership Team. The Essential Components of Digital Transformation 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. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Services, Public Talends technology has been used similarly in response to people impacted by floods in Haiti and to Indian citizens at the height of the countrys COVID-19 crisis. Definition of Digital Transformation - IT Glossary | Gartner s full anLearn more about the data lake, a repository for structured, unstructured, and semi-structured data that provided direct access to raw organizational data. 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.