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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 Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. 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. The aim of this paper is to sketch a brief history of complex digital transformation of media and . Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. . Nov 2011 - Present11 years 5 months. 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. Data and insights gave us the ability to make important strategic decisions in the throes of what could have been a panic. Arab Emirates. Every year or two we rescore ourselves in a company-wide exercise to see where were making progress and where were falling behind. We wanted plug-and-play convenience to integrate any technology.. Africa's largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. Western Union offers digital transactions in 70 countries to move money around the world. 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. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . 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. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. Board Committees. Western Union uses a central team to build new capabilities across the business. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. Its in our DNA to think about global operations because Western Union covers the world.. Finacle, Infosys People are asking us, Hey, can you come help me? In Austria our employees have put in place numerous initiatives such as German courses and mentoring programs, and we celebrated in March the first anniversary of SEED, a project supported by the Western Union Foundation in collaboration with the Austrian Ministry of Education and Teach for Austria Alumni Association. Inclusion, Bloomberg Western Union Digital Services Enhanced in the UAE with Mobile App and Online Access; ITFC and Dubai Exports host B2B Forum to Promote Agri-Food Trade between Arab and African Countries under the Arab Africa Trade Bridges Program; GBM and Banfico partner to support the Kingdom's efforts for a more digitalized financial sector Cambridge: Cambridge University Press So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. Country/region, Costa 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.. Key takeaways. People. Customers can send and receive money in a fast, reliable and convenient manner., We are proud to offer the same omnichannel choice in Austria. This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. The pandemics economic stressors created a situation where more people suddenly needed to send money to family and friends around the world, many of whom rarely use financial services. 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. Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . 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. There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. 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. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Start Time: 16:30 January 1, 0000 5:32 PM ETThe Western Union Company (NYSE:NYSE:WU)Q3 2022 Earnings Conference CallNovember 01, 2022, 16:30 PM ETCompany ParticipantsDevin McGranahan -. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. And that could be at an operation site or it could be more of a frontline thing like a sales executive. 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. 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. Western Union has recently partnered with other digital platforms to expand its digital offerings. Leadership Team. Ericsson will help accelerate Econet's digital transformation journey. Rica, Hong Since 2008, Huawei has offered a wide and expanding range of . People are enthusiastic about the results of the pilot, and they want to see that in their own area. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. We will expand our Messenger bot to other countries and add other languages, he adds. ", 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. Before OutSystems, we typically released every six weeks. Thats changing. Youre expected to find ways to optimize your processes and drive value. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Imagine what we can do if you let us work with your team as well.. Enterprise Technology Operations Center Manager. The culture change has to be driven across teams to show how technology has enabled different and better outcomes. Second, we increased our use of digital media to reach customers and build a feedback loop. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. 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. 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. . Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. be to drive digital transformation and . Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. But theyve been hugely supportive and as weve hit milestones, such as moving significant infrastructure completely to the cloud or achieving significant savings with the Marketing Cloud, we have built that business case. Western Union is also focused on the global remittance market. Guide for Suppliers, Select With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Similarly, Western Union's ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] COVID-19 has brought countless challenges, but its also caused us to focus all of our efforts around customers and reground ourselves in our mission. Becoming digital first meant we needed to deliver fast, frictionless experiences, especially on mobile. 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. Furthermore, a chain of retail outlets is expensive. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. 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. Finance. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). We teach employees, and then they execute. 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. 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 . She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. One trend that has emerged as a result is the growing role of digital money transfers among people who may not otherwise use those services. 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. & Publishing, Logistics Group, Infosys Revenue Management Platform for Banking, About Recipients can choose to pick up the sent money at a Western Union location, or send the money to a digital wallet or bank account. Services, Consumer 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. 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. We started function by function, looking at individual deployments across our different groups in the company. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. The gap between access and use is growing, with 56% of people in . We position ourselves as creating opportunity for financial inclusion by bridging gaps in the financial services sector. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. One of our most important tools is the floor walk. NICE have announced Western Union, a global leader in cross-border, cross-currency money movement, has advanced customer experience through improved . Manufacturing, Communication Teams that may not previously have interacted with each other are now doing floor walks with each other. 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. Updated on. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . 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. 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. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. [7]For a helpful overview of how Blockchain is being used in emerging markets, see Vinay Gupta & Rob Knight, How Blockchain Could Help Emerging Markets Leap Ahead, Harvard Business Review, May 17, 2017. . 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. 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. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? Youre starting to see that happen culturally. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Singh describes the team he assembled as being super-powerful, and says he often refers to it as his three-in-box strategy, owing to the various areas for which he recruited. Deep divides in digital connectivity, internet use, and access remain. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Thats really enabled a lot more collaboration across groups. Digital transformation in Western Union must be driven from the top-down. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. Western Union and Beforepay Offer 'Send Now, Pay Later' Service to Consumers for International Money Transfers Today, our omnichannel platform places Western Union in a unique position where our physical network and our digital efforts combine to provide customers with a host of options to transfer money, whether in cash, card into billions of bank accounts, online, using our App or one of our 17 mobile wallet partners. Team members were drawn from different continents and operating on different time zones. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. Navigate Western Union can leverage such physical presence to win this new innovative space. As a company, Western Union is in the middle of a transformational moment. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. Best practices were also key. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Created: 05-05-2021 - 17:15. This is just one example of how blockchain could be an opportunity for Western Union. Its important to understand that business stakeholders are customers of our data. [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. Youre now a year into your role as CMO and leading through a prolonged global crisis. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Western Union International Bank is licensed by the Austrian Financial Market Authority. The company, which has been in the money-transfer business since 1871, launched online transfers via WU.com in 2000 and got into mobile money transfers in 2007. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. 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. Western Union. . Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. These strategies are paying off. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. 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. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. few clicks, you can use OutSystems to bring your visions to life. Maybe it started out as more of a push, where we were looking to come in and work with a team. 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. Think of Western Union, and its yellow placard advertising an agent location comes to mind. 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. We believe in the work we do, why we do it, and who we hire to get it done. Harare Responsible for . 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.. Korea, United When people send money to friends or family across the country or around the world, chances are good that Western Union is involved. Microservices, Digital Process 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. Africa, South Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Though its too early for results, the response from consumers has been positive, he says. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Want to learn more about technology and organizations? 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. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. I have successfully directed virtual teams working on Mastercard integrations, Western Union and MoneyGram. 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. Today customers can commence their journey on our mobile App, pay for their transaction digitally or opt to pay cash from any of our participating Western Union retail locations, use wu.com or go directly to any of the 1,200 agent locations or Western Union-owned locations in Austria[i]. 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 . your next, Infosys As weve done that, everyone has started to speak the same language, whether its talking about going to huddles, doing process confirmations, conducting one-on-one coaching, or maybe doing floor walks. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. 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. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . This will enable the company to maintain its high . Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. The Baupost Group is a $31 billion Boston-based investment firm. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. 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. 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 . In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. 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. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. Swanback said a . The author approaches the problem using public. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Does it offer a more seamless customer experience? Feb 7, 2023. And its not something you can achieve really quickly, its a multiple-year process. arrow_forward. My mission is to empower people to become economically self-reliant. Services, Data Youre expected to come up with new ways of innovation to drive revenue growth across the organization. . How Western Union achieved Digital Transformation with Infosys and Oracle. If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Others prefer to prepare a transaction online and then go to a retail location to pay cash. 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. - Access cash back rewards at the WU store. 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. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. 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. In the past, JSON storage and analysis required specific JSON databases. It took six months to do the bare minimum. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. What are the biggest lessons you learned? By using our services, you agree to our use of cookies. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. 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. My team and I had thought of the future being digital, of course, but the pandemic really forced us to make it a reality for the business.