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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 -. Kong, New 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. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Talend is our backbone for that work and have really evolved their product to meet our needs.. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. Governments pay close attention to cross-border money transfers, and heavily regulate these services to prevent fraud, tax evasion, and other criminal activities. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. 1 (March 1990), pp. Its reach is staggering: present in more than 200 countries and territories, transacting in 130+ currencies, with approximately 150 million people having used Western Union to either send or receive funds over the last year. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Western Unions platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies and 500K partner networks. Packaged Goods, Engineering Youre expected to find ways to optimize your processes and drive value. Singh also sees huge potential in the use of blockchain for specific use cases within financial services and payments, for example, helping with the Know Your Customer (KYC) process that is important to stopping money laundering and fraud and eliminating many of the checks that currently hold up cross-border payments. 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. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. 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. Cole heads the 169-year-old company's digital transformation efforts, including the design and development of the software powering those consumer-facing platforms. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. - Earn My WU points. 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 . And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. Cookies help us deliver our services. Entertainment, Professional They essentially sponsor a team and loan the resources that are necessary. 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. Its more about having the manager understand how the work actually gets done on the floor. Were talking 30 percent, 40 percent, and, in some cases, deployments with a 70 percent return on capacity. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. Whats really nice about that is that its so visually obvious. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Its important to understand that business stakeholders are customers of our data. Since 2008, Huawei has offered a wide and expanding range of . Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. 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. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Western Union. While WU is considered a global leader in their space, competitive insights and . [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. (2013) Comparing Media Systems beyond the Western World. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . And that could be at an operation site or it could be more of a frontline thing like a sales executive. Mohua Das Gupta - Head of Marketing, Tata CliQ. Singh estimates that the project has reduced how much it spends on talking to its customers by a quarter, while markedly improving this critical function. Western Union. Engaged in problem resolution of complex . Digital Transformation. We do that both in-line, so you as a manager go and visit your own organization, but also visit other functions. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. First, Western Unions third party agents may try to thwart any concerted moves to digital platforms, seeing such a move as a threat to existing commission revenues. 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. Digital Bulletin exists to tell the story. We see ourselves as becoming a FinTech that can move quickly while being sure that our infrastructure and processes allow us to work at scale. 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. We use OutSystems in multiple layers of our tech stack, says Tom. And still others want to do it all online.. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. That support has made it a lot easier to have the influence we need to make the transformation successful. 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. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Solutions enabled - Oracle Revenue Management and Billing, Oracle Business Intelligence, Infosys Transaction Reconciliation System, Oracle Cloud Infrastructure Solution and Services, Infosys Oracle Services, part of Infosys Cobalt. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. But Western Union is missing the true potential of blockchain for its business. Ericsson will help accelerate Econet's digital transformation journey. 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. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Data safety. This aims to support the transition of the region into a digital economy and bring the benefits of digital transformation, such as faster economic growth, more jobs, and better services. 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 decades, Western Union benefited from network effects as it added density and new geographies. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Not just front-end, but back office and our contact center. 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.. Nov 2011 - Present11 years 5 months. 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. Professors from HEC, ESCP business school, and leading carriers shared insights on . InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . The idea is to orient the company around improving these market-shaper practices, really getting the health of our organization strong, and becoming confident that if we can improve the health of the organization, the financial results will follow. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Today, WU.com is available in 40 countries, with mobile apps in 18 of them. We believe in the work we do, why we do it, and who we hire to get it done. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. ene. Most of the customers for remittance service (e.g. 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. Western Union Digital Banking is offered by Western Union International Bank GmbH. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Were there tools or technology that were particularly helpful in your transformation? Jaffin: Our company mission is to enable financial transfers between people anywhere and everywhere; we had a responsibility to continue to deliver on that. The gap between access and use is growing, with 56% of people in . What we are talking about is not cryptocurrency, it is not something that has to be mined. [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. 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. 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. So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Digital transformation in Western Union must be driven from the top-down. Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. 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. With OutSystems, we deploy twice every week. 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. [2] Westar 1, Wikipedia, accessed April 2018. We started function by function, looking at individual deployments across our different groups in the company. Western Union's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. Finance. [3], Western Union operates in three segments, with most of its revenues (79%) coming from the C2C segment: [4], Western Union became the dominant player in cross-border C2C money transfers through a platform strategyit connected people who wanted to send money across borders. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 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 . OutSystems provides the innovation and agility to accelerate the digital transformation of Western Union. Swanback said a . Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. Transformation, Cyber Some changes that used to take a month, we now deliver in around 48 hours.. 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. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Receive rewards. 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. Transfers can be delivered in cash or into a digital wallet or a bank account via electronic funds transfer. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Services, Public [2]But today, new technologies are threatening Western Unions entire business model. Thank you for this great post, Hans. The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. Many CEOs are lured into spending too much time on legacy businesses, which don't need CEO oversight. Experience in leading digital products from either the financial services, payment, or fintech industries. 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. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. 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. Thats not to say cloud is always cheap, it can be expensive but we have a very stringent Review Board to keep our costs in check, so cost reduction is something about which we are confident.. 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. Key takeaways. Data privacy and security practices . The fusion of the digital and the physical, the irrepressible rise of new technologies. The author approaches the problem using public. HELIX, Management . Sector, Travel and Finacle, Infosys So we established a set of what we call market-shaper practices that we wanted to focus on. [8]. Over the last two years, Singh has been accelerating Western Union's tech plan. Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? 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. 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. 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. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Business Application Services, Service Experience ", Tom adds, In fast-moving customer-facing scenarios, development is never build-once-and-doneyoure always iterating to refine the customer experience. And being with the people that are actually doing the work really helps the management get a better sense of where they can use their leadership and influence to make that process easier for the employee and better for the customer. One of our most important tools is the floor walk. [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. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. Second, we increased our use of digital media to reach customers and build a feedback loop. New-found agility delivers growth and improved Customer Experience for partners and customers. Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Thats really enabled a lot more collaboration across groups. While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. 28+ active Western Union coupons, discount codes & coupon codes for June 2021. few clicks, you can use OutSystems to bring your visions to life. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. Before OutSystems, we typically released every six weeks. 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. Theyve complemented each other really well and been able to almost mentor each other, as well as building great relationships with the product groups. Assignment: Driving Digital Transformation, AIG & Cyber Insurance Learning to Insure a Digital World, The First Transcontinental Telegram was sent to DC 155 Years Ago, Form 10-K for the year ended December 2017, How Blockchain Could Help Emerging Markets Leap Ahead, Beyond the Hype: What Blockchain could mean for Africa, Western Union is Testing Ripple and XRP for Money Transfers, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, Emirates NBD, an almost perfect digital transformation, B2B business solutions (cross-border and cross-currency). Now that these pilots are winding down, its been easy to get the support across the organization to find the resources necessary to establish teams that can scale it out in different areas across the company. They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. W ith the outbreak of a crippling global pandemic and a pronounced global economic slowdown, the last few years have been rather tumultuous for the world. Meanwhile, innovators like Ant Financial(China) and M-Pesa(Kenya) are leveraging high mobile penetration rates in emerging markets, and are beginning to experiment with cross-border money transfers. 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. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. Western Union. . The culture change has to be driven across teams to show how technology has enabled different and better outcomes. One moment later, in Shimla, a hill country city in India, close to the ridge of the Himalayan foothills, a cashier at the . The partnership with Talend has evolved over the last few years and was originally established to provide our business and technology teams a fast and efficient way to build data pipelines. 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. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. The map, Barmer and Newman say, is designed to do precisely that turn the western Pennsylvania fish-fry culture into an adventure stamped onto the landscape that fosters community engagement . Increasingly, digital technology and mobile devices play a key role in these transactions. 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. Leadership. As such, when Western Union embarked on its technology transformation, it was keen to recruit personnel who could help achieve its vision. 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. Second, Western Unions employees may not have the knowledge or training to effectively lead Western Unions digital transformation, and may resist digital initiatives or operational changes. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. When fully realised, he says, it will give Western Union the agility it is seeking, while also having a positive impact on its bottom line. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. We're making content recommendations better for thousands of readers.