One of its most high-profile hires was Harveer Singh, who was appointed as Chief Data Architect & Global Head of Engineering and previously co-led EYs Next Generation architecture & solutions for Financial Services. Our App has grown to become one of the industrys most widely used international money transfer apps and a Top 20 finance app in the App Store., Not at all. 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. Western Union uses a central team to build new capabilities across the business. Western Union Digital Banking is offered by Western Union International Bank GmbH. . Its an ecosystem of complementary platforms that enable a seamless, single customer experience I think thats such a powerful proposition.. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. Security, Infosys 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. Business Application Services, Service Experience Western Union's digital banking platform is a complex ecosystem of partnerships from across the technology and fintech landscape. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. Having to maintain two sets of procedures on-prem and cloud for 18 months to ensure business continuity is chief among them, while teams have had to escalate a company-wide transformation during a pandemic. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. If you are a new customer: now you can transfer your FIRST money transfer for FREE*. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Harveer Singh, Chief Data Architect & Global Head of Engineering, reveals how the initiative will give the organisation the speed and agility it needs to . Download the Western Union (WU) money transfer app and quickly start sending cash to Mexico and worldwide, 24/7! 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. 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. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. Salesforce has a value proposition that was immediately interesting because it allows you to build a single omnichannel journey that can be managed really efficiently when I want to make a change I only need to do so in one place. By using our services, you agree to our use of cookies. Western Union's stock price continued to climb the week of April 12 reaching $25.89, compared to a low of $21.66 in January. Fellahi sees the Messenger bot as a promising tool. At its core is a migration from on-prem to a cloud-based infrastructure, which it believes is key to allowing the organisation to scale and evolve into a company with the clout of an established financial institution combined with the agility and flexibility of a modern FinTech. In the past, JSON storage and analysis required specific JSON databases. 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. This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Western Union is a global leader in cross-border, cross-currency money movement and payments. Group, Infosys Revenue Management Platform for Banking, About 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. 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. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. . Finance. Western Union International Bank GmbH is regulated by the Financial Markets Authority in Austria, [i] Agent location count valid as of 31 December 2017. Lastly, how do you see digital continuing to drive your services in the future? While Singh and his team have been occupied with the technology transformation taking place at Western Union, the breakneck speed at which the financial services and payments industry is changing means they also have to be planning for the longer-term. Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. . Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. <br><br>My Leadership Philosophy<br><br>I am an . A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Ericsson will help accelerate Econet's digital transformation journey. 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 Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. Society Updated: 01-06-2022 - 11:45. Maybe it started out as more of a push, where we were looking to come in and work with a team. Africa, South 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. Korea, United The CDO needs to drive digital transformation by enabling data to power product development and the company. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. So its a real imperative across the top of the organization. Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. His career span includes working with organizations like FIS, Western Union, HCL Technologies, CGI, Mahindra Satyam and iGate Global Solutions. Big data has helped Western Union merge data across multiple channels for years, for marketing and promotion, customer lifecycle management, compliance and fraud modeling. 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.. Western Union powers your pursuit. Singh was brought in to help facilitate that leap, drawing on his expertise with business transformations, technology management, data architecture and collaborative working, backed up by various consulting roles at Deloitte, IBM and Accenture. The Baupost Group is a $31 billion Boston-based investment firm. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. 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. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. 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. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Its time to align your banks digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? 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. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. Engaged in problem resolution of complex . Does it offer a more seamless customer experience? 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. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. What we are talking about is not cryptocurrency, it is not something that has to be mined. These are more tactical, day-to-day ways to implement lean across the organization. Data privacy and security practices . Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Originally, the capacity of our on-prem environments wasnt projected to hit capacity until 2022, but we could see that point was going to be reached in 2020, so that meant a real acceleration.. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. your next, Infosys 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. The relationship with Talend has enabled Western Union to help its global customer base in times of real need. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . de 2007 - actualidad16 aos 3 meses. But Western Union is missing the true potential of blockchain for its business. She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. Navigate As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Western Union built its platform by assembling a global network of third party agents. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. Thats really enabled a lot more collaboration across groups. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Some changes that used to take a month, we now deliver in around 48 hours.. 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. Policy . Western Union is a global leader in cross-border, cross-currency money movement and payments. Now data is the driver and applications are being developed to handle that data and represent it to business stakeholders to make it consumable. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Updated on. 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. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. be to drive digital transformation and . For decades, Western Union benefited from network effects as it added density and new geographies. 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. 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. - Earn My WU points. Rapid growth in technology was making it easy for international money transfers to take place online, Fellahi recalls. Manufacturing, Information Services Digital transformation in Western Union must be driven from the top-down. Services, Public To explore this content and receive communications from Google, please sign in with an existing Google account. The fusion of the digital and the physical, the irrepressible rise of new technologies. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . We're making content recommendations better for thousands of readers. The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. He praises the vendor support and namechecks first AWS for enabling the organisation to quicken the pace of its procurement process and spin up workloads to the cloud faster than had originally been anticipated. Feb 7, 2023. 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. Over the last two years, Singh has been accelerating Western Union's tech plan. Although retail business declined during . Media, Madison Square And if Western Union doesnt embrace and transform along with those technologies, it will fade away just like the telegraph. Western Uniona global leader in cross-border, cross-currency money movement and paymentsis driving a company-wide transformation, which includes migrating its infrastructure from on-prem to the Cloud. Western Union offers digital transactions in 70 countries to move money around the world. Secure, touchless, digital money transfers were a safe, reliable way for people to send funds where they needed to, so we leaned in there. Salesforce has been such an important part of the digital experience journey.. Here are 4 steps they follow, Why durable solutions are needed to build the future of audiences, A data-privacy team can support your privacy transformation. Key takeaways. Western Union also is uniquely positioned to explore blockchain applications in emerging markets by leveraging Western Unions retail footprint, regulatory compliance learning, and global brand. - Access cash back rewards at the WU store. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. Services, High We teach employees, and then they execute. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. The EU is helping to boost Europe's digital capacities and create new opportunities for businesses and consumers while safeguarding basic rights. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. When people from different departments do these floor walks together, theyre realizing that they actually have a lot more in common with each other or notice areas where they can collaborate that they didnt realize before.