Western Union agrees sale of Business Solutions division for $910m We started function by function, looking at individual deployments across our different groups in the company. Board of Directors. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. 22 Companies Spearheading Digital Innovation in Their Industries in Western Union's digital transformation - Think with Google Manufacturing, Communication Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Western Union built its platform by assembling a global network of third party agents. The Western Union Way of digital transformation | McKinsey Driving Western Union's Tech Transformation | by Digital Bulletin To ensure those approaches were safe and secure, we partnered with governmental organizations to find new and secure ways to verify customers. Western Union Digital Banking 4+ - App Store Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. Services, Public Powering Digital Transformation: How Western Union Leverages the Data 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. 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. Improvements that we made to our apps digital customer experience, for example, helped it become one of the most downloaded apps among our peer set in 2020. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. . Definition of Digital Transformation - IT Glossary | Gartner Discover the latest data, insights, and inspiration from Think with Google. Faced with numerous applications to deliver, the need to rapidly iterate customer experiences, and the steep learning curve for new Cloud DevOps toolchains, Western Union decided to evaluate low-code platforms. How do you start there and end up with a fully embedded transformation across a company of 12,000 people? However, Western Union would be wise to form a new, separate unit for exploring blockchain services. Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Western Union Launches Two Digital Banking apps in 11 Months We serve all customer segments: from digital natives who are never without their smartphones to the 4 billion people on earth the World Bank estimates arent online yet., Western Union is strongly committed to migrants and to refugees: migration is at the heart of our business. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. Youre now a year into your role as CMO and leading through a prolonged global crisis. Need a Lenten fish fry? There's an interactive map for that Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Now its more pull. Automation, Microsoft 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. In 2016, Western Union completed 268 million consumer-to-consumer transactions and 523 million business payments world-wide, moving more than $150 billion of principal for consumers and businesses. Knowledge Institute, Chemical Western Union powers your pursuit. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. That created a need to act. . Jay Jaffin was just starting his role as Western Unions chief marketing officer when the pandemic arrived. 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. Our leadership team remains true to our vision and values, putting customers' evolving needs at the center of our innovation and holding up trust and convenience as the hallmarks of our business. In 1861 it sent the first transcontinental telegraph. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. What is the Best High-Yield Dividend Stock to Buy Now? Our 7 Top Picks 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. 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 service, which is set to launch in Madagascar, will see funds from around the world move through payment rails operated by MFS Africa, the continent's largest payment gateway.. MFS Africa's digital payments network connects more than 400 million mobile money wallets, more than 200 million bank accounts across Africa, and more than 200,000 agents in Nigeria, to enable cross-platform and . Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. 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). Western Union also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. After the catastrophic explosion in Lebanon in 2020, the two companies worked together to build data pipelines to help those affected by the incident and provide support to agents in the area. Mazzaferro: Keep it simple. Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. Board Committees. Western Union's digital transformation sprints to mobile Over the last two years, Singh has been accelerating Western Union's tech plan. We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. 2023Western Union Holdings, Inc. All Rights Reserved. Think of Western Union, and its yellow placard advertising an agent location comes to mind. Does it offer a more seamless customer experience? The Western Union Company - Western Union Fintech Expansion: Opens New Western Union Advances Its Digital Growth Strategy With Investment in Product Director, United States Money Transfer. Open a free Western Union Digital Banking bank account to manage your international finances and make instant, transfer fee-free* money transfers to other Western Union Digital Banking account holders. Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr [2] Westar 1, Wikipedia, accessed April 2018. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. [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. 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. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. Western Union and Zain Cash Collaborate to Facilitate Digital Cross Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. Business Unit Represents Approximately 7% of Company Revenue Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, together with Goldfinch Partners, LLC ("Goldfinch"), a private equity firm investing in . Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. A large proportion of Western Unions infrastructure has been migrated to the cloud, and Singh reveals a timeline to complete the programme of work. [8]. Reliable for over 170 years. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. 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. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Build customized, secure, and scalable mobile banking apps. 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. Services, Data For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Western Union. 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.. [4] Form 10-K for the year ended December 2017, p.7. 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. 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. 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. Were there tools or technology that were particularly helpful in your transformation? Jaffin: Western Union has a culture of innovating to meet customer needs, and the past 12 months have shown us that quick pivots can drive lasting change. Heres how, Customers want control over their data and wont hesitate to switch brands to get it, Global Insights Briefing: Holiday takeaways for marketers, From solar panels to spa days, see how 2022s top searches set the stage for 2023.
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