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In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Group, Infosys Revenue Management Platform for Banking, About 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 [2]But today, new technologies are threatening Western Unions entire business model. 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. Network (IIN), Diversity Equity 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. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Western Union. Salesforce has been such an important part of the digital experience journey.. In the past, JSON storage and analysis required specific JSON databases. We will expand our Messenger bot to other countries and add other languages, he adds. 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. 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. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. 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. 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. Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. 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. 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. Feb 7, 2023. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. Imagine what we can do if you let us work with your team as well.. 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.. 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. Although retail business declined during . Western Union Digital Banking is offered by Western Union International Bank GmbH. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. 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. <br><br>My Leadership Philosophy<br><br>I am an . 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. Mohua is a marketing leader with over 15 years of experience in building and leading brands across industries. The resulting report, How to Win in the Data Economy, includes anecdotes from dozens of customers, analysts, and influencers about how to succeed, all in addition to the survey itself, based on feedback from 1,000 senior business, technology, and data managers across five industries and from all over the world. Digital transformation starts with people, which is a useful reminder that . How did you navigate those early moments? 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. [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. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. 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. 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. Western Union is a global leader in cross-border, cross-currency money movement and payments. Finacle, Infosys Western Union uses a central team to build new capabilities across the business. Achieving that is going to give Western Union agility, stability and resilience and allow us to focus on product development, because we know that our technology is going to sit in the cloud and take up a lot less of our time. 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. Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. Singh was given autonomy to mould his teams, combining the skills already at Western Union with external talent, many of which were from a consulting background, resulting in a diverse and varied team, which he says proved invaluable. The Future of Payments is Invisible | CIO We believe in the work we do, why we do it, and who we hire to get it done. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Data privacy and security practices . Society Updated: 01-06-2022 - 11:45. 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). One of our most important tools is the floor walk. It is our responsibility to enable businesses, problem solvers, regulators and communities to leverage fintech for the betterment of lives. 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. Gartner Magic Quadrant for Low-Code Application Platforms, 2023. Today, WU.com is available in 40 countries, with mobile apps in 18 of them. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. To accelerate application development, improve agility, and provide great digital experiences, the company chose OutSystems as its high-performance low-code platform. Western Union Advances Its Digital Growth Strategy With Investment in The Western Union Foundation is actively supporting NGOs that help refugees and migrants around the globe through education and financial literacy. 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. Rapid iteration is a crucial capability for Western Union, especially when designing customer experiencesin over 200 countries with local customer and regulatory requirements. (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. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. Top retailers use AI-powered campaigns to engage their most valuable customers. Western Union and Zain Cash Collaborate to Facilitate Digital Cross 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. From the earliest days of the pandemic, innovating the companys services to meet new patterns of consumer demand was an urgent matter. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Youre expected to find ways to optimize your processes and drive value. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. The author approaches the problem using public. Safety starts with understanding how developers collect and share your data. We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital . Inclusion, Bloomberg Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. Lean deployments are a big piece of our overall transformation program. 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. [5] 2017 Annual ReportCEO Letter (noting Western Union has expanded its fund payout network to billions of bank accounts). [8]David Thomas, Beyond the Hype: What Blockchain could mean for Africa, African Business Magazine, Feb. 26, 2018. Finally, shareholders may punish Western Union for moving away from its higher margin core business to focus instead on simpler, lower-cost digital money transfers. To that end, Singh has built on an existing relationship to forge a highly valuable partnership with Salesforce and oversee the roll-out of its industry-leading Marketing Cloud. 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. As we get the pilots completed, the idea is to turn the WU Way team into more of a center of excellence. People who knew how a team or a group worked before can come in and see its night-and-day different. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Western Union Announces Agreement to Sell Western Union Business The network upgrade will pave the way for Econet to deliver 5G connectivity in more . These are more tactical, day-to-day ways to implement lean across the organization. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. So we established a set of what we call market-shaper practices that we wanted to focus on. Its not done from the perspective of correction or a negative consequence. But you say its about more than technology? Western Union and Beforepay introduce 'send now, pay later' service [1] One hundred years later, Western Union launched the first domestic commercial geostationary satellite (Westar 1).