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Some want to go to a retail store and pay cash. 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. Why Do Companies Choose to Outsource Work? As the transformation gets embedded into the organization, the businesses start to run their own agile deployments. Three things were front-of-mind as we evaluated OutSystems, explains Tom Mazzaferro, Chief Data and Innovation Officer at Western Union. Finacle, Infosys 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. Cloud services such as cloud data platforms have become cost-efficient, high performance calling cards for any business that leverages big data. In the past several years, the Englewood, Colo.-based company has made a point to develop and [] Part of this agility drive involved Western Union migrating its legacy on-prem IT infrastructure to the Cloud. InsurTech & Crypto projects as the world embraces CX, Business Transformation and Digital . Snowflake worked with Longitude to assess what it takes to lead in the data economy. The role of CDO needs to encompass more than data management and data governance, more than even enabling the pipeline and managing the environments. [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. Policy . This is just one example of how blockchain could be an opportunity for Western Union. Snowflake enables us to centralize our data and enable application and business processes to leverage it across the organization. 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. The way we approached it was to use the central WU Way team for capability building. While WU is considered a global leader in their space, competitive insights and . 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. 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. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. 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 -. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. Western Union began a mission to transform the settlement platform with streamlined retail and digital cross-border money transfer operations to overcome the challenges and constraints of their legacy settlement systems. Jaffin: Evolution meant expanding the ways in which customers experience the brand digitally. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Korea, United A hugely significant piece of the transformation has come from rethinking how Western Union communicates with its vast customer base. The Data Cloud is increasingly becoming a facilitator for digital transformation initiatives, and while there are many facets to that story, our customers often tell us how three critical elements play a central role: being able to access and share live data; being able to share data without having to move it; and the ability to securely access third-party data. 2023 Snowflake Inc. All Rights Reserved | If youd rather not receive future emails from Snowflake, unsubscribe here or customize your communication preferences, Snowflake for Advertising, Media, & Entertainment, unsubscribe here or customize your communication preferences. 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's digital transformation efforts may fail to drive earnings growth, but they may be enough to keep earnings steady going forward. The international roll-out continues to other countries at pace. The Transformation Story of Western Digital. Having got the right people in place, Singh and his team set about building a partner network to supercharge Western Unions technology evolution. Western Union's investment in India is part of a broader fintech and innovation strategy that is driving the company's digital transformation. As the figure below shows, five components are needed to execute an organization's digital transformation: 1. Western Union is a global leader in cross-border, cross-currency money movement and payments. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Digital Transformation. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Were there tools or technology that were particularly helpful in your transformation? Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Swanback said a . She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. Network (IIN), Diversity Equity 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. Revenue from Western Union's digital money transfer services spiked from $600 million in 2019 to over $850 million in 2020. Meeting the moment with solutions required Western Union to accelerate its own digital transformation. Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Harare Responsible for . The top challenge for businesses with digital transformation goals in 2023 is determining where their companies should direct spending on technologies, according to a BCG X report. 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. 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.. Divestiture Will Support Western Union's Strategic Focus on its Global Cross-Border Payments Platform and Digital Capabilities Strategic partnerships working with platforms like Google is a critical piece of that. McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Wingspan, Infosys Garden, The Economist For decades, Western Union benefited from network effects as it added density and new geographies. Looking ahead, the Sales Cloud will be connected to the Marketing Cloud, which in turn is connected to our Care Cloud, so that whenever something happens across any of those products we are able to react in a way that suits that customer. 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. So well go from maybe four pilot teams to a plan to scale out across 400 people and maybe 30 teams next year. 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. Though its too early for results, the response from consumers has been positive, he says. Before OutSystems, we typically released every six weeks. Sources for images:Western Union vs. Bitcoin, Bitland,MyWU,Ripple Union. your next, Infosys We use OutSystems in multiple layers of our tech stack, says Tom. Western Union is the worlds first P2P company. Some development teams suffer 100 percent attrition in two to three years., "OutSystems helps in many ways. We go where our customers go, says Khalid Fellahi, senior vice president and general manager for Western Union Digital, based in San Francisco. Whats really nice about that is that its so visually obvious. If any of these should fit what you're looking for, consider exploring a career with Western Union. 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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Digital transformation can refer to anything from IT modernization (for example, cloud computing), to digital optimization, to the invention of new digital business models. Sector, Travel and This would help Western Union objectively pursue new blockchain opportunities, even if those opportunities eventually cannibalize or destroy its existing C2C business. Union Pacific, the railroad company that transports chemicals, coal, food, minerals and automobiles in and around 23 Western U.S. states, has had two workhorses that toiled tirelessly for the past . We caught up with Mazzaferro to dive deeper into how the Data Cloud enables ongoing digital transformation at Western Union: Snowflake: Tom, as CDIO you lead the charge on keeping Western Union at the forefront of data economy leadership. Companies like Venmo(PayPal) and Zelle(joint venture by several large U.S. banks) have deep pockets, but so far are mostly competing in domestic payment markets. ene. This will enable the company to maintain its high . 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. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? 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. [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. [9]Western Union recently dipped its toes into blockchain. Join us to learn how your organization can become a leader in the Data Economy and the business benefits that result. Key takeaways. 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. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Its been a great combination. [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. The fusion of the digital and the physical, the irrepressible rise of new technologies. Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. & Distribution, Media and In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Western Union Digital Banking is offered by Western Union International Bank GmbH. 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. 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. We offer consumers the choices they want, both for sending and receiving money, he stresses. Transformation, Cyber 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. 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. 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. 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. He shares his views on digital transformation and economic opportunities for all. Looking back at the results of our work over the last couple of years across all of our deployments, you see some really impressive gains. We started function by function, looking at individual deployments across our different groups in the company. Packaged Goods, Engineering But it becomes more self-driven, and that really enables the scale. The digital transformation is helping Western Union emerge from a challenging two-year era. 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. What does "digital transformation" mean to Western Union? Poland followed later in 2022, while plans are at hand to launch Italy by the end of the year. Western Union uses a central team to build new capabilities across the business. Product Director, United States Money Transfer. Dan Nordlander is senior vice president of Western Union Way Operations at Western Union, and Barr Seitz is senior manager of editorial and digital communications in McKinseys New York office. . 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. Inclusion, Bloomberg Country/region, Costa There was a need to accelerate the process we wanted to undertake, I have that experience of transformation projects happening on a massive scale. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Learn about JSON storage. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. Over the last two years, Singh has been accelerating Western Union's tech plan. They essentially sponsor a team and loan the resources that are necessary. Created: 05-05-2021 - 17:15. - Earn My WU points. 35, No. So youre really talking about game-changing differences between how processes worked before and after. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. 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. 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. 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 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. 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. Theyll be there to help you stay on track or course correct when you have troubles. Not just front-end, but back office and our contact center. In the past, JSON storage and analysis required specific JSON databases. 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. (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. Many of its 150 million customers worldwide depend on money transfers to pay for food, electricity, medication, and other necessities. 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. 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 powers your pursuit. In 1861 it sent the first transcontinental telegraph. Business Unit Represents Approximately 7% of Company Revenue . However, Western Union would be wise to form a new, separate unit for exploring blockchain services. In order to fund the investments, we decided that it was really important to do a transformation exercise, look for ways to gain efficiencies and effectiveness across our processes and procedures, and then use those efficiencies to fund the growth investments. [4] Form 10-K for the year ended December 2017, p.7. 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. Sub-Saharan Africa 3G and 4G mobile broadband coverage stands at 86% and 57% of the population, respectively. 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. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. New-found agility delivers growth and improved Customer Experience for partners and customers. 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. But you say its about more than technology? For example, helping African countries develop official land registers could eliminate a huge barrier to investment and capital inflows (e.g., by resolving uncertain and disputed land titles). 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. Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Digital is all about how we reach the customer. 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. today more than 65% of Western Union's digital transactions originate on a mobile . 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.. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. 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. 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. 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. 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. Thats really enabled a lot more collaboration across groups. 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.