Specifically, how Data, Editors note: This is part of a series of blogs about the data economy. HELIX, Management 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. For more details about how Western Union went from 34 on-prem data warehouses to pursuing a multi-cloud strategy based on Snowflake, read our case study. They tend to be younger, they live online and they prefer to do everything there, at the touch of a button, Fellahi observes. If CDIOs dont have the right culture on their teams, how can they help drive a data-first culture throughout their organization? [12]These kind of digital initiatives are good pursuits for current operational leaders, since they represent incremental or modular innovations to Western Unions existing product offerings. Log in to help. 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. This seems to be a typical BSSE case in which it is hard for the incumbent to disrupt its business, since the innovation may threaten the current profitable business. What are the biggest lessons you learned? Though its too early for results, the response from consumers has been positive, he says. Imagine what we can do if you let us work with your team as well.. 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. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. This is a powerful tool for our business and one of the key capabilities of our new infrastructure.. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Western Union is one of the largest digital money firms, uniquely positioned to connect the cash and digital worlds across platforms, devices, borders, and currencies. 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. For decades, Western Union benefited from network effects as it added density and new geographies. Digital transformation starts with people, which is a useful reminder that . Some want to go to a retail store and pay cash. Western Union operates in the increasingly competitive, rapidly changing payments sector, where new fintech players are changing how the market operates. People are asking us, Hey, can you come help me? All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. But for all its success, Western Union is undoubtedly a legacy player in a market that has been truly disrupted in recent years, with smaller and more agile outfits making waves in the increasingly digitised payments space. How Your Small Business Can Be Managed With The Right Databases, Why Businesses Must Focus on Introducing Technology in the Workplace. Western Union now has more than 550,000 agent locations in more than 200 countries. Western Union Uses AWS to Create Company-Wide Digital Transformation. Entertainment, Professional Contributed to establishing Quality Assurance, Training and Documentation strategy and processes for AML Operations functions. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Western Unions typical customers are migrants seeking a better life not just for themselves, but for their families back home who rely on fund transfers to meet basic needs. Our goal was to build a new Cloud-based IT architecture based on microservicesthat would allow us to integratemany different systems quicklyboth internal and external vendors, explains Tom. Does it offer a more seamless customer experience? 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.. The transition from legacy systems to Oracle Solutions was critical to the strategy's success. 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. Best practices were also key. 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 also opened franchise stores, which offer money transfer services as well as onsite currency exchanges. And on our website, we added new support and wayfinding tools to ensure customers could quickly and easily access information. As a global leader in cross-border, cross-currency money movement and payments, Western Union has to comply with a huge number of financial regulations. Jay Jaffin was just starting his role as Western Union's chief marketing officer when the pandemic arrived. So we established a set of what we call market-shaper practices that we wanted to focus on. 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. Western Union Digital Banking is offered by Western Union International Bank GmbH. 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. Western Union must adapt to an increasingly mobile world: if Western Union doesnt develop low-cost mobile money transfers, Western Union wont be able to compete with new competitors like Ant Financial and Zelle. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . How Western Union achieved Digital Transformation with Infosys and Oracle. Services, High Western Union. In 2011, Western Union opened an office in San Francisco to ramp up its digital operation. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. In 2017, Western Union invested $200 million and 20% of its workforce on compliance functions. The second aspect is our agile work, where we spin up teams that have learned and are now experts in using agile methodologies for product launches or IT development. 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. Created: 05-05-2021 - 17:15. Group, Infosys Revenue Management Platform for Banking, About Western Union International Bank's CEO Peter Bucher firmly believes you can drive successful, innovative business while creating a better world for the community you live in. 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. How did you navigate those early moments? We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. We believe in the work we do, why we do it, and who we hire to get it done. So, constant iteration and rapid delivery are crucial. Western Union is to shed its Business Solutions unit, with investment firms Goldfinch and Baupost set to acquire the business for $910 million in cash. 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. Blockchain is technology that uses an open, distributed ledger to permanently verify and record transactions between two parties. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. These agents typically manage retail stores across the world, and offer Western Union money transfer services in exchange for a commission. 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. Management, Digital Workplace In the past, JSON storage and analysis required specific JSON databases. As mobile payments and blockchain tech challenge the status quo of cross-border money transfers, Western Union must digitally transform itself at the right pace or risk going the way of the telegraph. Snowflake: What are a few highlights of how Snowflake is helping with digital transformation? If any of these should fit what you're looking for, consider exploring a career with Western Union. Meridian, Infosys [3] Shelly Freierman, Telegram Falls Silent Stop Era Ends Stop, NY Times, Feb. 6, 2006. Western Union uses a central team to build new capabilities across the business. 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. Western Union. It requires a change in process and culture, the adoption of a common lingo, executive buy-in, and a center . 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. Furthermore, a chain of retail outlets is expensive. Specifically,. That makes it much easier to go into other areas of the organization and say, We did this in this part of the company. Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Western Union powers your pursuit. Western Union's Customer Journey Digital Transformation Fueled by NICE - Innovative NICE Nexidia Customer Journey Optimisation provides powerful analytics to enhance customer experience. He reveals that Western Union was using multiple companies for each of its email, in-app and SMS communication channels. 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. Talend is our backbone for that work and have really evolved their product to meet our needs.. So youre really talking about game-changing differences between how processes worked before and after. Professors from HEC, ESCP business school, and leading carriers shared insights on . The gap between access and use is growing, with 56% of people in . few clicks, you can use OutSystems to bring your visions to life. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. There are 13 of these practices, and thats really how were assessing success with the transformation across the organization. Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). Enterprise Technology Operations Center Manager. [9]Clayton M. Christensen & Michael E. Raynor,The Innovators Solution: Creating and Sustaining Successful Growth (Boston, MA: Harvard Business Review Press, 2003), Ch. Experts at TCS and Western Union share the trends that are affecting digital transformation in financial services. We're making content recommendations better for thousands of readers. 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. 8 (Managing the Strategy Development Process). When you see those people who are proactive and have aspirations, you are able to almost make them role models and build really effective ecosystems around them.. Experienced and certified (ACAMS) AML and Learning & Development professional with a proven track of records in compliance, people management, learning areas. Although retail business declined during . 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. The transformation of a legacy company whose roots lie in the era of the telegraph involves more than just lean deployments and agile methodologies. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. Cortex, Infosys Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. 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.
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