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Digital Summit WB6 - Prishtina 2022 By John Manning, International Banker. 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. The term is widely used in public-sector organizations to refer to modest initiatives such as putting services online or legacy modernization. WU's platform provides seamless cross-border flows, and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. To address this new competitive landscape, Western Union sought an agility boost to accelerate innovation. 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. My mission is to empower people to become economically self-reliant. Commenting on the speed comparison of OutSystems compared to previous traditional development, Tom said, "On an earlier project, we had ten people working on a pricing and UX project. [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. Its one of the most widely used platforms from a data perspective and were expanding our relationship with Talend to start using some of its data quality products as well. In the same way that they say it takes a whole village to raise a child, it takes an army of people with the right skillsets and approaches to undertake a challenge like this. Specifically,. 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. One of the benefits that weve really seen as weve gone through these first two years of our journey is what happens when we get everyone speaking the same language. The Western Union Company (WU) Q3 2022 Earnings Call Transcript From apps that save lives to those that process loans in a Board Committees. 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.. And still others want to do it all online.. Others see blockchain as an opportunity to help emerging governments become efficient and transparent, for example, by serving as the official land title registration. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. We scored ourselves as an organization on these market-shaper practices when we started the transformation in 2016. In 2017 SEED supported 20 projects, impacting 5,000 children and youth; we hope to support event more in 2018.. Western Union. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. We started function by function, looking at individual deployments across our different groups in the company. Mazzaferro: Snowflake is enabling quite a bit around analytics, reporting, event triggers, and settlement across our card providers. MFS Africa partners Western Union to broaden financial inclusion "As users turn to our services in bigger numbers and as many new digital players come to the market, we know we have to change," he says. 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. Using OutSystems for customer-facing digital experiences, back office, and workflow solutions, Western Union launched new digital banking services in two countries in just 11 months. And the new business model may require a very different RPP (traditional money transfer process vs. transfer via blockchain). Microservices, Digital Process Snowflake worked with Longitude to assess what it takes to lead in the data economy. Digital transformation in Western Union must be driven from the top-down. Automation reduces development toil, were more productive, so we dont need so many developers, and we dont end up with orphaned code when developers leave. 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. 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. But you say its about more than technology? The difference with OutSystems is that we can do that fast and at scale, deploying experiences that are fast to load, reliable, and secure. Something we could take forward is a digital dollar, which we could make transferable all around the world with our vendors. Recently I talked to him about the companys rapid pivot to digital this past year, his biggest learnings, and what the future holds. . Western Union's cross-functional tech teams pushed out expanded digital options and real-time visibility on the status of its retail locations worldwide. Hiring experienced developers was already hard, and the skills drought got even worse with the great resignation. Its more about having the manager understand how the work actually gets done on the floor. Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . Key takeaways. It works with Talend to streamline data movement in compliance with GDPR across financial, reconciliation, auditing and trading partners. You have to recognise that youre taking a massive journey as a company because it has always relied on data centres. Our research identified 10 attributes of an organizations data infrastructure that enable it to take full advantage of the data economy, the global supply and, Editors note: This is part of a series about the data economy. (2017) Monitoring Media Pluralism in Europe: Application of the Media Pluralism Monitor 2016 in the European Union, Montenegro and Turkey. Western Union launched its digital banking app in Germany and Romania in Spring 2022, following 11 months of iterative development. 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. 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. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . There were definitely times I was looking at costs and thinking how I was going to explain to finance, or my CFO, he says. It took six months to do the bare minimum. Over the last two years, Singh has been accelerating Western Union's tech plan. 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. He also praises Snowflakes adaptability when it came to dealing with huge capacity increases. Finacle, Infosys The paper analyzes the issues of digital transformation in the European Union in such key dimensions as financing digitalization and implementing public policy to bridge the digital divide in the EU member countries. Western Union Announces Agreement to Sell Western Union Business 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.. 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. Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. Leaders across many industries and companies of all sizes report that one of their biggest challenges is siloed data. Deep divides in digital connectivity, internet use, and access remain. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. (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. s full anLearn more about the data lake, a repository for structured, unstructured, and semi-structured data that provided direct access to raw organizational data. If any of these should fit what you're looking for, consider exploring a career with Western Union. Technology, Industrial Learn what is a data platform, which encompass a range of elements required to support the data management cycle. 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. Convera's Next Steps: Western Union Business Solutions - Forbes While the pace of change has been considerable, the leadership team at Western Union has been focused on implementing a large-scale technology transformation. 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. 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. Once a customer notarises their documents, they can be stored in a safe location and distributed across the blockchain network, so any regulatory authority or government can access that information. And when you have that, it becomes easier to have a stronger level of influence than you might otherwise expect with a small team, because everyone in the organization is clear that, whether youre working directly with the WU Way team or not, your job is to find ways for continuous improvement. In [] 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. Working across many cultures at Western Union | McKinsey My role was to bring all of these different teams together and instil a culture that recognised it wasnt just about how fast we were going, but also about the quality of the product were delivering.. 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. [11] Western Unions footprint of retail locations gives it a worldwide laboratory for experimenting with blockchain applications. Think of Western Union, and its yellow placard advertising an agent location comes to mind. 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. A lot of our big data environment is still on-prem and the mission is to move that completely to the cloud by the end of the year. Its created a need for financial sector brands to step up and help by democratizing access to their services via mobile phones. People are enthusiastic about the results of the pilot, and they want to see that in their own area. Jaffin: We engaged with tech partners like Google almost immediately to refine our go-to-market strategy. The Baupost Group is a $31 billion Boston-based investment firm. Leading fintech, Mambu, provides the platform and engine that drives the core of Western Union's new digital bank. People are asking us, Hey, can you come help me? . While WU is considered a global leader in their space, competitive insights and . [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. The fusion of the digital and the physical, the irrepressible rise of new technologies. Services, Consumer How did you navigate those early moments? She has extensive experience in leading strategic marketing and has worked with brands like Myntra, Arrow, and Amante. First, for continuity of services. . Sydney Mahan, The First Transcontinental Telegram was sent to DC 155 Years Ago, Washingtonian.com, Oct. 25, 2016. Professors from HEC, ESCP business school, and leading carriers shared insights on . Western Union has innovated before. 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. The reason for that is due to the huge increase in demand for our digital services as lockdowns were implemented across many different geographies. Then think about the products you want to offer and how it can be a data-enabled product, such as being hyper-personalized. Commenting on the advantages of development on OutSystems, Tom says, "We estimate that we're getting new products . Convera. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Maybe it started out as more of a push, where we were looking to come in and work with a team. Today, structured and semi-structured data can easily coincide. 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. Unless they can feasibly use technology to improve their cost structure, Im super bearish on Western Union. Profiles, Infosys Knowledge So, constant iteration and rapid delivery are crucial. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. 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. Western Union Software Purchases and Digital Transformation Initiatives Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. Not satisfied with the idea of incremental change, the company took a start-from-scratch approach, assembling an experienced team and transforming its infrastructure. Discover how Santander Consumer Finance replaced 70% of their core IT systems in three years with OutSystems. 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. However, Western Union doesnt view its established retail business as totally separate from the digital world. Cortex, Infosys For decades, Western Union has defended its global position by investing in regulatory compliance. The central transformation team helps do the capability building in training those resources up, and then they run their own scaled-out deployment. Navigate That allowed us to go from ten people to about 50 change agents in the first wave, which will be able to support 2,500 employees and 4,000 vendor full-time employees within two years. 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. Group, Infosys Revenue Management Platform for Banking, About 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. Wingspan, Infosys Digital transformation & economic opportunities - Blog - Western Union [9]Western Union recently dipped its toes into blockchain. Harveer Singh leads Western Union's digital transformation with data Now its more pull. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Services, High 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. Migrants, who typically are the link between cash economies underserved by financial institutions, and highly bancarized, digital economies, benefit from Western Unions unique ability to combine the physical and the digital. Western Union, MFS Africa Partner to Enable Money Transfers into Stephanie Pankau - Product Director, United States Money Transfer Their bread and butter business is charging hefty fees on remittances and their core advantage was a network of retail outlets and agents across the US and partners around the world to get cash from one family member to another. Sector, Travel and "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . They can include creating strategy placemats (one-page strategy overviews that are easily shared), frequent team huddles, one-on-one coaching, and process confirmation. Digital Transformation. For more than 170 years Western Union has been helping people send money all over the world. . Heute nutzen bereits rund 150.000 Anwender in Deutschland sowie in Rumnien, Polen und Italien die Western Union Digital Banking App fr ihre finanziellen Angelegenheiten - immer mit dem Ziel . Western Union's platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies . your next, Infosys The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. 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.. Weve been able to increase the amount and frequency of relevant data we can share with our agents, and they have started to build new processes based on that. Financing Digital Transformation and Bridging Digital Divide: The Case The Western Union Way of digital transformation | McKinsey Western Union Launches Two Digital Banking apps in 11 Months Industry experts were also drafted in to create the army that was required for this technology mission. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. Chief Data and Innovation Officer, Western Union, Enterprise-grade scalability and security, Cloud-based IT architecture based on microservices. Here is Swamy Sivasubramaniyan, Head of Financial Services and Settlement Platform for Western Union, discussing the digital transformation experience with Infosys and Oracle. OutSystems High-Performance Low-Code Platform Powers Western Union Digital Banking Solution 2 min. 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. Western Union agrees sale of Business Solutions division for $910m Western Union uses a central team to build new capabilities across the business. Cambridge: Cambridge University Press Complete your profile for personalized recommendations, Managing Director, U.S. Financial Services at Google. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. Alonso Calderon - Enterprise Technology Operations Center Manager Watch this tech inequality series featuring scholars, practitioners, & activists, Sign up for the Digital Initiative Newsletter. Please enable Javascript to see this feature. For example, De Beers is trying to create a diamond blockchain for registration and authentication, to prevent the spread of conflict diamonds. Hospitality, Waste Were there tools or technology that were particularly helpful in your transformation? 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. 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 -. Behind those market-shaper practices are the lean tools and behaviors we develop and encourage.