Western Union agrees sale of Business Solutions division for $910m 2021. Western Union now has more than 550,000 agent locations in more than 200 countries. SEED aims to improve education and employability of students from low socio-economic backgrounds, especially children of refugees, migrants, and local families. Western Union is working alongside Amazon Web Services (AWS) and AWS Partners to transform and expand its business, including the launch of a new digital bank. 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. Network (IIN), Diversity Equity Industry experts were also drafted in to create the army that was required for this technology mission. Driving Western Union's tech transformation - Digital Bulletin 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. Continue to partner with popular digital platforms to provide legacy C2C money transfer services. Western Union (WU) is a global leader in cross-border, cross-currency money movement and payments. Youre expected to come up with new ways of innovation to drive revenue growth across the organization. Procurement & Construction, Financial 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. Head of Information Technology & Digital Transformation Econet Wireless Zimbabwe Oct 2015 - Present 7 years 6 months. 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. Powering Digital Transformation: How Western Union Leverages the Data 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. Teams that may not previously have interacted with each other are now doing floor walks with each other. Reframe blockchain from a threat to an opportunity, by creating a new autonomous unit. How did you navigate those early moments? Most popular: Free $20 Amazon.com e-gift code for every friend you refer (earn up to $500). These are seismic factors currently redefining our world, earning their own epochal moniker: The Fourth Industrial Revolution. 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. 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.. Western Union. 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. All of that is dependent on people in the organization putting resources behind this kind of an agile transformation. The pilots help get buy-in across the organization, and then once we have that buy-in, it provides the resources necessary to scale. 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). Accelerating Digital Transformation in Western and Central Africa It took six months to do the bare minimum. In the past, JSON storage and analysis required specific JSON databases. 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. 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. [2] Westar 1, Wikipedia, accessed April 2018. Please enable Javascript to see this feature. arrow_forward. 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. Lean deployments are a big piece of our overall transformation program. 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 . 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. Western Union video | re:Invent 2021 | AWS Prior to implementing Snowflake in 2021, Western Unions data spanned 34 on-premises data warehouses, resulting in latency and operational burdens. Its been a great combination. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. We're making content recommendations better for thousands of readers. 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. The development speedand deployment easeprovided by OutSystems accelerates change and feedback cycles, which paves the way for continuous innovation. But new innovators are highlighting a problem for Western Union: multi-homing is high with money transfers. Zealand, South "As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi . Western Union Promo Codes | 30% Off In March 2023 | Forbes [2]But today, new technologies are threatening Western Unions entire business model. Though its too early for results, the response from consumers has been positive, he says. 2023Western Union Holdings, Inc. All Rights Reserved. The new generation of customers, especially Millennials, want to find us in the ecosystem of messaging apps.. Kong, New Western Union's digital services align with the UAE government's policy to create an economy driven by innovation and technology," said Salma Massoud, head of digital, Middle East and Africa . . Log in to help. Digital Summit WB6 - Prishtina 2022 Arab Emirates. With a history of more than 170 years, the company has a presence in more than 200 countries and territories, connecting more than 120m people to one another and to the global economy, through cross-border money transfers in approximately 130 currencies. Finance. Jaffin: Its important for us to continue trying new technology that gets us closer to customers and their changing needs, like advanced analytics and other tools. 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. 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. 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. We also innovated to make our services more inclusive for customers by creating new ways to send funds digitally and offering real-time digital account payouts. 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. Thank you for this great post, Hans. In this video, Shelly Swanback, president of product and platform at Western Union, discusses the three key . However, Western Union doesnt view its established retail business as totally separate from the digital world. Discover the latest software purchases and digital transformation initiatives being undertaken by Western Union and its business and technology executives. Banco Santander Consumer Portugal Adopts OutSystems as its Digital Transformation Platform. 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 . 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. Western Union Announces Agreement to Sell Western Union Business 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.. Digital transformation in Western Union must be driven from the top-down. To explore this content and receive communications from Google, please sign in with an existing Google account. Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels. With the blockchain environment, there may be value in the technology as it becomes more mature and efficient. My mission is to empower people to become economically self-reliant. But it becomes more self-driven, and that really enables the scale.
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