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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. How did you navigate those early moments? So we had to figure out how to continue to show up for customers while also ensuring everyones health and safely. Almost immediately, it was clear that with retail stores temporarily closed, digital would need to play a larger role in delivering service to customers. . 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. 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. 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. Youre expected to find ways to optimize your processes and drive value. Group, Infosys Revenue Management Platform for Banking, About HELIX, Management 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. Manager of a Team responsible for First Level Support, Event monitoring and Major Incident Management to internal and external clients that affects core processes and clients. Meanwhile, new fintech players like Transferwise are able to offer cash transfer services for a fraction of the price since their operations are 100% online. Feb 7, 2023. Thank you for this great post, Hans. That system is fine in a cash based economy, but is becoming increasingly cumbersome as digital payments take hold in emerging markets. Beyond the public health crisis, COVID-19 has had a devastating impact on personal finances, causing poverty levels and inequality to rise globally. Mazzaferro: Technology is a critical part of the equation, of course, but technology can never drive culture change. For decades, Western Union has defended its global position by investing in regulatory compliance. 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. Western Union has gained a comprehensive view of the customer while running the Data Cloud on AWS. Some want to go to a retail store and pay cash. Reflecting on the transformation to-date, Singh is clear that it hasnt come without its challenges. 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. Navigating complex land title issues would also leverage Western Unions existing capabilities of dealing with a range of government regulations. Harare Responsible for . To explore this content and receive communications from Google, please sign in with an existing Google account. Need a Lenten fish fry? There's an interactive map for that Experience in leading digital products from either the financial services, payment, or fintech industries. Professors from HEC, ESCP business school, and leading carriers shared insights on . Women in Marketing: Executives who are building brand narratives Procurement & Construction, Financial The digital transformation is helping Western Union emerge from a challenging two-year era. Western Union must adapt to an increasingly mobile world: if Western Union doesn't develop low-cost mobile money transfers, Western Union won't be able to compete . Western Union Partners with MFS Africa to Enable Money Transfers into 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. Hospitality, Waste Western Union is renowned for its unparalleled international network, with over 500,000 agent locations spanning 200 countries and territories. | Learn more about Rokas kudas's work experience, education, connections & more by visiting their profile on . McKinsey's Kausik Rajgopal and Lang Davison recently sat down with Western Union's CEO to talk about its multicultural customer base (and . Western Union International Bank is licensed by the Austrian Financial Market Authority. Powering Digital Transformation: How Western Union Leverages the Data [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. Last year, the global-payment services giant completed 268 million consumer-to-consumer transactions worldwide, for a total of $80 billion. Marketing tactics evolved to attract digital customers, who have a different profile from traditional retail customers. We wont bug you too much because thats more work for all of us. [3], Western Union operates in three segments, with most of its revenues (79%) coming from the C2C segment: [4], Western Union became the dominant player in cross-border C2C money transfers through a platform strategyit connected people who wanted to send money across borders. Reliable for over 170 years. The executive team has done a great job of making it really clear across the company that this is something thats expected of you. 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 . . If Western Union tries to grow its blockchain capabilities within current operations, internal resistors may directly or indirectly sabotage the initiatives. Now its more pull. ", Looking back to why Western Union chose OutSystems, Tom says, We serve millions of customers in over 200 countries and territories, and we want to give them the best possible customer experience. Its reach is staggering: present in more than 200 countries and territories, transacting in 130+ currencies, with approximately 150 million people having used Western Union to either send or receive funds over the last year. Mazzaferro: In the past, the thinking in the industry has often been that applications are king, and that data flows through the applications. Western Union's digital transformation - Think with Google Technology, Industrial 9-30 (describing four types of innovations incremental, modular, architectural and radical classified by their impact on a business core components and the relationships between those core components). 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. Western Union digital integrates UAE Pass - Gulf Business We saw that our revenue and customer base didnt reflect the opportunity and size of the market.. Harveer Singh Leads Western Union's Digital Transformation - Profile Western Union powers your pursuit. 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. And still others want to do it all online.. Dan Nordlander, senior vice president of Western Union Way Operations at Western Union, discusses his companys unique transformation journey with McKinseys Barr Seitz. Everest Group Low-Code Application Development Platforms PEAK Matrix 2022. [12]Josh Constine, Western Union Brings Money Transfer and Its Tricky Fees to Chat Apps, TechCrunch.com, Feb. 4, 2016. 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. However, Western Union would be wise to form a new, separate unit for exploring blockchain services. In a report on ERP modernization, the global market intelligence firm highlights how Western Digital . Seven months after Goldfinch Partners and The Baupost Group announced they were purchasing Western . Western Union now has more than 550,000 agent locations in more than 200 countries. 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. As consumer expectations continue to evolve, digital will play an ongoing role in helping financial services brands deliver value to their customers and drive business growth. Digital Transformation. Mohua Das Gupta - Head of Marketing, Tata CliQ. Technology or Operations transformation . 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. Zealand, South Many CEOs are lured into spending too much time on legacy businesses, which dont need CEO oversight. [9]Western Union recently dipped its toes into blockchain. Ein Jahr Western Union Digital Banking in Deutschland: 6 % Zinsen fr Western Union is the worlds first P2P company. Lean deployments are a big piece of our overall transformation program. Over the last two years, Singh has been accelerating Western Union's tech plan. Thats changing. "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. The Western Union Way of digital transformation. It is far more stable than that and can be used for near instant settlements across the board, while providing liquidity to Reserve Banks. As an iconic brand for over 150 years, Western Union is constantly striving to innovate for their customers. These strategies are paying off. 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. 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. . 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. On March 1, Huawei held a "Digital Leadership Seminar" during Mobile World Congress (MWC) 2023 in Barcelona, Spain, attended by more than 60 high-level customers from global carriers, government enterprises, and KOL. [10]Jeff John Roberts, Western Union is Testing Ripple and XRP for Money Transfers, Fortune, Feb. 14, 2018. Patrick Gauthier, CEO of Convera, formerly known as Western Union Business Solutions. - Earn My WU points. New-found agility delivers growth and improved Customer Experience for partners and 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. & Distribution, Media and Driving Western Union's Tech Transformation | by Digital Bulletin Our technology platform is founded on a Hadoop big data technology cluster that is used for conversion analysis, risk statistical modeling, payments and risk data processing, Fellahi explains. Digital transformation in the EU. As the centerpiece of Western Unions omnichannel vision, the Western Union App is increasingly the primary touchpoint for customers: today more than 65% of Western Unions digital transactions originate on a mobile device globally. Convera. Transformation, Cyber your next, Infosys 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. Western Union Send Money Now 4+ - App Store Consumers can 'Send Now, Pay Later' by borrowing up to AUD 2000 through Beforepay's wage-advance product on Western Union's digital channels.
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As a part of Jhan Dhan Yojana, Bank of Baroda has decided to open more number of BCs and some Next-Gen-BCs who will rendering some additional Banking services. We as CBC are taking active part in implementation of this initiative of Bank particularly in the states of West Bengal, UP,Rajasthan,Orissa etc.
We got our robust technical support team. Members of this team are well experienced and knowledgeable. In addition we conduct virtual meetings with our BCs to update the development in the banking and the new initiatives taken by Bank and convey desires and expectation of Banks from BCs. In these meetings Officials from the Regional Offices of Bank of Baroda also take part. These are very effective during recent lock down period due to COVID 19.
Information and Communication Technology (ICT) is one of the Models used by Bank of Baroda for implementation of Financial Inclusion. ICT based models are (i) POS, (ii) Kiosk. POS is based on Application Service Provider (ASP) model with smart cards based technology for financial inclusion under the model, BCs are appointed by banks and CBCs These BCs are provided with point-of-service(POS) devices, using which they carry out transaction for the smart card holders at their doorsteps. The customers can operate their account using their smart cards through biometric authentication. In this system all transactions processed by the BC are online real time basis in core banking of bank. PoS devices deployed in the field are capable to process the transaction on the basis of Smart Card, Account number (card less), Aadhar number (AEPS) transactions.