Modern banking moves fast. So did Western Union.
How Converge™ by Deloitte’s BankingSuite helped Western Union create its first digital banking platform
SCALING UP A
DIGITAL BANKING
PLATFORM
IN EIGHT MONTHS
The Situation
Sending and receiving money quickly and easily across borders has been key to Western Union’s brand for more than 150 years as a global leader in cross-border, cross-currency money movement and payments. To compete in a changing market and to create additional revenue streams, the company wanted to expand its core business into digital banking, allowing users to leverage its products and services via mobile devices from anywhere in the world.
Western Union knew its customers’ financial lives were complex and ever-evolving―and their needs stretched far beyond money transfers. Expanding into digital banking positioned Western Union to better serve its customers across their spectrum of financial goals and needs.
The company sought a creative, cloud-based solution that would deliver value to its loyal customers and to the business itself, with a goal of increasing revenue 1.5 times per customer. Getting a digital banking platform up and running in less than a year would mean moving fast, but a robust, customizable technology solution could be just the accelerator the company needed.
THE SOLVE
80 USER TESTS
LATER, A
BANKING PLATFORM
IS BORN
The Impact
In 33 weeks, or about eight months, the beta phase was complete. Western Union launched the new Digital Bank powered by Converge by Deloitte’s BankingSuite in Germany and Romania. Eventually, the customer-facing application was rolled out to Italy, Poland, Brazil, and the United States. With each release, Deloitte is helping Western Union evolve its digital transformation to improve its consumer experience.
“With Converge by Deloitte’s BankingSuite on AWS, we were able to launch our digital banking platform on a much faster timeline and with more confidence,” said Amit Patel, global head of Digital Banking IT, Western Union. “BankingSuite’s module components and cloud-based architecture enabled us to introduce our product set to countries incrementally, which has been a key factor in the success of our expansion into digital banking.”
LET'S CONNECT.
Do these challenges sound familiar?