Western Union – Strategic Analysis Case Study Analysis
Alternative 2- Invest in a Digital platform
Alternatively, the business can transform its processes to accommodate digital transactions i.e. online transfer of money form one bank account to another in a short span of time. Considering, high internet penetration worldwide and the busy schedules of target customers, this strategic option will allow the organization to improve its customer experience by providing them convenient options. Moreover, this strategic option will also reduce the cost of the organization as less physical locations or branches will be required.
On the other hand, this strategic option will also improve the efficiency of the operations as the number of intermediaries involved in the process will be required since only two parties will be involved i.e. the sender and receiver’s bank. However, this option might be costly for the organization as significant funds and knowledge will be required for developing a digital app.
Alternative 3 – Offering online transfer facility to countries with High Number of Millennial
Additionally, the organization can employ a strategy of offering online transfer facilities to only those destinations where the number of millennial or professionals are high as the mentioned customer segment frequently transfers funds for business, educational and personal purposes such as online shopping and more. The specified strategic option will ensure that the strategy becomes successful and revenue is increased considering, the customers will likely to transfer funds through western union as it has a strong brand image therefore, the customers can trusts the organization with their money.
On the other hand, the strategic option will require limited capital funding as only few locations will be targeted. In addition, the option will allow the business to minimize the risk of losses as a result of failure of the strategy as only few customers will be targeted hence, low cost will be incurred. However, the business might find it difficult to employ the specified strategic option due to lack of understanding about the emerging digital payment methods and lack of technological infrastructure.
Recommendation
It will be recommended to the business to launch the Crypto Currency app in collaboration with Facebook, as the considered option requires less technical and financial expertise and is likely to be successful and yield high returns considering Facebook has a huge customer base and the customers will likely use the digital platform to transfer funds as a result of their trust on Western Union. On the other hand, collaboration with Facebook will aid the launch of the app as the regulation concerns might be reduced as Western Union has a reputation of following regulations related to fund transfer.
Action Plan
A detailed action plan to implement the recommended strategy is specified in Appendix 1.........................
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