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Business Problems of Western Union Company - Case Study Example

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The paper "Business Problems of Western Union Company" focuses on the challenges that face a payment service company. Western Union Money Transfer is one of the world's most popular money transfer companies in the world. The company is developing several plans to mitigate its loss…
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Business Problems of Western Union Company
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Download file to see previous pages There is a huge demand for US payment service companies in the global market. Companies like Western Union, MoneyGram International, etc are generating great revenue in this sector due to the rising demand for money transfer around the world. The companies are still looking out for new avenues of services ranging from domestic services to mobile transfer of funds. The Asian, especially the south-eastern countries are the major markets for the money transfer companies. Countries like India and China are on the top of the list of remittance-receiving countries (Mukherjee, and Bhattacharjee, “U.S. money transfer firms explore new routes in Asia”). According to the World Bank Report, the projected remittance flow towards the developing countries was about 6.2 percent in the year 2010 and about 7.1 percent in the year 2011. The money transfer companies have a wide network all around the world (Hoovers, “The Western Union Company”)

According to the World Bank, the amount of global remittance is about $317 billion. Companies are also launching mobile money transfers to facilitate people in providing effective services. The remittance industry cannot be underestimated as about two-third of the developing countries receive money from the workers staying in different countries of the world, through these money transfer companies. The money transfer industry is actually fragmented and it has to adapt and include new policies, technology, and regulations to compete in the present economic situation. The money transfer companies such as Sigue, Unistream, and MoneyGram and off course Western Union are the few well-known companies few of the top-level money transfer companies which are planning to expand rapidly (Yahoo Finance, “The Western Union Company (WU): Competitors”).

Western Union is one of the major players in the money transfer industry. It is a big company which employees around more than 7,000 people. The company was founded in the year 1851 by Ezra Cornell. The services offered by Western Union are mainly money orders and wire transfers. The annual revenue for the past year was about $5.193 billion. The different departments of the company are mainly business payments, person to another person payment, money orders, money transfer, and other commercial services. It is a common fact that every large organization faces challenges that conducting their day to day operations. Western Union is also not an exception. There are few internal problems and also the effect of the external situations, affect the company in a negative manner to create barriers for them to function efficiently. The company mainly deals in money transfers, so the prevalent issues in money laundering are a big problem for the company. The company has to spend a huge sum of money every year to deal with these problems.

The second problem is the manpower management of the company. The manpower management department is not streamlined. It has been found that there is a lot of bureaucratic practices as the company outsources the customer services and these agencies are not good enough to meet the working standards of the company. The business processes have to be streamlined and the paperwork of the agents should be completed on time so that they do not complain. The working atmosphere is good and employees are satisfied working in the company, but Western Union also has all those general problems which almost every big company has. ...Download file to see next pagesRead More
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