Western Union Case Study-revised2 - Connecting Families all...

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“Connecting Families all over the world.” Group 1 Amanda Evans Sandra Losoya
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Karen Hanks Jeremy Gill Todd Bridges Ashley Roberts Overview Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Greenwood Village, Colorado and its international marketing and commercial services headquarters are in Montvale, New Jersey. Until it discontinued the service Western Union was the best known US Company in the business of exchanging telegrams. Western Union has a number of divisions, with products such as person-to-person money transfer, money orders and commercial services. The company has 350,000 Western Union agent locations in over 240 countries. It reports revenue top $5 billion annually. History It all began all the way back in 1851. Known today as the “innovator” of financial services, Western Union started out with its infamous telegraph company, named New York and Mississippi Valley Printing Telegraph Company. The founder was Jeptha Homer Wade in 1856. Shortly after the founding of his telegraph company, the company changed its name to Western Union. It merged and acquired several other telegraph lines throughout the country. This network of telegraph lines in the connected the west and Midwest that stretched from St. Louis to San Francisco was known as the “Wade Lines”. After such milestone with the telegraph lines, they decided to reach further into the future. Western Union quickly expanded into one of the most “high tech” companies of the late 1800’s. During the early years of Western Union Wade teamed up with Benjamin Franklin
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Ficklin and Hiram Sibley. Together they formed the Pacific Telegraph company. This linked to west coast to the east coast and therefore a created a transcontinental telegraph line. This was only the beginning of Western Union’s success. In 1869 Western Union is credited for creating the first self-winding stock ticker. There had been several stock tickers prior to his one but Western Union’s “self-winding” stock ticker was and is the most successful. Only three years after that they introduced the first money transfer. This was inventive because not only could you send messages across the country, you could now send money. This was revolutionary at that time. In the late 1890’s Western Union had expanded internationally. It provided services to Europe, Australia, Asia and other prominent continents. Fast forward a few years and Western Union then opens a charge card for consumers. Then in 1974 the first commercial satellite was introduced to the United States. A few decades later Western Union introduced the very first pre-paid disposable telephone card. Since these accomplishments, Western Union has made money to expand into more locations around the world. In 2001, its 150 anniversary, they expand to a least 100,000 agent locations globally.
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