Western Union SWOT Analysis
The Western Union Company is a monetary service and exchange based company located in the United States. Its North American head office is in Englewood, Colorado. In 1851, the New York and Mississippi Valley Printing Telegraph Company was planned in Rochester, New York by Hiram Sibley and others, with the aim of generating one good telegraph system with joint and well organized operations (Renehan & Edward, 2006). Meanwhile Cornell brings out back one of his ruined company in the market and renamed it the New York &Western Union Telegraph Company. Pending its cease the service in 2006, Western Union was the best-known U.S Company in the business of switching cables or messages.
SWOT Analysis of Western Union
• Western Union, got developed as domination, it conquered the telegraph industry in the late 19th century. It was the first communications realm and set an outline for American-style communications businesses as for which they are known today.
• Western Union was the main to offer money transfer through mail and this permitted them to proffer a superior variety of money transfer offers to clients as evaluated to their participants at the time.
• Western Union has several sharing out, with products such as person-to-person money transfer, money orders, business payments and money-making services.
• Western Union frequently has problem providing their clients the best, in money transference.
• The major reason of client displeasure is Western Union incapability to totally make happy their first rush for a money order.
• Western Union has begun jamming transactions based on doubt of terrorist connections, as a role of the company’s involvement with the War on Terror. Currently, transfer sent from the Western Union web site requires telephone verification of the sender’s identity. On time, the transfer will fail and Western Union’s customer service will inform the sender that the transaction “does not meet our requirements.” If details are demanded, no information other than the detail that their expose is banned will be given. Frequent customers have reported this problem.
• Fortunately for Western union, this service is currently available as a per-screening basis.
• Western Union is able to start off with this option if it is prosperous in providing streaming satisfied to a client on a point in time practice base rather than a per-screening basis.
• Some other money exchanging company could join hands with Western union, in doing this they will increase number of clients by giving good opportunities.
• If Western Union were to drop its natural, dependable image, it might not know how to keep enough of the marketplace to continue to exist.
• Western Union is less right to fight with other exchange companies for the reason that it has small knowledge in this region, although such upgrading can finally be matching quite than spirited.
• Yahoo Finance/ Western Union. (2012). Website: http://finance.yahoo.com/q?s=WU Retrieved: 29th Oct, 2012
• Western Union, Overview. (2012). Official Website: http://business.westernunion.com/overview/ Retrieved: 29th Oct, 2012
• Renehan, Jr., Edward J. (2006). Dark Genius of Wall Street: The Misunderstood Life of Jay Gould, King of the Robber Barons. New York: Basic Books. p. 263.