Card payment processor focuses on data insights to stand out in market

Challenge

 

One of the nation’s largest credit and debit card transaction processing companies saw the industry headed toward commoditization and omnichannel. They realized that there was significant value for the merchants on behalf of which they processed the transactions, in the dark data related to every card transaction that they processed, whether for authorization or decline and settlement. However, this data, together with merchant, financial institution, and consumer information, was highly proprietary and included PII that could not be utilized for purposes other than those defined to authorize and settle. They were torn between knowing that they needed to innovate with new processes and technologies and continuing to serve their customers securely and efficiently.

They were also looking to expand to other channels and create competitive, new product lines, something that would require data that had previously been unavailable to them.

Company leaders knew they’d have to rethink the very foundation of how they do business, and that included taking a hard look at their capabilities and the gaps. They realized a new data transformation strategy would be the key to moving quickly and keeping ahead of trends. This strategy would allow them to evaluate their existing technologies against newer, more nimble ones and manage risk while maintaining current service levels.

They turned to Fusion to create an environment that could process and analyze billions of data transactions, integrated with other internal and external datasets, to make breakthroughs in understanding consumer behavior. The environment also needed to ensure the privacy, integrity, and quality of data to ensure the validity of the analytics and insights.

Solution

The first step was to identify current challenges and obstacles that were standing in the way of creating a modern big data and analytics environment and define a framework for implementing governance and controls to ensure confidential data was protected. We also evaluated their technology landscape and provided recommendations on which technologies could be repurposed and which would need to be replaced.

We were able to build a data strategy and roadmap to identify and prioritize business opportunities and drivers. We defined the roadmap by outlining the steps and initiatives that would need to be executed over the next several years, including:

  • Defining the architecture
  • Selecting the technology
  • Implementing data governance
  • Obfuscating the data
  • Creating the desired data management platform capabilities

We also identified change agents and thought leaders that would propel the organization to success with their new platform and implemented processes to create alignment between business leaders and IT.

Outcomes

The roadmap resulted in a new data strategy and data transformation strategy that aligned with the company’s goals.

We worked with the client to execute the roadmap and implement new technologies, integrate and migrate their data, and use analytics to get the insights they were looking for. The result was $300 million of incremental revenue in the first year of production deployment.

The organization can now obfuscate and deidentify proprietary data while maintaining the privacy, integrity, and quality of the data. Additionally, with confidence in their data and the right analytics tools in place, the company has the insights to create actionable plans that improve understanding of consumer behavior and empower merchants with improved payment strategies that can lead to better customer service.

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$300 million in incremental revenue
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Integration of multiple databases for billions of transactions
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Increased confidence in data quality, security, and analytics

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