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.
