| Management Challenges |
First Data Corporation, the market leader in credit
card transaction processing, created “Alliances”
with major U.S. banks (Bank of America, Wells Fargo, JP
Morgan Chase, Bank One, etc.) in the late 1990s to improve
the servicing of merchant accounts. First Data executives
turned to Weinstein to find ways to leverage the Alliances,
develop new products, and improve service quality. |
| Solutions Delivered |
Weinstein developed a Web-enabled customer service
application for merchant reporting, analysis, inquiries,
service changes and upgrades. Weinstein:
- Determined features and functions to be offered.
- Developed business requirements.
- Made operational and financial projections.
- Priced the service.
Weinstein also led the creative process to name the
product, and led primary market research efforts to
segment the market and forecast demand. Weinstein obtained
commitments from bank partners, vital to project success,
by offering them a turnkey marketing program, including
a co-branding option.
|
| Results Achieved |
Weinstein’s efforts greatly contributed to the
Alliance Vision being realized. Customer relationships
were broadened beyond commodity processing services. The
new service also greatly improved service quality, improved
customer retention rates, and reduced unit costs over
time. |
Service
Description: Developing and Launching New Products