First Data
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  
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