Data is more valuable than cash
Updated: Jan 19
Digital businesses understand that data is more valuable than cash. Whether leveraging Products and Services in production (or creating entirely new data platforms) I invent alternate models using transactional data for new revenues and value added services using data as a flywheel.
Across Unum, Visa, JPMC, and First Data, I led business born digital efforts, using data as flywheel concept, while recent digital startup efforts focused on new markets (including AgTech and multi-tenant cloud hosted service models).
I helped these businesses digitize and customize services. From transactional data, we created value added services based on the data. Almost any existing product or service can become the source of new data.
I’ve seen this many times, including efforts to stand up two really big new payment systems at JPMorgan Chase and First Data.
The systems my team built created direct customer access at Unum, the world’s largest disability insurance firm, by exposing core services to users via the Internet.
I did the same at Visa. My team created new fraud and information services by consolidating transaction and fraud monitoring data to create new services and lower downtime costs across the banking eco-system.
At JPMC, my team created ChaseNet to leverage Chase Issuing and Merchant Acquiring assets in addition to core transaction processing. We aligned loyalty and rewards at point of sale using new ATM technologies, to create mobile offers and rewards functionality from data created in lower cost, higher scale transaction processing.
At First Data, I did something similar with token services by building a TSP (Token Service Provider is vault for Primary Account Number (PAN) that’s the 16 digits on your credit card mapped to the 16 digit token number used for security) in digital wallets and banks who had private label and value added service aspirations, all while protecting the Issuer processor businesses as the world moves to tokens.
This data as flywheel concept is very powerful for businesses born digital.