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MasterCard Resets as Tech Play to Fuel Innovation

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Transformation Takes Culture Change, Open Innovation
and Partnerships with Entrepreneurs and Startups
By Marc Dresner, Senior Editor, IIR
If you think MasterCard is a credit
card company, think again.
Brien Buckman, who works on
MasterCard's OpenAPI team out if its new tech hub in NYC, points out that
MasterCard doesn't actually issue credit cards; they simply provide the technology
behind the payment networks that enable the cards.
Brien Buckman

It's an important distinction that
the company is making not just externally but internally, too, as it endeavors
to recast itself as a technology provider.
'We are reinvigorating the
employee base and helping people understand that we are a technology company.'
'We are reinvigorating the employee base and helping people understand
and realize that we are a technology company and we can act like a technology
company in this new generation,' said Buckman.
Buckman says MasterCard is
transitioning culturally, with a top-down mandate from CEO Ajay Banga, and this
means discarding outmoded notions and old thinking.
'We are creating an environment that challenges
traditional ways of thinking and encourages new ideas.'
'We want to make sure that we are creating an environment that
challenges traditional ways of thinking and that encourages new ideas,' he
emphasized.
It's an ambitious undertaking that's
also reflected in several new initiatives to drive innovation by engaging
non-traditional partners and customers, particularly start-ups and
entrepreneurs.
In this podcast with Forward Focus'FEI's expert interview
series'Brien Buckman reviews how MasterCard is putting technology and open
innovation to work in a remarkable reinvention strategy.
Editor's note: Brien
Buckman will be speaking at the 13th Annual Front End of Innovation
taking place May 18-20 in Boston.

For more
information or to register for FEI 2015, please visit
www.frontendofinnovation.com




ABOUT THE AUTHOR / INTERVIEWER
Marc Dresner is IIR USA's sr. editor and special communication project lead. He is the former executive editor of Research Business Report, a publication for the marketing research and consumer insights industry. He may be reached at mdresner@iirusa.com. Follow him @mdrezz.

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