Please note this is a summary of the original case for faster consumption. More details are available upon request.
Background
Company: Cisco
Name of Product: MyCard
Type: Individual
Role: Creator, Researcher, and Product Designer
Date: 2021
Bold Bets Initiative
Bold Bets was a Cisco program in which employees could present a product idea to gain exposure and have the idea turned into a launched product.
Like in a start-up environment, the product idea must pass a series of milestones and reviews before advancing to the next milestone.
Cisco ET&I, the BU I was in, employees were encouraged to submit product ideas.
MyCard is one of several ideas I submitted to Bold Bets.
Three Problems
Rewards Credit Card Users:
• One reward type per card.
• There is no compensation for the data generated by the user’s credit card transactions and usage.
• Users end up with multiple rewards credit cards to obtain the most desired rewards.
Data Consumers:
• Data source reliability is a concern.
• Trying to comply with data regulatory laws.
Cisco:
Lack of consumer data access is a highly sought-after commodity Cisco does not have access to.
Finding new growth markets outside of its traditional marketplaces.
One Solution
The one solution is a personalized rewards credit card. But not just any rewards credit card.
One Solution - Rewards Credit Card Users
Rewards
• The user selects the reward or rewards to accumulate when using MyCard.
Cash from Data
• In addition, the user can earn financial rewards by agreeing to have their data used anonymously by Cisco.
One Solution - Data Companies
Trusted Data
• Customers will have access to normalized data that is accurate and up to date through the XXXXX Clean Room and XXXXXX Box Service.
Compliant Data
• The data will meet all local and regional data regulations, such as GDPR and CCPA.
Data Clean Room
One Solution - Cisco
• Access to consumer data.
• New sources of revenue from the rewards credit card and data.
How Can Cisco Compete?
• Cisco can compete against the other rewards credit card by developing innovative programs like the Forgiveness Token.
• By offering programs and offers not seen in the credit card industry that appeal to the cardholders.
• Basically, offering a rewards credit card program that they would want. Win-Win.
Forgiveness Token
After 12 months of continuous use and not missing a monthly payment, the user will earn one interest-free token that can be applied to a set amount for use within a specified time without an interest fee.
Create innovative programs that benefit both the credit card user and Cisco.
Research
Almost half of the credit card holders are rewards credit card users.
It is estimated that over $141 Billion is spent chasing rewards.
Conclusion
Step One: Application Review
• MyCard passed the application review.
Step Two: Sub-Committee Review
• I met with three persons on the Bold Bets committee to present MyCard and answer their questions.
Their reactions:
“Very ingenious.”
“Clever using BLANK and BLANK.”
“Cisco doesn’t have much luck with consumer products.”
Step Three: Sub-Committee Decision
• No go.
• Priorities were changing and desire to possibly have a consumer product and access to consumer data decreased.
• I was recognized for my idea and efforts in my employee records for MyCard Bold Bets submission and was award a cash bonus.
