5/22/2023 0 Comments Food inc by karl weberSomething needed to change, both internally and in how the company collaborated with the customers, communities, and governments it wanted to serve. But at the time, those employees ranked “innovation” 26th out of 27 factors important to the company’s future success. To innovate for an increasingly diverse customer base, Mastercard’s employees needed to grow and diversify their core while also building new businesses. It called for new mindsets and behaviors around talent, clients, the market, technology, and government. For him, the financial inclusion of individuals and small businesses that lacked access to the formal financial system became both a business imperative and a societal responsibility. But rather than compete for market share within the 15% of global payments that were already electronic, he decided to focus the company’s growth on the 85% that were still made by cash and check transactions. When Ajay Banga took over as CEO of Mastercard, in 2010, he knew that disruption of the payments industry was imminent.
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