디 호크
Founder and first CEO of Visa
86 records in all
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5 basic records of 32
Episodes are real events from public sources, summarised by us.
Bank of America mailed 65,000 unsolicited credit cards to residents in Fresno, California, to jumpstart their consumer credit network. This mass mailing happened without any advance warning, leading to chaos as people received cards they hadn't requested.
LessonAggressive, unsolicited distribution can rapidly seed a network, even if it creates initial confusion.
Dee Hock met with the Department of Justice to address antitrust concerns regarding banks colluding. He argued that the utility to consumers outweighed the competitive risks, and he successfully secured a letter of approval.
LessonProactively addressing regulatory hurdles by demonstrating massive public utility can clear the path for industry-wide innovation.
Hock invited the spouses of 25 global board members into the actual board meetings. He did this to ensure that the powerful bank heads would behave gallantly and professionally in front of their families.
LessonChanging the social environment of a meeting can effectively regulate the behavior of difficult personalities.
Dee Hock sold banks on the idea of a global payment network long before the technology existed to support it. At the time, transactions were still settled by physically mailing paper drafts between banks.
LessonA leader must sell a future vision that is technically impossible today but achievable through future innovation.
Bank of America tried to force Dee Hock into a joint venture with American Express for transaction authorization. The project eventually included Interbank but was abandoned after the Department of Justice threatened an anti-trust lawsuit.
LessonRegulatory hurdles or failed partnerships can sometimes be a blessing that allows a company to build its own superior, independent solution.
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