Betting on Data: Lessons From a Blackjack Master

Earlier this year, MX commissioned a study of 150 data strategy leaders in North American financial institutions with Forrester Consulting that found 80% agree being able to effectively utilize consumer financial data would be a significant competitive advantage. Yet, many still struggle to win with data across their organizations. Why? It comes down to basic strategy, trusting the data, and sometimes, taking an unconventional approach. 

Jeff Ma, the inspiration behind the movie, 21, recently shared his lessons learned about how to win with data from his experience at the casinos in Las Vegas.

Here are the key takeaways from his talk at the 2024 Money Experience Summit:

Stay Data-Driven for Consumer Benefit

Jeff previously worked as a vice president of data at X, and shared that decisions were made based on how data could be used for good. “We didn’t use the user data for bad. We had this rule — we would only use the data if it really enhanced the customer’s experience… You can feel good about using customer data when you are building value for the customer.”

The proper use of data can greatly benefit and empower consumers. When it comes to the use of consumer-premissioned data within the finance industry, the data collected should only be used to help consumers gain insights into their own finances and make better financial decisions. Are you ensuring that your consumer data is benefitting your customers?

Don’t Fall Prey to Omission Bias

We all have cognitive biases that impact our decision-making abilities. For example, Jeff talked about the omission bias, which means that we often opt for inaction because we falsely believe those harms will be less than the harm caused by action.

In business, inaction can have severe consequences. Jeff said, “We're trying to win. We're not trying to avoid losing.” By not taking action, we may not feel as responsible for our shortcomings and failures. But the reward of overcoming our omission bias can set us up for serious wins and the ability to fully embrace the potential gains.

Challenge the Norm

When playing blackjack, Jeff made an unconventional decision that those surrounding him disagreed with at the time. But, because he had the knowledge and data that informed his decision, he trusted the data. This paid off in the end.

“Any time you have advancements in technology and data, you have to do unconventional things. And every time you do something unconventional, it is going to piss some people off.” 

Jeff explained how he was able to commit to his decision with the question, “but if they had the technology, the data, the knowledge that I had, would they maybe agree with me?” Just because a decision may not be the most popular, does not mean it’s wrong. Success comes from not simply going with the flow.

Watch the full keynote session here.