Mastercard aims to lead in AI

“We’re an AI powerhouse and we’re actually quite confident in saying Mastercard is a business market leader in AI,” asserts one company executive.

Context 

Mastercard has been working with AI in one form or another for over a decade, Marene Arnold, VP marketing and communications DACH, told the recent DMEXCO conference. “We employ hundreds of data scientists and AI technologists, and all of this to help shape the products and services in our ecosystem.” 

Where AI is being used 

• Mastercard uses its own AI tools to score over 125 billion transactions per year to fight fraud, she reported.
• An AI-based tool (The RFP Factory) matches requests from existing or new customers with “products, services, events, marketing campaigns, you name it – this is a super efficient way of responding to customer requests”. 
• The digital marketing engine, another AI tool built by Mastercard, identifies micro trends on the internet and then enables the brand to serve personalised and contextualised offers and ads in real time.

Towards greater inclusion 

“AI is a great tool, but it’s not completely free from bias, it’s skewed towards certain outcomes,” Arnold noted. “It’s very important to be aware of that because this is a worry not just for us but for consumers, customers all over the world.

“We want to drive an inclusive economy and make sure everyone gets on board.” 

• Mastercard’s startup program is working with 4Told FinTech to enable micro lending to small entrepreneurs who face problems accessing credit. The 4Told tool “talks with a small business owner, asks a couple of demographic questions, makes the credit risk assessment in real time, analyses this risk and then connects with potential lenders,” Arnold explained. Thanks to the AI process, “the lender knows it’s a low risk payment for them to make.”
• Only 22% of AI professionals are female, so Mastercard launched The Belle Block in the US earlier this year – a hub for women and non-binary people who want to know about how they can work in AI. (The letters stand for business growth, entrepreneurial, legal, leadership.and education.). 
• Music already plays an important role in Mastercard’s Priceless program. Its Artist Accelerator platform allows underrepresented, emerging artists to access tools and tech, including an AI music studio where they can create, learn from mentors and start to build a fan base.

Sourced from DMEXCO

[Image: Mastercard.com]