MasterCard , a US-based global payments firm, is set to launch a suite of tools to enable local banks and merchants to integrate Artificial Intelligence into their daily operations. The MasterCard Agent Suite, which will be available in the second quarter of this year, will enable these businesses to evolve with technology in a way that is customizable and configurable, no matter what the landscape brings.
“Readiness is the new competitive advantage, “said Kaushik Gopal, Head of Insights and Intelligence for MasterCard. He added that it is no secret that those who lay the AI groundwork can embrace new commercial opportunities much faster.
The MasterCard Agent Suite will complement the company’s board range of AI solutions-which enhance security, optimize payments, improve user experience and drive growth, making commerce smarter, more personal and more secure.
Initial use cases will focus on embedding intelligent product discovery for banks and blending personalization with conversational shopping for merchants.
MasterCard Agent Suite Capabilities
MasterCard Agent Suite, will for instance, allow banks to test offer scenarios, trigger personalised campaigns and track performance, improving performance and driving portfolio growth.
Merchants, on the other hand, will use the AI tools offered by MasterCard, to configure rules for inventory, margins, promotions and branding through guidelines in the shopping journey across channels. Consumers will receive real-time personalised recommendations, based on their preference while enjoying a seamless shopping experience overall.
MasterCard has made significant investments to provide products and services that accelerate AI adoption for card issuers and users.
Kenyan Banks are already using AI to enhance customer experience and operational efficiency including AI-powered chatbots that enable customers to perform tasks such as checking balances, transferring funds and paying bills. Banks also use AI-driven systems to monitor transactions, detect suspicious activity and predict potential fraud, reducing losses and improving security.
Banks also use AI to analyse customer data so as to offer tailored products and services, enhancing customer engagement and satisfaction. Lenders also use AI to evaluate a customer’s credit worthiness, automating loan approvals and reducing processing time.
As MasterCard prepares to roll out its new suite of AI tools, it will still have to deal with significant challenges that still slows AI adoption in card business.
For instance, many customers are still reluctant to trust AI-driven decisions given that AI models require high quality integrated data, which can be a hurdle for card companies.
AI systems can also be vulnerable to cyber threats and fraud while AI models can perpetuate bias if trained on biased data.
Also, ensuring that AI systems comply with financial regulations and data protection laws, is a complex undertaking especially for merchants.
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