Mastering AI: How Mastercard is Transforming Fintech with Artificial Intelligence!
Image Credit: Paul Felberbauer | Unsplash
Mastercard has been a front-runner in integrating artificial intelligence into its core operations, significantly enhancing both security and customer personalization. Ed McLaughlin, President and CTO, emphasizes that AI is pivotal for Mastercard, driving crucial decisions and expanding its impact across the company’s services.
Fighting Fraud with AI
A key feature of Mastercard's AI integration is its decision management platform, the "AI brain" of the network, which conducts real-time, complex decision-making to detect and prevent fraud. Over the last year, this AI capability has successfully thwarted over $20 billion in fraudulent transactions, showcasing the powerful defensive potential of AI in fintech.
Rigorous AI Evaluation Process
Mastercard’s strategic use of AI follows a two-tiered review process to ensure each project is not only viable but also ethically sound. This includes an initial review by an AI board that considers legal, privacy, and ethical dimensions, followed by a technical review focusing on scalability and ROI, ensuring the AI projects align with Mastercard’s strategic goals and operational standards.
Scalability and Workforce Training
To effectively scale AI innovations, Mastercard employs 'silent mode validation,' allowing new AI techniques to be tested alongside existing systems to measure impact without disrupting current operations. Additionally, Mastercard is committed to workforce development, providing specialized AI training and tools across various departments to foster an AI-savvy environment.
Ethical Governance and Future Visions
Governance is central to Mastercard’s AI strategy, with a comprehensive framework in place to oversee ethical AI use. This includes a ‘data bill of rights’ for consumers, emphasizing transparency and control over personal data. Looking forward, Mastercard is exploring emerging technologies like generative AI and quantum computing to continue leading in the fintech innovation space.
Source: Forbes
