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Mastercard expands consulting services with AI and economics
The company advances the use of AI and addresses shifting macroeconomic forces and consumer preferences
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Global technology company in the payment industry Mastercard has announced the expansion of its consulting business with the launch of new practices with artificial intelligence (AI) and economics. According to the news release, the company advances the use of AI and addresses shifting macroeconomic forces and consumer preferences.
The company is also enhancing its business transformation service, Digital Labs, for clients to create end-to-end solutions from concept development and rapid prototyping to launch and scalability.
Observing the need to expertise and approach market solutions with the democratization of generative AI and a complex economic climate, Mastercard's president of data & services, Raj Seshadri, said, “As a complement to our advisory practices, Digital Labs serves as an incubator for businesses to explore new ideas and co-create innovative solutions with a streamlined effect on implementation.”
The financial services company noted that experts identify and safely integrate AI tools for better customer experiences, operational efficiency and sustainable revenue generation. The existing AI-powered tools offered through Dynamic Yield, Test & Learn, Global Treasury Intelligence, Cyber Quant, and Brighterion address a range of urgent business needs, including personalization offers, removing bias, forecasting, optimizing finance practices, cybersecurity and fraud monitoring. Addressing economic uncertainties with data-driven insights, Mastercard’s Economic consulting practice consists of in-house experts who translate vast economic data into actionable insights. The company stated that tools that measure in-store and online purchases, SpendingPulse, are utilized to study changing consumer behaviour.
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