“This is not the first time banking has faced a critical moment. But while other tipping points, like digital and mobile banking, revealed themselves unhurriedly, the adoption of gen AI is happening with an almost frantic haste. Eighty-seven percent of banking executives expect a higher level of change in 2024 relative to last year and…
Month: February 2024
Mastercard: AI and Personalized Offers Drive the Future of Brands and Banks
“That’s because consumers’ expectations are changing. They expect personalization — with Mastercard’s own studies showing that 70% of individuals expect a ‘more personalized experience tomorrow than they received yesterday.’ PYMNTS Intelligence data shows that less than half of shoppers find the offers they get from merchants to be ‘very relevant’ to their needs, while more…
4 Ways Personalization Is Evolving at Top Banks
“In a recent survey of 7,000 global participants by the financial consultancy Zendesk, more than seven in 10 customers (72%) said personalization is “highly important” to them and almost eight in 10 (77%) banking leaders said it leads to increased customer retention. While personalization is nothing new, there are trends emerging that create stickier engagements…
Austin’s artificial intelligence boom
“The Center for Generative AI “will help us accelerate the process of scientific discovery and find new solutions to major engineering challenges that would otherwise take years of experimental work,” UT computer science professor and Machine Learning Labor director Adam Klivans said in a statement.” https://www.axios.com/local/austin/2024/02/02/artificial-intelligence-booms-austin
Mastercard jumps into generative AI race with model it says can boost fraud detection by up to 300%
“Mastercard’s proprietary algorithm is trained on data from the roughly 125 billion transactions that go through the company’s card network annually. Bhalla said the new transaction decisioning technology from Mastercard can help financial institutions improve their fraud detection rates by 20%, on average. In some cases, though, the model has led to improvements in fraud…