- “‘There are some things money can’t buy. For everything else there’s Mastercard’ But what makes Mastercard tick? The short answer: AI.
- Mastercard’s Identity Check uses machine vision to identify customers using biometric data. With the Identity Check feature, a fingerprint or eye blinking is enough to authenticate the payment.”
- “As with just about every industry, AI has increasingly infiltrated the financial sector — from visual AI tools that monitor customers and workers to automating the Paycheck Protection Program (PPP) application process.
- From Mastercard’s perspective, it leans on a philosophy it calls connected intelligence, or collaborative AI, which is about connecting the dots between systems by ‘sharing intelligence or outcomes, and not the underlying data,’ Gerber noted.”
- “It can help banks reduce tens of millions of dollars in losses, which will get the attention of every financial services company on the planet.
- But AI, he said, can provide a lot more than that in terms of protecting FIs from risk. It can also make it possible to preserve a delightful consumer experience while layering in more efficient protections.
- There is no magic secret to setting up AI, just a simple process. FIs need to develop the roadmap for the issue they are looking to take on, test, find a partner to help them if necessary, deploy, and then start again with the next objective.”
Vice President, Global Head of Product for Artificial Intelligence (AI) Express
LinkedIn – http://linkedin.com/in/amyndhala
- “When Amazon switched from traditional machine learning techniques to deep learning in 2015, it saw a 15-fold increase in the accuracy of its forecasts,
- Mastercard has used AI to…reduce fraudulent transactions by about 40%”
- “Jamison said Visa has more than 100 applications that use AI in some form
- In fact, in looking across the globe, Jamison pointed to Asia as fertile ground for AI innovation. “The whole integration of AI into daily life is really happening in the Asia-Pacific region,” he said.
- Amazon has shipped over 100 million Alexa-enabled devices, and where voice-controlled interactions (remember the car scenario above) are pervasive across commerce and everyday life.
- The banks may not be immediately perceived as being on the frontlines of innovation, said Jamison, ‘but people know they’re not going to screw things up, and that if something goes wrong, the bank[s] will fix it. Individuals trust that it’s regulated and managed in a way that is, ultimately, in their best interest.'”
- “Mastercard is using artificial intelligence and natural language processing in unique ways to combat fraud and money laundering.
- Association of Certified Fraud Examiners reported a 42% frequency of fraud across small businesses costing an average of 5% of gross revenues.”