MASTERCARD
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Mastercard has been leveraging AI for its fraud services for over 10 years . “ We have very advanced fraud detection capabilities that we provide our customers ,” says Kamal . “ One of the techniques that I think is interesting with AI is the use of assistive AI versus fully autonomous AI - or a mix of the two , depending on the use case . There ’ s still tremendous value in having human intervention and making sure a human is kept in the decision making loop , but drastically empowered as a result of the AI . For example , fraud detection is sometimes one of those use cases where selectively involving the user in the decision making process can provide for a better , more confidence-inspiring user experience . But other use cases could be in the space of bill payments , where a manual enrolment process can take a consumer half an hour - if not longer – trying to identify and link with the different billers they have a relationship with . An assistive AI solution can bring this time down significantly , reducing friction for the customer , yet keeping them in control of their personal and financial data .”
Another technology trend Kamal has seen emerge is the use of open banking , “ we ’ ve seen a huge amount of action in this space . I use the term ‘ open banking ’ loosely because it differs in different regions of the world , but it ’ s the idea that the bank is opening their ‘ walled garden ’ in a controlled and secure way so that a customer can use the data for their benefit with other products .” In some
STRATEGIC PARTNERSHIPS
“ When it comes to our partners such as Fulcrum Digital Inc ., a critical hallmark that we look for in a collaborator is flexibility and agility . When collaborating with others we are looking for long term partners that we can share both successes and failures with and create future opportunities . We look for the type of collaborative partners that will share in the risks and the rewards and I think being able to share in that makes for a better relationship in the long run .”
AUGUST 2020