Mastercard dives deep into AI: Unveils new consulting services
In its latest move, Mastercard has unveiled the expansion of its consulting enterprise with dedicated practices for artificial intelligence (AI) and economics. This progression is aimed at equipping clients from various sectors with robust tools to harness AI’s potential responsibly and to grapple with changing macro-economic dynamics and consumer inclinations.
The Evolution of Digital Labs
Mastercard’s business transformation service, known as Digital Labs, is also receiving a revamp. It’s tailored to offer clients an entire spectrum of solutions, starting from conceptualization, rapid prototyping, right through to launching and scaling. Raj Seshadri, President of Data & Services at Mastercard, emphasized the importance of this shift, stating, “With the democratization of generative AI and a complex economic climate, companies need expertise and go-to-market solutions now more than ever.”
Securing the AI Landscape
Possessing a rich history spanning over a decade, using AI models to safeguard in excess of 125 billion transactions annually, Mastercard’s newly minted AI consulting practice is designed to empower businesses with responsible AI strategies. The emphasis is on integrating AI tools that optimize customer experiences, operational efficiency, and sustainable revenue streams.
Harnessing Data for Economic Challenges
Mastercard’s newly formed Economic consulting division, anchored by the reputed Mastercard Economics Institute, aims to transform vast economic data reservoirs into actionable insights. With tools like SpendingPulse, this practice deciphers evolving consumer behaviors, offering industries tailored insights and strategies.
Digital Labs: Breeding Innovation
Award-winning Digital Labs endeavors to turn digital aspirations into realities. With a methodology rooted in rapid prototyping and innovative tools, it offers businesses a platform to craft state-of-the-art digital solutions.
For over 20 years, consulting has remained a cornerstone of Mastercard’s strategy, helping enterprises leverage data value. Today, their consulting brigade boasts thousands of data scientists, engineers, and consultants globally, catering to diverse industries.