Mastercard rolls out AI tool for retailers
Written by Peter Walker
Mastercard has launched AI Express, a programme designed to help retailers address key business priorities, including anti-money laundering, fraud risk management, cyber security, credit risk prediction and operational efficiencies.
“If data is the oil that powers the digital economy, artificial intelligence is the refinery,” said Ajay Bhalla, chief security solutions officer at Mastercard. “For companies looking to take advantage of the technology today, AI Express offers quick results along with the know-how to move forward with a full-fledged artificial intelligence deployment.”
Last year, Mastercard acquired AI software specialist Brighterion to help expand into this area of technology, with its layered security strategy helping the Mastercard network to act within milliseconds to detect and manage fraud.
Meanwhile, also at the Money 20/20 Europe conference, Mastercard today revealed insights from its research into the opportunities and challenges of conversational commerce.
The term is used to describe when consumers engage with human representatives, chatbots, or a mix of both to receive a personalised service. Companies then use these chatbots to send order confirmations, shipping and delivery notifications and resolve customer service issues.
The research showed that 87 per cent of US consumers are aware of voice and text agents, and two thirds have used them in the past. In the EU, one in five consumers have already shopped using voice or text agents (21 per cent have shopped, 16 per cent have made payments and 7 per cent have banked).
However, the study also showed that despite the fact there are already many established voice assistants and smart speakers on the market, voice hasn’t yet reached its full potential.
Many consumers are nervous about the overall security of voice, especially when it comes to e-commerce, with lack of visible security being the number one reason consumers abandon online transactions.
However, it’s a market opportunity set to grow exponentially over the next few years. According to strategy consultants OC&C, $5 billion will be spent via voice in the UK, representing 3 per cent of all online spend.
Mastercard stated that brands and retailers must work in tandem to integrate new products and services, which are underpinned by security, to create an environment that fosters trust in voice as a channel.
Ann Cairns, vice chairman at Mastercard, said that the rapid growth and innovation of voice technology has real potential to change the way we live and do business – for the better.
“Voice offers a unique opportunity for business to deliver faster, easier and more convenient experiences. But it has to be scaled responsibly. The role of voice technology is to drive a secure, trusted experience that delivers tangible benefit.”