Mastercard further expands consulting services with AI and Economics practices and Digital Labs for fast-tracked solutions
October 23 2023 - 8:36AM
Business Wire
Mastercard today announced the expansion of its consulting
business with the launch of new practices dedicated to artificial
intelligence and economics, to help clients across all industries
rapidly and responsibly advance the use of AI and address ever
shifting macro-economic forces and consumer preferences. The
company is also enhancing its business transformation service,
Digital Labs, for clients to create end-to-end solutions from
concept development and rapid prototyping to launch and
scalability. These offerings are part Mastercard’s ongoing
consulting expansion into emerging sectors to support businesses in
their evolution and growth enterprise-wide.
“With the democratization of generative AI and a complex
economic climate, companies need expertise and go-to-market
solutions now more than ever,” said Raj Seshadri, president of Data
& Services, Mastercard. “As a complement to our advisory
practices, Digital Labs serves as an incubator for businesses to
explore new ideas and co-create innovative solutions with a
streamlined effect on implementation.”
Facilitating safe and secure implementation of AI
strategies
Backed by over a decade of expertise using AI models to
safeguard more than 125 billion transactions annually, Mastercard’s
AI consulting practice works with businesses to adopt relevant and
responsible AI strategies. Experts identify and safely integrate AI
tools for better customer experiences, operational efficiency and
sustainable revenue generation. Existing AI-powered tools offered
through Dynamic Yield, Test & Learn, Global Treasury
Intelligence, Cyber Quant, Brighterion and more address a range of
urgent business needs including personalization offers, removing
bias, forecasting, optimizing finance practices, cybersecurity and
fraud monitoring.
Addressing economic uncertainties with data-driven
insights
Mastercard’s Economic consulting practice consists of in-house
experts at the widely recognized Mastercard Economics Institute who
translate vast economic data into actionable insights. Through a
tailor-made analysis that uses advanced statistical modeling
techniques, scenario planning and forecasting, executives are
equipped with proprietary insights for better informed
decision-making. Tools like SpendingPulse, which measures in-store
and online purchases across all forms of payment, are utilized to
distill changing consumer behavior. Built on near-real-time data,
subscription and bespoke strategies are available across industries
including retail, banking, fintech, travel, restaurants and
more.
Nurturing innovative solutions from conception to
execution
Award winning Digital Labs brings together multi-disciplinary
experts and capabilities to implement the digital ambitions of
companies from ideation to market launch. Using proven innovation
methodologies, rapid prototyping and tools like Test & Learn,
Digital Labs works alongside companies to curate fresh ideas and
build cutting-edge digital solutions across loyalty, marketing,
merchandising, pricing and more. Drawing on powerful data-driven
insights and 600 plus award-winning solutions, Digital Labs
empowers customers to tackle big questions and rethink existing
ways of working.
For more than two decades, consulting has been a key part of
Mastercard’s customer engagements, enabling businesses to unlock
value from their data and navigate rapidly evolving industries.
Today, this world-class team includes thousands of data scientists,
engineers and consultants, around the world in industries spanning
commercial banking, retail, consumer packaged goods, travel and
entertainment, and with governments around the world.
For more information visit mastercardservices.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
www.mastercard.com
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Media Alyssa O’Brien Alyssa.O'Brien@mastercard.com
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