MasterCard Launches Artificial Intelligence Robots

Backdrop of outlines of human head, technological and fractal elements on the subject of artificial intelligence, computer science and future technologies
Computer Scientist Oren Etzioni: “AI is Not Out to Get Us”
October 25, 2016
Human thinking and artificial intelligence concept as a technology symbol for a robot head and butterfly shaped with gears and machine cog wheels.
Walter Sinnott-Armstrong: ‘AI and Morality – Not so Irreconcilable As Some Might Believe’
October 25, 2016

MasterCard Launches Artificial Intelligence Robots

plastic-card-1647376_960_720

Mastercard follows in the line of several financial services applying AI for its merchant and bank partners. When shopping or managing their finances, Mastercard’s customers will be able to use chat messaging and natural language interfaces to shop, which hopefully will increase customer satisfaction as it will become more efficient and less time-consuming to perform their tasks.

Through the assistance of Mastercard KAI, the company’s ‘bot’ for banks, the customers will be able to ask the ‘bot’ questions regarding their accounts, reviewing purchase history, monitor their spending as well as receive contextual offers, NFCWorld writes.

“Meanwhile, the Mastercard Bot for Merchants will allow consumer to shop and transact on messaging platforms and then check out with the Masterpass global digital payment service”, NFC reports.

Kiki Del Valle, Mastercard’s SVP told NFC that the company is aiming towards making the commerce “more conversational by combining secure digital payments and artificial intelligence technology”.

“In doing so, we’re helping to make consumer experience more relevant, personal and helpful. What we’re aiming to do with our bot strategy is trying to think differently and designing products differently and innovating faster than ever before,” Del Valle said.

Gartner, a research firm, predicts that by the end of 2016, nearly $2bn in online sales will be conducted exclusively via mobile digital assistants, which could be the reason for MasterCard joining the race.

“Currently in testing on Messenger, Mastercard is working withKasisto, the company behind conversational AI platform KAI Banking, to power Mastercard KAI virtual assistants and smart bots for financial services”, NFC writes.

The predictions state that by early next year, U.S.-based customers will be able to: “ask the ‘bot’ questions about their accounts, review purchase history, monitor their spending levels, learn about MasterCard’s cardholder benefits, receive contextual offers through integration with MasterCard Priceless experiences, and get help with financial literacy”.

In terms of merchants, the MasterCard ‘bot’ will allow consumers to start a simple conversation with merchants ranging from airlines to retailers, operating on various messaging platforms.

Del Valle outlines their reason for applying AI, saying:

“We’re trying to make it easier for consumers to interact — we want to make sure that every one of our accounts are as digital as the people that use them around the world. We’re fully investing in technology and resources to actually make this happen”

This article was originally found at: http://www.nfcworld.com/2016/10/25/348016/mastercard-launch-artificial-intelligence-bots-banks-merchants/

For the latest news and conversations about AI in business, follow us on Twitterjoin our community onLinkedIn and like us on Facebook.

Leave a Reply

Translate »

We use cookies. By browsing our site you agree to our use of cookies.Accept