Mastercard is ramping up the provision of data management services to the banks and merchants who generate its global payments data, offering artificial intelligence (AI) technology to provide insights on issues from customer segmentation to debt-collection strategies.As credit cards schemes face a proliferation of 'buy now, pay later' offerings luring Millennial shoppers away from credit cards, Mastercard and Visa are looking for new ways to participate in the burgeoning data economy.
AI "has been in vogue for a couple years” in banks, said Dimitrios Dosis, the president of global advisers for Mastercard, during a recent visit to Sydney. But use cases are rising, and the card giant has developed a platform along with a “test and learn” methodology, powered by machine learning, to help banks and merchants make sense of data generated by global payments. With artificial intelligence a key topic at the year’s biggest payments event, Sibos, taking place in London this week, Mr Dosis said the technology is improving "data ingestion" by helping companies organise data, using "unsupervised learning" techniques, so it can be used in an analytics platform more easily
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