[Verso #46] AI X Finance

Using AI in Finance - 萬事達卡

Industry: Finance

Type of AI or Technology:?

• Machine learning
• Facial recognition
• Natural language processing
• Predictive analytics

Strategic Goals: #FraudDetection #EnhancedCustomerService #Efficiency #IdentityVerification

3?? POINTS TO REMEMBER

1?? FIGHTING FRAUD: AI is helping to detect and reduce frauds by cross-referencing various data points with merchant's systems to approve transactions.

2?? STREAMLINING CUSTOMER SERVICE: Chatbot-based customer service is available in customers’ preferable platform to provide financial insights and automate routine tasks.

3?? STRONGER BUT EASIER IDENTIFICATION: Online payments are being more secure with faster and easier identity verification technology.

?? WANT TO KNOW MORE? ??Read on

?? THE COMPANIES

?Mastercard is a credit company based in America, being the second-largest payment-processing corporation worldwide.

?? USING AI FOR GOOD

Mastercard is committed to establishing itself as an ‘AI powerhouse’ by employing AI-driven solutions to combat fraud, optimize online payments and interactions with customers. This not only enhances security but also offers a seamless experience, which can lead to customer loyalty and engagement.

• Fraud Reduction: Through its Decision Intelligence and AI Express platforms, Mastercard uses predictive analytics powered by machine learning to reduce the rate of fraudulent activities. AI checks data points and cross-references them with the merchant's system to determine transaction approval based on fraud patterns.

• Efficiency in customer service: Chatbot 'KAI' uses advanced machine learning and natural language processing to provide personalized assistance and financial insights across multiple platforms, including SMS, WhatsApp, and Messenger. It also enables customers to make payments and interact with merchants directly within the chat interface, optimizing convenience for both consumers and businesses.

• Robust identity verification: Mastercard's Identity Check technology leverages machine vision and biometrics such as fingerprint, facial recognition to streamline online payments. By allowing customers to use their preferred devices for authentication, it not only ensures faster and easier transactions but also reduces the likelihood of declined purchase.

Other Applications of AI in Finance:?

• JP Morgan Chase is developing a chatGPT-like service to help people with investments
• Banker Assist is making Bank of America workers more productive

??FOOD FOR THOUGHT

What do you think of finance companies using AI? Is it doing enough to protect our payments and information?

Let us know your thoughts in the comments!???

ARE YOU INTERESTED IN A SPECIFIC TOPIC OR PROJECT TO ADDRESS?

Let us know in the comments or send us an?email ????

??READ OUR PREVIOUS NEWSLETTERS:

• VERSO CASE STUDIES
• VERSO INTERVIEWS