In a bold move to empower businesses across various industries, Mastercard has unveiled its latest venture, a suite of AI and economics consulting practices. This initiative aims to assist clients in harnessing the power of artificial intelligence while adapting to evolving macro-economic trends and shifting consumer preferences. At the core of this endeavor is the enhancement of Mastercard's Digital Labs, a business transformation service designed to guide organizations from concept inception to scalable implementation.
Raj Seshadri, President of Data & Services at Mastercard, emphasized the critical need for expertise and go-to-market solutions in an era of democratized generative AI and a complex economy. Digital Labs stands as a collaborative platform, enabling organizations to ideate and co-create innovative solutions with streamlined execution.
Drawing on over a decade of experience safeguarding over 125 billion transactions, Mastercard's AI consulting team specializes in helping businesses adopt responsible and relevant AI strategies. By leveraging tools from industry leaders like Dynamic Yield, Test & Learn, and Brighterion, the team addresses pressing business needs, including personalization, bias mitigation, forecasting, finance optimization, cybersecurity, and fraud monitoring.
Additionally, the Mastercard Economics Institute houses a team of in-house experts adept at transforming vast economic data into actionable insights. These insights are the bedrock of Mastercard's economic consulting practice, providing executives with unique perspectives to drive informed decision-making. Through customized statistical modeling, scenario planning, and forecasting, businesses gain a competitive edge in an uncertain economic landscape. Mastercard's proprietary tool, SpendingPulse, tracks transactions across all payment methods, offering invaluable insights into consumer behavior.
At the heart of Mastercard's consulting strategy lies the award-winning Digital Labs, a multidisciplinary powerhouse dedicated to helping organizations realize their digital ambitions. From ideation to market launch, Digital Labs employs innovative methods, rapid prototyping, and Test & Learn methodologies to generate groundbreaking solutions in loyalty, marketing, merchandising, pricing, and beyond. With over 600 award-winning solutions, Digital Labs is poised to tackle large-scale challenges and revolutionize processes through data-driven insights.
Having provided consulting services for over two decades, Mastercard boasts a world-class workforce of thousands of data scientists, engineers, and consultants. This diverse talent pool spans commercial banking, retail, consumer packaged goods, travel, entertainment, and government agencies worldwide. Their collective expertise positions Mastercard as an invaluable partner for organizations seeking to unlock the full potential of their data in an ever-evolving business landscape.
In an era defined by technological disruption and economic uncertainty, Mastercard's innovative AI and economics consulting practices promise to be a beacon of guidance for businesses, helping them not only survive but thrive in the face of change.