In a strategic move to empower businesses across industries with cutting-edge technologies and economic insights, Mastercard has officially launched new AI and economics consulting practices. The initiative aims to assist clients in responsibly harnessing the power of artificial intelligence (AI) while navigating the evolving landscape of macro-economic forces and shifting consumer preferences.
At the forefront of this endeavor is Digital Labs, Mastercard's enhanced business transformation service designed to guide clients through the entire process of conceptualizing, prototyping, launching, and scaling innovative solutions. This move is aligned with the company's commitment to providing end-to-end support for organizations seeking to adapt to the rapidly changing business environment.
Raj Seshadri, President of Data & Services at Mastercard, emphasized the increasing need for expertise and go-to-market solutions in the era of democratized generative AI and a complex economy. Digital Labs serves as a valuable complement to Mastercard's advisory services, allowing organizations to explore and co-create novel solutions with streamlined implementation.
Safety in AI strategy implementation is a top priority for Mastercard. Leveraging over a decade of experience, the company's AI consulting team helps businesses adopt relevant and responsible AI strategies. Drawing on a wealth of expertise in handling over 125 billion transactions, Mastercard's AI-powered tools address critical business needs such as personalization, bias removal, forecasting, finance optimization, cybersecurity, and fraud monitoring.
In the realm of economic consulting, Mastercard's Economics Institute utilizes in-house experts to transform vast economic data into actionable insights. The institute employs customized statistical modeling, scenario planning, and forecasting to provide executives with unique and valuable perspectives for informed decision-making. The SpendingPulse tool, tracking in-store and online transactions across all payment methods, analyzes consumer behavior to offer near-real-time insights in retail, banking, finance, travel, restaurants, and more.
Mastercard's Digital Labs, an award-winning hub of multidisciplinary talents, plays a pivotal role in realizing digital goals from concept to market launch. With proven innovation methods, rapid prototyping, and test-and-learn capabilities, Digital Labs empowers companies to generate new ideas and create cutting-edge digital solutions in areas such as loyalty, marketing, merchandising, and pricing.
Having been a leader in consulting services for over two decades, Mastercard boasts a world-class workforce of thousands of data scientists, engineers, and consultants. This workforce spans commercial banking, retail, consumer packaged goods, travel and entertainment, and government agencies globally. The expansion of Mastercard's consulting into developing industries underscores its commitment to helping organizations thrive in a dynamic and data-driven business landscape.