Mastercard to launch AI-backed messaging platforms for merchants and banks

Mastercard has announcedplans to launch an artificial intelligence (AI) bot platform that allows consumers to transact, manage finances, and shop via messaging platforms. The Mastercard bot for banks will extend Mastercard services to customers on messaging platforms and make financial information and decisions part of consumers' everyday lives. In the pilot phase, Mastercard is partnering with Kasisto, the company that powers branded virtual assistants and smart bots for financial services and is a current participant in the Mastercard Start Path Global program. The Mastercard bot is powered by KAI Banking, a conversational AI platform with deep knowledge in financial services. It can fulfill customer requests and solve problems on messaging platforms such as Facebook Messenger and SMS, enabling financial institutions to create entirely new consumer experiences – ones that are as easy and natural as texting a friend.