Nitendra recently joined as the Vice President and leads the AI Garage unit in Mastercard. He has over 20 years of experience in the area of Artificial Intelligence, Machine Learning, and Mobile Interactions. He has authored over 100 publications at top international ACM and IEEE venues, owing to which he has been recognized as an ACM Distinguished Scientist, ACM Distinguished Speaker (2015) and a senior IEEE member. He has delivered several tutorials and conducted workshops in AI and speech areas at top ACM venues (MobileHCI, IUI, CSCW, CHI). With over 50 granted patents to his name, Nitendra was an IBM Master Inventor and was also an IBM Academy of Technology members.
As financial services institutions (FSIs) face new regulations, rising customer expectations and disruptors around every corner, they are embracing digital transformation to prosper and stay competitive. One of the ways in which FSIs are transforming themselves is through the adoption of artificial intelligence. Increasingly, FSIs -- including commercial banks, investment firms and insurance companies -- are using AI to address some of their most pressing challenges. With today's AI solutions, FSIs are improving customer experience, reducing fraud, predicting customer needs, protecting confidential data, and maintaining regulatory compliance. Let's consider a few of the more common use cases for putting the power of AI to work in the financial services industry.
It's an experience many shoppers have had: You're queued in line at the store prepared to make a purchase only to have your credit card declined for no apparent reason. A perfectly legitimate charge has been flagged as fraudulent, and the result is an agitated customer and a retailer with unsold merchandise. MasterCard has now turned to artificial intelligence to better differentiate between real and mistaken fraud, hoping to tamp down on the former while allowing the latter to go through. It's the latest financial services company to see the potential for the burgeoning field of machine learning to improve security on its network and enhance the customer experience. Financial institutions have for years collected data on customers' habits and routines, and used the information to pinpoint cards that may have been compromised.
While artificial intelligence (AI), machine learning (ML), and automated machine-driven processes are increasingly important in providing better cybersecurity, as well as fraud and risk management, in the financial services sector, Mastercard believes there will still be a place to keep a human in the loop. "We do believe that humans will continue to play an integral role," Mastercard APAC executive vice president and head of services Matthew Driver told ZDNet. "As we increase the number of areas where we apply tools, there is a need for human oversight and reviews in many stages but critically in system design and control systems." Rather than being mutually exclusive, Driver said Mastercard sees the roles of humans and the application of automated tools to be complementary. "Humans are able to make manual reviews and, with experience, can help move these decisions to rules or embed them into models. But machines cannot attribute or deduct causality, so while there will always be newer areas where we are applying AI and modelling, there is a constant need for these to have a human overlay in design and governance," he said.
NEW YORK & LAS VEGAS--(BUSINESS WIRE)--Today at Money 20/20, Mastercard announced its plans to launch artificial intelligence (AI) bots that allow consumers to transact, manage finances, and shop via messaging platforms. According to research firm Gartner, nearly $2 billion in online sales will be performed exclusively through mobile digital assistants by the end of 2016.1 Mastercard is developing bots for both its merchant and bank partners, which will use chat, messaging and natural language interfaces to communicate with consumers. With the Mastercard bots, partners can have a true dialogue with consumers and provide personalized service, seamless user experience and contextual offers and rewards. Mastercard KAI, the Mastercard bot for banks, will seamlessly extend Mastercard services to customers on messaging platforms and make financial information and decisions part of consumers' everyday lives. In this testing phase on Messenger, Mastercard is partnering with Kasisto, the company that created KAI Banking, the conversational artificial intelligence (AI) platform, to power branded virtual assistants and smart bots for financial services and is a current participant in the Mastercard Start Path Global program.