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core financial service function

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AI gains momentum in core financial services functions

MIT Technology ReviewJun-28-2023, 13:00:00 GMT

"It's a really tricky kind of model where you want to decline every possible fraudulent transaction, but at the same time, let the legitimate transactions pass through without any friction," he says. "On an average day, we see over a billion transactions, and since data is what fuels AI, we were definitely one of the early adopters." Yet, the benefits of AI adoption surpass improved fraud detection. As such, the application of AI throughout Mastercard has become a priority, Chauhan said. "The use of AI is about future-proofing Mastercard," Chauhan says.

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MIT Technology Review

Industry:

Law Enforcement & Public Safety > Fraud (0.62)
Banking & Finance > Financial Services (0.46)

Technology: Information Technology > Artificial Intelligence > Applied AI (0.59)

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