Mastercard launches AI and economics consulting practices

01 November 2023 2 min. read

Mastercard has expanded its consulting business with new offerings in artificial intelligence and economics consulting.

The payments firm says consulting has been a key part of its customer engagements for over 20 years, and it has a global team of thousands of data scientists, engineers, and consultants serving clients in a diverse range of industries beyond financial services.

Mastercard’s consulting business has segments in payments, consumer engagement and loyalty, data strategy and analytics, digital transformation, and security and business operations.

The payments firm says its new AI practice draws on over a decade of expertise using AI to safeguard 125 billion annual transactions. Its team will work with businesses to create responsible AI strategy and integrate AI tools that drive better customer experiences, operational efficiency, and revenue generation. Mastercard’s tools from various tech partners cover needs such as personalization, forecasting, optimizing finance practices, cybersecurity, and fraud monitoring.Mastercard launches AI and economics consulting practicesThe new economics practice will draw on the firm’s experts from the Mastercard Economics Institute to help clients translate economic data into actionable insights. The team will draw on immense pools of near-real-time data and will use statistical modeling techniques, scenario modeling, and forecasting to give executives proprietary insights for informed decision making.

Mastercard also announced enhancement of its business transformation service Digital Labs. The unit helps clients create digital solutions from ideation, to prototyping, building, and scaling in areas such as loyalty, marketing, merchandising, and pricing.

“With the democratization of generative AI and a complex economic climate, companies need expertise and go-to-market solutions now more than ever,” said Raj Seshadri, president of data & services, Mastercard. “As a complement to our advisory practices, Digital Labs serves as an incubator for businesses to explore new ideas and co-create innovative solutions with a streamlined effect on implementation.”

Mastercard and rival payments giant Visa previously opened consulting practices in cryptocurrency.