Mastercard implements executive oversight on gen AI
Card giant’s Emerging Tech Trends 2024 report identifies gen AI uses
To ensure that data is handled responsibly, Mastercard uses an established set of data and tech responsibility standards as well as additional senior executive oversight on all generative AI applications.
“Financial institutions have an advantage at the starting line when it comes to using generative AI,” Andrew Reiskind, chief data officer at Mastercard, told Bank Automation News. “Most FIs have model governance, privacy and security programs in place to evaluate and monitor uses of data and models.”
Mastercard’s standards for data-driven innovation state the technology must:
- Uphold security and privacy practices;
Courtesy/Bloomberg - Be explainable and transparent;
- Have the proper controls and oversight in place;
- Ensure that fairness is a priority;
- Use inclusive data and technology;
- Benefit all stakeholders; and
- Make a positive social impact.
As the card giant is leveraging technology, it is taking a cautious approach to generative AI, Reiskind said.
For example, in November 2023, Mastercard launched Shopping Muse, a generative AI tool that changes how consumers shop, he said.
Approaching gen AI
Other financial institutions could adopt a generative AI approach like Mastercard’s, Reiskind said.
“For financial institutions who are looking for a place to start, the immediate focus should be responsible experimentation, particularly with internal gen AI applications that can serve as testbeds and lay the groundwork for works to come,” he said.
In its Emerging Tech Trends 2024 report released in February, Mastercard identified several uses for generative AI:
- Personal copilots. Gen AI is being integrated into chatbots; the intelligent virtual assistant market is forecasted to reach $46 billion in 2028, up from $11 billion in 2023, according to the report.
- Enhancing code. Gen AI is also being used to change software development and enhance productivity. Gen AI applications are expected to enhance engineering productivity by 20% to 45%, according to a McKinsey report.
- Detecting deepfakes. Gen AI is also being used to detect deepfakes, which often include fraudulent and misleading content.
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