Like most other industries, artificial intelligence has managed to infiltrate the financial sector fully. From automating PPP (Paycheck Protection Program) application processes to visual artificial intelligence tools used to monitor customers.
Mastercard Inc (NYSE: MA) executive vice-president for cyber innovation and security, Johan Gerber, talked at the Transform 2021 event by VentureBeat and discussed how Mastercard Inc (NYSE: MA) was using artificial intelligence to better adapt to and understand cyber risk still keeping people’s information safe.
Consumers haven’t had it this easy ever before. Making payments has never more frictionless than it is right now. Ride-hail passengers can end the trip without having to waste precious time finalizing their transactions, and home-workers can set up printers that have the ability to reorder ink once it’s run out automatically. However, things aren’t this easy behind the scenes. Gerber said that as much as the consumer has so easy, a lot of the complexity is found in the background. He further stated that they’ve seen how the evolution of hyperextended worlds can explode in the backend.
Even the biggest corporations in the world do not come up with their data stacks and technology from scratch. Instead, several different components are brought together by different parties to create the efficient customer experiences the world, in general, has come to expect. This is also why huge conglomerates tend to buy smaller startups, like what Mastercard Inc (NYSE: MA) did a couple of months ago when the company agreed to purchase Ekata for around $850 million.
But, connecting all the blocks is where things get a bit tricky, both from data privacy and technological standpoint. Gerber agrees that innovation is indeed happening faster. However, he says it’s largely due to the many third parties involved in the middle.
Mastercard Inc (NYSE: MA) currently has a market cap of $380.27 billion.