Mastercard Launches AI and Economics Consulting Practices and Enhances Digital Labs

Mastercard has revealed a significant expansion of its consulting services with the introduction of dedicated practices tailored to artificial intelligence and economics.

This move is designed to empower clients across various industries, providing them with the capabilities to rapidly and responsibly leverage AI while effectively addressing the constantly evolving macro-economic dynamics and shifting consumer preferences.

AI Strategy with Responsibility

Mastercard's AI consulting practice leverages over a decade of expertise in safeguarding more than 125 billion transactions annually using AI models.

This practice collaborates with businesses to develop relevant and responsible AI strategies, identifying and integrating AI tools that enhance customer experiences, boost operational efficiency, and drive sustainable revenue generation.

A range of AI-powered tools, including Dynamic Yield, Test & Learn, Global Treasury Intelligence, Cyber Quant, Brighterion, and more, effectively address critical business needs. These encompass personalizing offers, mitigating bias, forecasting, optimizing financial practices, cybersecurity, and fraud monitoring.

Economic Insights for Informed

Decision-Making Mastercard's Economic consulting practice comprises in-house experts from the renowned Mastercard Economics Institute.

They possess the capability to translate extensive economic data into actionable insights. Employing advanced statistical modeling techniques, scenario planning, and forecasting, this practice equips executives with proprietary insights to enhance their decision-making.

Tools like SpendingPulse, which monitors in-store and online purchases across all payment methods, are instrumental in deciphering changing consumer behavior.

Offering near-real-time data, subscription services, and tailored strategies, these insights span across industries, including retail, banking, fintech, travel, restaurants, and more.

Digital Labs:

Nurturing Innovation Mastercard's award-winning Digital Labs is a multidisciplinary hub that facilitates the realization of digital ambitions for companies, from concept to market launch.

By employing proven innovation methodologies, rapid prototyping, and tools such as Test & Learn, Digital Labs collaborates with companies to generate novel concepts and construct cutting-edge digital solutions across domains such as loyalty, marketing, merchandising, pricing, and beyond.

Drawing upon powerful data-driven insights and a portfolio of over 600 award-winning solutions, Digital Labs empowers clients to tackle substantial challenges and reimagine established work methods.

For more than two decades, consulting has been an integral part of Mastercard's customer engagements, enabling businesses to unlock value from their data and navigate rapidly evolving industries.

Today, Mastercard boasts a world-class team comprising thousands of data scientists, engineers, and consultants who serve clients across various industries, including commercial banking, retail, consumer packaged goods, travel, entertainment, and government entities worldwide.

About Mastercard 

Mastercard is a global technology company operating in the payments industry, with a mission to foster an inclusive, digital economy that benefits all.

By ensuring secure transactions, simplifying processes, and making transactions smart and accessible, Mastercard connects individuals, financial institutions, governments, and businesses, empowering them to achieve their full potential.

With a presence in over 210 countries and territories, Mastercard is actively building a sustainable world that unlocks priceless possibilities for everyone.

Latest facts about Mastercard's launch of AI and Economics consulting practices and enhancement of Digital Labs:

• The new AI consulting practice will help businesses adopt responsible AI strategies, with experts identifying and safely integrating AI tools to improve customer experiences, increase operational efficiency, and generate sustainable revenue.

• The Economic consulting practice will provide data-driven insights to help businesses navigate economic uncertainties, with tailor-made analysis using advanced statistical modeling techniques, scenario planning, and forecasting.

• Digital Labs is being enhanced to help clients create end-to-end solutions from concept development and rapid prototyping to launch and scalability.

• Mastercard's consulting business has been a key part of its customer engagements for more than two decades, and today includes thousands of data scientists, engineers, and consultants around the world.

Here are some additional latest facts:

• Mastercard's AI consulting practice is backed by over a decade of expertise using AI models to safeguard more than 125 billion transactions annually.

• Mastercard's Economic consulting practice is part of the widely recognized Mastercard Economics Institute, which provides insights on global economic trends and consumer behavior.

• Mastercard's Digital Labs has a proven track record of success, with over 600 award-winning solutions delivered.

The launch of these new and enhanced services is a significant development for Mastercard and its clients. By helping businesses to adopt AI responsibly, navigate economic uncertainties, and create innovative digital solutions, Mastercard is well-positioned to help its clients succeed in the rapidly changing global economy.