content.dataiku.com
Open in
urlscan Pro
54.90.98.138
Public Scan
Submitted URL: https://pages.dataiku.com/e3t/Ctc/GA+113/cfvmy04/VWJppg7LL7fhW4NLWGp4VkbfVW5LNP2550fxVrN4CDgfB3q3phV1-WJV7CgLw1VQYb_Q8yJW_...
Effective URL: https://content.dataiku.com/mit-banking?utm_campaign=GLO+CONTENT+FSI+Accelerator+April+2023&utm_medium=email&_hsmi=263963835...
Submission: On June 26 via api from BE — Scanned from DE
Effective URL: https://content.dataiku.com/mit-banking?utm_campaign=GLO+CONTENT+FSI+Accelerator+April+2023&utm_medium=email&_hsmi=263963835...
Submission: On June 26 via api from BE — Scanned from DE
Form analysis
0 forms found in the DOMText Content
Thumbnails Document Outline Attachments Layers Current Outline Item Previous Next Highlight All Match Case Match Diacritics Whole Words Color Size Color Thickness Opacity Presentation Mode Open Print Download Current View Go to First Page Go to Last Page Rotate Clockwise Rotate Counterclockwise Text Selection Tool Hand Tool Page Scrolling Vertical Scrolling Horizontal Scrolling Wrapped Scrolling No Spreads Odd Spreads Even Spreads Document Properties… Toggle Sidebar Find Previous Next of 9 Presentation Mode Open Print Download Current View FreeText Annotation Ink Annotation Tools Zoom Out Zoom In Automatic Zoom Actual Size Page Fit Page Width 50% 75% 100% 125% 150% 200% 300% 400% ¥£ $ Produced in partnership with More use cases means customers and employees can experience AI’s ability to automate tasks, prioritize work, and empower the user. AI gains momentum in core financial services functions 2MIT Technology Review Insights With 2.5 billion payment cards used in more than 200 countries and territories across the globe, Mastercard faces a gigantic fraud risk. Credit card fraud accounted for more than $32 billion in losses—or about 6.6 cents per $100 in transactions—in 2021, with more than one-third occurring the U.S., according to a December 2022 Nilson Report study. Fraud risks of this scale require real-time authentication of individual transactions, which opens the door for errors—potentially allowing a fraudulent transaction or denying a legitimate purchase. However, real-time verification also allows cardholders—and Mastercard—to benefit from the global marketplace. To tackle this challenge, Mastercard marries fraud-detection technologies with AI, using the data it collects over its network. Hitting the right balance between denying potentially legitimate transactions and allowing questionable transactions is a challenge, says Rohit Chauhan, executive vice president of AI at Mastercard. “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. “If it’s the new electricity, we want electricity to be flowing through every division within Mastercard, and every business unit should be benefiting from it, rather than just the places where it naturally incubates.” “The use of AI is about future- proofing Mastercard. If it’s the new electricity, we want electricity to be flowing through every division within Mastercard.” Rohit Chauhan, Executive Vice President of AI, Mastercard Key takeaways As AI continues to grow in financial services, AI-powered functionality will increasingly flow into the hands of employees and business operations. Working cooperatively with AI creates the most value, as it takes on manual, repetitive tasks that frustrate employees. With education and increased exposure to AI, employees can find more job satisfaction, create better opportunities for customers, and build expertise, raising their value. Most companies don’t offer enough education about the best uses of AI. Increasingly sophisticated AI platforms and better data will streamline the handling of regulatory requirements and ESG compliance. Ensuring data quality and model consistency will be important, as will removing biases from data. 1 2 3 More Information Less Information Close Enter the password to open this PDF file. Cancel OK File name: - File size: - Title: - Author: - Subject: - Keywords: - Creation Date: - Modification Date: - Creator: - PDF Producer: - PDF Version: - Page Count: - Page Size: - Fast Web View: - Close Preparing document for printing… 0% Cancel Next Next AI & Us, Episode 4: Banking The banking industry touches nearly every facet of our lives in every corner of the globe. But how are they using AI to get to the next level? LinkedIn LinkTwitter LinkFacebook LinkEmail LinkLike Button Explore Dataiku pdf:MIT Tech Review: AI in Financial Services video:AI & Us, Episode 4: Banking pdf:AI in Banking: Setting Up for & Continuing Down a Path of Success video:Dataiku 3-Minute Demo GET MORE CONTENT FROM DATAIKU! You seem new here, sign up to our newsletter for updates on new content and videos