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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.
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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?
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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
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