Artificial intelligence is no longer a technology of the future, it is now a reality at the heart of the strategies of the main credit card players. Whether it’s fighting fraud, optimizing the customer experience or gaining operational efficiency, Mastercard, Visa and American Express are currently working on disruptive AI innovations.
In a world where personal data is ubiquitous, the credit card giants are exploring and the capabilities of artificial intelligence (AI) to improve its services. This technology allows to exploit colossal masses of information to offer better protection and a personalized shopping experience to consumers.
Fight fraud with generative AI
MasterCard announced integrating generative AI into its credit card fraud detection strategy. Johan Gerber, executive vice president of cyber security and innovation, explained that this technology will identify potential sources of data compromise. This is to quickly remedy the situation for the customer concerned and other customers who may be affected.
Visafor his partit relies on AI tailor the shopping experience to the habits of each consumer. By sharing customer preference information with merchants, subject to customer consent, Visa intends to provide tailored experience. Consumers, however, will be able to revoke access to their data through their bank’s application, Visa CEO Ryan McInerney said.
Optimizing operational efficiency
American Express Global Business Travel it is not going to be out, as the company has launched an AI initiative aimed at increasing its efficiency. Among the first results, he knew reduce by about a minute the average length of customer calls.
While these AI applications promise remarkable advances in security, personalization and process optimization, they also raise legitimate questions about the confidential personal financial data shared with businesses. A balance must be essential between the benefits offered by this technology and the protection of consumer privacy.
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