Mastercard (NYSE: MA) announced the expansion of its consulting business with the launch of new practices dedicated to artificial intelligence and economics “to help clients across all industries rapidly and responsibly advance the use of AI and address ever-shifting macro-economic forces and consumer preferences.”
The company is also “enhancing its business transformation service, Digital Labs, for clients to create end-to-end solutions from concept development and rapid prototyping to launch and scalability.”
These offerings are part of Mastercard’s ongoing consulting expansion “into emerging sectors to support businesses in their evolution and growth enterprise-wide.”
Raj Seshadri, president of Data & Services, Mastercard, said:
“With the democratization of generative AI and a complex economic climate, companies need expertise and go-to-market solutions now more than ever. As a complement to our advisory practices, Digital Labs serves as an incubator for businesses to explore new ideas and co-create innovative solutions with a streamlined effect on implementation.”
Backed by over a decade of expertise using AI models “to safeguard more than 125 billion transactions annually, Mastercard’s AI consulting practice works with businesses to adopt relevant and responsible AI strategies.”
Experts identify and safely “integrate AI tools for better customer experiences, operational efficiency and sustainable revenue generation.”
Existing AI-powered tools offered “through Dynamic Yield, Test & Learn, Global Treasury Intelligence, Cyber Quant, Brighterion and more address a range of urgent business needs including personalization offers, removing bias, forecasting, optimizing finance practices, cybersecurity and fraud monitoring.”
Addressing economic uncertainties with data-driven insights
Mastercard’s Economic consulting practice “consists of in-house experts at the widely recognized Mastercard Economics Institute who translate vast economic data into actionable insights.”
Through a tailor-made analysis that “uses advanced statistical modeling techniques, scenario planning and forecasting, executives are equipped with proprietary insights for better informed decision-making.”
Tools like SpendingPulse, which “measures in-store and online purchases across all forms of payment, are utilized to distill changing consumer behavior.”
Built on near-real-time data, subscription and strategies “are available across industries including retail, banking, fintech, travel, restaurants and more.”
As noted in the update, Digital Labs brings “together multi-disciplinary experts and capabilities to implement the digital ambitions of companies from ideation to market launch.”
Using proven innovation methodologies, rapid prototyping and tools like Test & Learn, Digital Labs works alongside companies “to curate fresh ideas and build cutting-edge digital solutions across loyalty, marketing, merchandising, pricing and more.”
Drawing on powerful data-driven insights and 600 plus solutions, Digital Labs empowers customers to “tackle big questions and rethink existing ways of working.”