AI’s Growing Influence in Our Data-Driven World
It’s a staggering statistic: humanity produces at least 2.5 quintillion bytes of data every day. This figure, quoted in a report by IBM in 2011, emphasizes the evolution of technology, particularly with the recent advancements from 3G to 5G, the surge in social media interactions, and the rapid pivot to digital platforms during the pandemic.
This massive amount of data, if harnessed wisely, has the potential to save time, personalize services, and mitigate cyber threats. The key to unlocking this potential lies in Artificial Intelligence (AI). AI tools are becoming essential for businesses, offering not only efficiency but also a pathway for social good.
Preventing Fraud with AI
Designed to sift through enormous datasets, AI identifies time-consuming tasks that hamper productivity, as well as subtle signs of fraudulent transactions. According to Mastercard, its AI-driven insights successfully prevented $20 billion in fraud in 2023.
Combatting Fraud with Generative AI
With the rise of generative AI, the landscape of fraud becomes increasingly complex. Rohit Chauhan, Mastercard’s executive vice president for AI Fraud Solutions, pointed out that while criminals utilize advanced tools, businesses need to adapt as well. Chauhan emphasized,“AI can decode spending habits to enhance security measures, allowing legitimate transactions to proceed while filtering out threats.”
Enhancing Employee Engagement
AI is not only crucial for security but also plays a role in workplace dynamics. Anshul Sheopuri and Lucrecia Borgonovo from Mastercard shared insights on how AI personalizes employee experiences, including project matching and optimizing workspace usage. As Sheopuri mentioned, “We view AI as a partner on our journey to improve the employee experience.”
AI for Inclusive Growth
During discussions at the Mastercard Center for Inclusive Growth’s annual Impact Data Summit, leaders underlined the necessity of deploying AI in marginalized communities. They emphasized that AI could enhance health care, accelerate disaster response, and boost agricultural productivity, ensuring that those most in need can leverage the technology.
