Mastercard’s Consulting Expansion and Digital Labs
Mastercard is enhancing its consulting services by diversifying into the fields of artificial intelligence (AI) and economics. Alongside this expansion, the company has introduced a new initiative known as Digital Labs. Over the past twenty years, Mastercard has been actively providing consulting services across a wide range of industries, including commercial banking, retail, travel, entertainment, and government sectors.
AI Consulting Practice:
Mastercard assists businesses in meeting the increasing demand for Generative AI integration, thereby enhancing operational efficiency, creating sustainable revenue streams, and improving customer experiences.
The range of AI tools provided by Mastercard addresses diverse business needs, such as:
- personalization
- bias removal
- forecasting
- finance optimization
- cybersecurity
- fraud monitoring.
Economic Consulting Practice
The Mastercard Economics Institute is dedicated to providing a valuable array of resources to help navigate uncertain economic conditions. Their offerings encompass:
- Macro 360: This service delivers invaluable insights to executive leaders, offering a comprehensive understanding of the macroeconomic factors and their specific impact on their businesses. It equips decision-makers with a holistic view of the economic landscape.
- Targeted Macro: Tailored to address specific questions and concerns related to economic impact, Targeted Macro provides customized solutions. This service ensures that businesses receive precise, data-driven answers to their unique economic challenges.
- Forecasting and Scenario Planning: Combining deep economics expertise with advanced statistical modeling, this offering aids businesses in making informed decisions about the future.
Digital Labs
Mastercard’s Digital Labs is a key resource offering comprehensive innovation support to organizations across various industries.
Raj Seshadri, President of Data & Services at Mastercard, described,
“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.”
Digital Labs extends its support across these stages:
- Idea Generation
- Product Development
- Digital Transformation
Hence, Mastercard’s expansion into AI and economics consulting, alongside Digital Labs, positions it as a versatile partner for data-driven innovation.
