Mastercard develops AI tool to provide assistance to small business owners
Mastercard is in development on a new initiative to support small business owners globally with personalized guidance to help them grow and thrive.
The company is piloting Mastercard Small Business AI, an inclusive Artificial Intelligence tool that delivers customized assistance for all small business owners, anytime, anywhere, as they navigate their unique and varied business hurdles.
“Operating a small business is a point of immense passion and pride for entrepreneurs, but it’s certainly not easy. We are working closely with small business owners at all stages of development and seeing the myriad of challenges they face and the critical importance of mentorship to their success,” said Mastercard Chief Marketing and Communications Officer Raja Rajamannar. “Mastercard Small Business AI aims to create mentorship at scale, offering always-on advice from an inclusive set of sources. This is a testament to our commitment to the small business community and to innovations that lift people up.”
In partnership with Create Labs, a social venture offering technology access to underserved communities, the tool is being crafted to limit biases and cater to diverse entrepreneurial needs. This innovative tool incorporates cutting-edge Generative AI features to offer a conversational experience, drawing on emerging techniques and inclusive design standards to promote a relevant user journey.
The Generative AI tool being created by Mastercard and Create Labs will be responsibly built on diverse and inclusive content. Not only will the AI tool deliver data from Mastercard’s existing repository of content – from the Small Business Community, Digital Doors, Mastercard Trust Center, Strive USA, and elsewhere – a newly formed global media coalition will contribute by licensing their business content—such as articles, podcasts and interviews.
The tool is scheduled to be piloted in the U.S. later this year, with the goal for international markets to follow.