Mastercard launches 'inclusive' GenAI tool for small businesses

Mastercard has announced it is developing an “inclusive” generative AI (GenAI) tool to support small business owners.

Mastercard Small Business AI aims to give business owners customised assistance in real-time “anytime, anywhere”.

The GenAI tool is being developed in partnership with Create Labs, a social venture offering technology to underserved communities.

The tool is designed to limit biases and cater for different entrepreneurial needs, with Mastercard explaining that the technology will be built on “diverse and inclusive” content.

Mastercard has also partnered with a number of other companies to ensure the tool is inclusive, including Group Black, a Black-owned media company which connects brands to diverse audiences and TelevisaUnivision, a Spanish-language media company.

The service will be piloted in the US later this year and Mastercard hopes to expand into other markets after the initial trial.

"Operating a small business is a point of immense passion and pride for entrepreneurs, but it’s certainly not easy,” said Raja Rajamannar, chief marketing and communications officer at Mastercard. “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.”

He added: “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."



Share Story:

Recent Stories


The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.

Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.

Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.

From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.