Mastercard Announces Development of Inclusive AI Tool to Provide Personalized, Real-Time Assistance to Small Business Community
11 Janeiro 2024 - 11:42AM
Business Wire
Blavity Media Group, Group Black, Newsweek and TelevisaUnivision
join Mastercard-led media coalition to deliver always-on mentorship
for all
Mastercard is in development on a new initiative to support
small business owners globally with personalized guidance to help
them grow and thrive. Acknowledging the crucial contribution of
small businesses to the worldwide economy—and the incredible impact
of mentorship to their success—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.
Today’s influx of data can be overwhelming, and while modern
businesses face a compelling need to adapt, enhance their skills
and keep pace with changing consumer demands, time is often not on
their side. Given that eight out of ten small businesses operate
without employees (1) and 88% acknowledge the immense value of
having a mentor (2), resource-strapped entrepreneurs are seeking
solutions that get straight to the heart of their needs.
"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."
Catalyzing AI transformation through partnerships
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
following are slated to be the inaugural participants:
- Blavity Media Group, a digital media company with a
mission to economically and creatively support Black
millennials.
- Group Black, a Black-owned media company dedicated to
connecting brands with diverse audiences. The group’s collective
includes Pod Digital Media, Black Women Talk Tech, ReachTV.
- Newsweek, the modern global digital news organization
built around the iconic 90-year-old American magazine.
- TelevisaUnivision, the world’s leading Spanish-language
media company, reaching over 53 million U.S. consumers across
linear and digital platforms.
The tool is scheduled to be piloted in the U.S. later this year,
with the goal for international markets to follow. Mastercard plans
to have additional partners join worldwide to drive critical local
relevance as the tool expands globally.
"Uniting for a common goal of inclusivity holds incredible
power. Through collaboration, we are looking to combine diverse
resources to enhance a tool designed for all small- and
medium-sized business owners. Our hope is that these collective
efforts shape a more equitable world for future generations,
reducing the exclusion felt by numerous minorities and empowering
them with the resources needed to succeed," stated Bonin Bough,
Chief Strategy Officer and co-founder of Group Black.
A track record of small business community support
Guided by the conviction that the company can do well as a
business by doing good in the world, Mastercard is committed to
bringing small businesses everywhere into the financial mainstream.
Understanding that time is one of the most valuable assets for any
small business owner, Mastercard has a strong history of developing
dozens of business solutions and services that center around
operational efficiency and ease of use. Mastercard Small Business
AI will join the company’s suite of small business solutions
designed to empower entrepreneurs to help grow and protect their
businesses in today’s digital economy.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
www.mastercard.com
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Julia Monti julia.monti@mastercard.com
MasterCard (NYSE:MA)
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