The world of modern banking has been transformed with everything from instant banking apps to biometric ATMs and Mastercard is looking to further advance the future of banking in collaboration with Kasisto.
Mastercard has announced that it plans to launch artificial intelligent bots for merchants and bank partners, which will enable consumers to use conversational chats as a way to perform a variety of transactions.
The Mastercard KAI bot for banks allows consumers to ask a variety of questions about their accounts, such as purchase history and spending levels. The Mastercard Bot for Merchants works in a similar way, but allows consumers to shop and carry out transactions via messenger platforms, which are handled with the Masterpass global digital payment service.
AI Banking Bots
Mastercard and Kasisto are Developing Innovations for Modern Banking
Trend Themes
1. Conversational Banking - Mastercard's AI banking bots enable consumers to perform transactions and get account information through conversational chats, disrupting traditional bank-client communication methods.
2. Artificial Intelligence in Finance - The collaboration between Mastercard and Kasisto highlights the growing trend of implementing AI technology in the financial industry, revolutionizing how banking services are delivered.
3. Digital Payment Integration - The Mastercard Bot for Merchants integrates with messenger platforms and the Masterpass global digital payment service, presenting an opportunity for businesses to adopt convenient and secure digital payments.
Industry Implications
1. Banking - The AI banking bots developed by Mastercard and Kasisto offer disruptive innovation opportunities to enhance customer experience and streamline banking operations.
2. Fintech - The advancement of AI technology in the financial industry opens up disruptive innovation opportunities for fintech companies to create more efficient and personalized financial solutions.
3. E-commerce - The integration of the Mastercard Bot for Merchants with messenger platforms and the Masterpass global digital payment service presents disruptive innovation opportunities for e-commerce businesses to offer seamless transaction experiences.