Mastercard is developing a new initiative to support small business owners worldwide with personalized guidance to help them grow and thrive.
The company is piloting Mastercard Small Business AI, a comprehensive Artificial Intelligence tool that provides personalized assistance to all small business owners, anytime, anywhere, as they navigate their unique and varied business obstacles.
“Running a small business is a point of immense passion and pride for entrepreneurs, but it’s certainly not easy. We work closely with small business owners at all stages of development and see the myriad challenges they face and the critical importance of mentoring to their success,” said Mastercard Chief Marketing and Communications Officer Raja Rajamannar. “Mastercard Small Business AI aims to create guidance at scale, always offering 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 enterprise that brings technology access to underserved communities, the tool is built to reduce bias and meet diverse business needs. This innovative tool incorporates advanced Generative AI capabilities to deliver a conversational experience, drawing on emerging techniques and inclusive design patterns to drive a relevant user journey.
The Generative AI tool created by Mastercard and Create Labs will be responsibly based on diverse and comprehensive content. Not only will the AI tool provide data from Mastercard’s existing content repository – 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 e.g. articles, podcasts and interviews.
The tool is scheduled to be piloted in the US later this year, with international markets to follow.