In Brief

The AI is meant to address new consumer expectations around transactions and to help merchants and banks keep up

Banks, large and small, offer multi-faceted mobile apps for their services, making it easy to access information wherever they go. But this style of banking isn’t good enough anymore to appease the masses who are hungry for technology. As a result, Mastercard is introducing some new methods to make their services more mobile and multichannel retail oriented. The first initiative they’re starting is that of chatbots for banks and merchants. A chatbot is a computer program that’s meant to simulate conversion with human users. It’s often used in customer service programs to reduce wait times and streamline communications.

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