How AI Has Evolved at Mastercard

In this interview from the AI Summit New York, Chuck Martin talks to Rohit Chauhan, executive vice president, artificial intelligence at MasterCard. Rohit explains the evolution of AI at Mastercard - a journey that started back in 2007. 

MasterCard’s Journey with AI 

Chuck Martin: 
So you're on a panel about enterprise AI framework and building a culture of responsible AI. Tell me about that. 

Rohit Chauhan: 
MasterCard has been on an AI journey since 2007. AI is not new to MasterCard. More than a decade ago, the goal was to secure the financial ecosystem by leveraging the best technology available. 

Over time, AI has become part of the fabric of MasterCard to future-proof the company for the coming decades. 

Evolution of AI at MasterCard 

Chuck Martin: 
So you've been involved in this since about 2006 when you joined. What have you seen in terms of evolution over the years? 

Rohit Chauhan: 
AI as a technology has evolved. The amount of data, compute power, and the sophistication of the algorithms we deploy today are far more advanced than what we had 10 years ago. 

Fraud Modelling Evolution: From Rule-Based to Graph-Based Models 

Chuck Martin: 
Did you see that coming back then? 

Rohit Chauhan: 
It was an evolution, and we saw it coming. Let me explain how fraud modelling has evolved over time. 

• The first generation of fraud models were rule-based. 

• The next generation focused on relationships, analyzing patterns with companies and merchants. 

• The third generation incorporated temporal aspects like the time between purchases. 

Now, we are using graph-based models, which allow us to identify complex patterns, like those found in social networks, making fraud detection more effective over time. 

AI's Role Beyond Fraud Protection at MasterCard 

Chuck Martin: 
So for MasterCard, is AI mainly about fraud protection, or are there other uses? 

Rohit Chauhan: 
Initially, AI was focused on fraud protection because we had a lot of data there. But now, AI is embedded in all major aspects of MasterCard—legal, finance, audit, HR, technology, and more. We've integrated AI across all areas to find opportunities for improvement. 

The Power of Generative AI 

Chuck Martin: 
Where do you see AI going, particularly with generative AI? 

Rohit Chauhan: 
Generative AI is extremely powerful, opening up new opportunities that were previously off-limits. Traditional AI is about prediction and decision-making, while generative AI can create new content based on what it has learned. This represents the next evolution of AI with more possibilities than ever before. 

Future of AI at MasterCard and Beyond 

Chuck Martin: 
A year from now, if we're sitting here again, what will we be talking about? 

Rohit Chauhan 
We’ll be discussing new advancements, how AI has strengthened the financial ecosystem, and how it has enhanced consumer experiences. 

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You can find out more about the 2023 show here: The AI Summit New York 2023 Highlights