Mastercard is actively developing an initiative to provide global support for small business owners, offering personalized guidance to aid their growth and success. Recognizing the pivotal role of small businesses in the global economy and the significance of mentorship for their prosperity, the company is piloting the Mastercard Small Business AI. This inclusive Artificial Intelligence tool aims to offer tailored assistance to small business owners worldwide, helping them navigate their unique challenges effectively.
Given the overwhelming influx of data and the need for businesses to adapt rapidly to changing consumer demands, Mastercard Small Business AI seeks to provide timely and relevant support. As many small businesses operate without employees, and a vast majority value mentorship, this AI tool is designed to address their specific needs.
Mastercard Chief Marketing and Communications Officer, Raja Rajamannar, emphasized the challenges faced by small business owners and the crucial role of mentorship in their success. The Mastercard Small Business AI initiative aims to provide mentorship at scale, offering continuous advice from diverse sources. In collaboration with Create Labs, a social venture providing technology access to underserved communities, Mastercard is developing the tool to be inclusive and unbiased, catering to the diverse needs of entrepreneurs.
The Generative AI tool under development will incorporate advanced features for a conversational experience, drawing on inclusive design standards. Mastercard has formed a global media coalition, including companies like Blavity Media Group, Group Black, Newsweek, and TelevisaUnivision, to contribute diverse content for the AI tool. The pilot for the Mastercard Small Business AI is scheduled for the U.S. later this year, with plans for international expansion and additional partners joining to enhance local relevance. The initiative aligns with Mastercard’s commitment to supporting small businesses worldwide and adding to its suite of solutions designed for operational efficiency and ease of use in the digital economy.
