Mastercard Small Business AI Chatbot Begins Pilot Test

Mastercard wants to help small and midsized businesses harness the power of artificial intelligence.

The payments company began a pilot Monday of a generative AI chatbot tool Mastercard Small Business AI, designed to help SMB owners in all categories, regardless of what stage their business has achieved.

“AI can’t replace the power of human connection, but we believe it can be an exceptional catalyst for knowledge that can help entrepreneurs reach their fullest potential,” Raja Rajamannar, Mastercard’s chief marketing and communications officer, said in a statement.

The tool was initially introduced in January, still in the developmental stage. Mastercard said it is now ready for the pilot to kick off, following several refinements implemented during the year.

Mastercard cited a Small Business Administration survey finding that over 90% of SMB owners believe mentoring improves their chances of success, but just 25% have a mentor. It said Mastercard Small Business AI serves as a central hub for accessible, easy-to-understand resources and helps streamline the information-gathering process for SMB owners.

“You can’t replace the heart and soul of real humans with AI,” executive vice president of brand strategy and innovation Cheryl Guerin, told ADWEEK. “We are not suggesting in any way that you don’t need a mentor because you have this chatbot.”

Mastercard Small Business AI marks the latest effort by the company to affirm its commitment to helping small businesses grow. It made a recent pledge to help connect 50 million SMBs to the digital economy, and it also offers Mastercard Biz360, a one-stop shop for access to business management tools.

Rajamannar’s team developed Mastercard Small Business AI with Create Labs Ventures, a social enterprise focused on expanding tech access to underserved communities, and it trained the AI with inclusive content from media organizations including Blavity, Group Black, Newsweek, and TelevisaUnivision.

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