Mastercard has unveiled a groundbreaking initiative to provide personalized guidance and mentorship for small business owners worldwide. Recognizing the invaluable contribution of small businesses to the global economy, Mastercard is piloting Mastercard Small Business AI, an inclusive Artificial Intelligence tool designed to offer customized assistance to entrepreneurs as they navigate the hurdles of running a business.
In today’s data-driven world, small business owners often struggle to find the time to adapt and acquire the necessary skills to meet the ever-changing demands of consumers. With the majority of small businesses operating without employees, and acknowledging that 88% of them value mentorship, entrepreneurs are seeking solutions that address their specific needs.
Raja Rajamannar, Chief Marketing and Communications Officer at Mastercard, emphasized the importance of mentorship for small business success. He stated, “Mastercard Small Business AI aims to create mentorship at scale, offering continuous advice from a diverse range of sources. This demonstrates our commitment to the small business community and our dedication to innovations that uplift people.”
To ensure inclusivity and diversity, Mastercard has partnered with Create Labs, a social venture that provides technology access to underserved communities. The AI tool being developed incorporates cutting-edge Generative AI features and follows inclusive design standards to provide a conversational and relevant user experience.
The tool will draw data from Mastercard’s existing content repositories, such as the Small Business Community, Digital Doors, Mastercard Trust Center, and Strive USA. Additionally, a global media coalition consisting of Blavity Media Group, Group Black, Newsweek, and TelevisaUnivision will contribute licensed business content, including articles, podcasts, and interviews.
The pilot phase of Mastercard Small Business AI is scheduled to launch in the United States later this year, with plans for international expansion in the future. Mastercard aims to collaborate with more partners worldwide to tailor the tool to local market needs.
Bonin Bough, Chief Strategy Officer and co-founder of Group Black, highlighted the significance of collaboration, stating, “Through collaboration, we are looking to combine diverse resources to enhance a tool designed for all small-and medium-sized business owners. Our hope is that these collective efforts shape a more equitable world for future generations.”
Mastercard has a proven track record of supporting the small business community through various solutions and services. Mastercard Small Business AI will join the company’s suite of tools aimed at empowering entrepreneurs and helping them grow and protect their businesses in the digital economy.
Source:
1. Forbes Advisor
2. UPS Store Survey