For its 30th anniversary in Turkey, Mastercard is drawing inspiration from its history and focusing on the technologies, ideas, and capabilities that will shape the next 30 years. The report, titled “The Transformative Role of Artificial Intelligence in the Financial Services Sector,” examines the development and transformative role of artificial intelligence across numerous sectors, particularly the financial services sector.

Prepared by Mastercard Consulting Services, the report is based on academic and desktop research, as well as surveys conducted with decision-makers in the financial services sector.

The survey results highlight emerging opportunities and how Mastercard can support the financial services sector in response. The report examines a wide range of topics, from the evolution of AI technologies to practical AI applications in business and finance. According to the report, AI-powered personalization will become the norm, redefining how businesses interact with customers across channels and across the customer lifecycle.

In the financial services sector, it stands out for its impact on customer service, fraud detection, investment advisory, and operational efficiency. Unlocking the full potential of AI requires strategic leadership, cross-industry collaboration, and a “responsible innovation” approach aligned with societal needs and expectations.

According to the report, global AI applications are transforming the customer experience and operational efficiency. For example, at a Swedish fintech company, AI assistants manage two-thirds of customer service conversations, perform the work equivalent to 700 employees, are available 24/7 in 35 languages, and improve satisfaction scores. At a US-based transportation and supply chain management company, route optimization enabled AI-powered logistics planning, saving 100 million miles and $300-400 million annually.

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Mastercard’s report also highlights examples of security implications of AI applications in the financial services sector. These impacts include a 57 percent reduction in fraud rates, a 58 percent reduction in high-risk alerts for card issuers, and a $50 million reduction in annual fraud for card acquirers. The results demonstrate that Mastercard’s AI solutions drive development and create value across customer lifecycle stages, while also providing significant improvements in performance and fraud detection.

Turkey’s potential in the AI ​​market is high

Turkey’s position in the global AI market reflects the country’s existing opportunity areas and demonstrates its potential. With a strong public strategy and growing private sector interest, Turkey is positioned as one of the fastest-emerging markets in AI. Turkey’s AI infrastructure offers a strong potential for development and deployment of advanced AI.

Turkey promises progress in attracting and retaining AI professionals. Turkey has a roadmap to follow to unlock the full potential of AI and achieve global leadership. Actions comprising this roadmap include building infrastructure, developing talent, enhancing regulations, fostering collaboration and innovation, and providing technology.

Mastercard’s artificial intelligence vision was shared at a meeting attended by Mastercard Türkiye and Azerbaijan General Manager Onur Faydacı. Faydacı said, “In its 30th year in Turkey, Mastercard is drawing inspiration from its past and focusing on the technologies, ideas, and talents that will shape the next 30 years. We continue to shape the future together in a smart, inclusive, and inspiring way. The report titled ‘The Transformative Role of Artificial Intelligence in the Financial Services Sector,’ prepared by our Mastercard Consulting unit, is the first step of our new initiative, which you will hear about frequently in the coming period. As part of our Artificial Intelligence initiative, we aim to pioneer the development of artificial intelligence through academic collaborations, public opinion surveys, industry meetings, and AI-based security and payment product launches. With the insights and analyses prepared by our Mastercard Consulting teams, we will continue to deliver applicable value-added projects in the field of artificial intelligence. We are integrating artificial intelligence responsibly and securely into our services across all areas of financial technology. With our innovation-focused approach, we will continue to lead the market with new technologies in the field of artificial intelligence.”