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capstoneassignment.docxUse of Technology in MasterCard Inc.
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Use of Technology in MasterCard Inc.
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Use of Technology in MasterCard Inc.
Executive Summary
Introduction
Information and Communication Technology is the dynamic media driving the financial industry and its growth. Technology plays a crucial role in new customer acquisition and retention to deliver superior values (Hananu, Abdul-Hanan, & Abdul-Rasheed, 2015). Due to the competition in the market, customers remain a critical factor in the businesses' process management and marketing operations. Customer autonomy allows them to choose their most preferred items meaning customer relationship management (CRM) is essential for acquiring and retaining customers in the technologically expanding markets. For instance, in the banking industry, customers are becoming more sophisticated as the demands shoot higher.
Various services such as money transfers, issuance of credit cards, and issuance of debit cards as checks' substitute, and processing of credit card transactions and billing offered in the banking industry demands more autonomous controls, processes, and data transfer to ensure the smooth and efficient running of activities (Hananu, Abdul-Hanan, & Abdul-Rasheed, 2015). Technological advancement facilitates accurate and dependable records seeking to promote customer satisfaction by enhancing customer access to their account information and attaining real-time feedback. Additionally, ICT enhances communication as technological development facilitates the customer banking services' security and credibility by exploring and examining transactions that affect their accounts at any place and anytime.
For approximately over 50 years, MasterCard Inc. has sought the transformation of how people transact (Pay or are paid), showing a significant commitment to innovation that supports growing businesses, enhanced consumer payments experience, and develop an all-inclusive financial system worldwide (MasterCard, 2020). The purpose of technology in MasterCard Inc. is to create the world's fastest payment processing network to enhance transactions by making them faster, accessible, secure, and more comfortable. Technology has significant impacts on the global payment businesses by enabling electronic forms of payment rather than cash and checks that are deemed insecure for vast transactions. The payment businesses utilize data-driven insights and technology to promote efficiency, securing, and convenience of the electronic payment systems. For instance, MasterCard Inc. designs more enhanced payment solutions and processes several seamless transactions globally.
Like other Smart Card companies, MasterCard organization defines itself as a technology company in the global financial industry that seeks to connect the financial institutions, customers, merchants, businesses, governments, digital partners, and other firms globally (Murphy, 2020). As the world evolves into a smart globe where technology and advancement simplify the way of living, so are the technology organization to fit in the gradually changing system. According to the MasterCard CEO, "MasterCard Isn't Just a Credit Card Company," revealing the company rebranded logo and nameless perceptions. Several organizations claim a portion to be technology companies since tech earns a higher valuation, and they believe the technology is the business's secrets to success.
The demand for modern and borderless commerce and safer and quicker methods increases daily (Murphy, 2020). For more than a decade, technological expansion to support electronic payments has been ongoing, but the global commercial consumption expenditure using the electronic payment systems has remained a center of concern among the payment businesses. For instance, MasterCard launches frictionless retail technology solutions to enhance a touch-free economy. Notably, the merchants seek the best way to navigate the Covid-19 pandemic to pursue advanced technology for in-person engagement. Like this, payment businesses aim to reimagine the physical transactions and shopping experiences for applicability and adaptability to the retail environment. Innovation to enhance customer experiences and promote security is the primary target of the payment business leveraging technology.
Background and Thesis Statement
MasterCard Inc. is a popular American multinational and financial company founded in 1966 as Interbank Card Association and later in 1979 as MasterCard. MasterCard Inc. offers unique experiences that allow persons or customers to use while seated at home globally. Purposely, the organization believes enhancing a culture of innovation is essential for a successful operation (MasterCard, 2020). Like this, MasterCard Inc. cultivates innovation by hiring talented, curious minds with big ideas to integrate developers, entrepreneurs, and customers into a single and focused payment ecosystem of the future.
MasterCard Inc. delivers classified values using technology and expertise to globally connect merchants, financial institutions, governments, and consumers. The organization offers customer financial institutions strategies to improve its revenue, gain wallet share, and enhance immediate consumers' relationships. Additionally, MasterCard offers merchants solutions to fight fraud, enhance efficiencies, develop new sales medium, and improve purchase experiences. Currently, MasterCard is initiating new payment technology usable by commuters to access public transport and pay for their fare. MasterCard leverages technology to provide consumers with seamless transaction experiences that connect them to their operations' most meaningful aspects. Using MasterCard's technology power, governments can curtail fraud, reduce corruption, acquire efficiencies, and minimize advanced social progress costs.
Currently, MasterCard has focused on enhancing the people's safety during the COVID-19 using its power in technology. The company ascertains that it is examining the way forward on how it can integrate its ability in Artificial intelligence and data science to eliminate the coronavirus pandemic. Additionally, the organization focuses on the digitalization of identity for healthcare by collaborating with private and public healthcare providers to install a program that would enhance its ability to determine the vaccine essential for every patient. The MasterCard's wellness pass is a service that enables identity digitalization using biometric information such as facial recognition and fingerprints, also voice recognition for matching the patient with the correct immunization. Therefore, the MasterCard organization is focused beyond the payment technology and seeks to establish a concrete base for other sectors like healthcare in storing medical records digitally.
MasterCard is also focusing on technology advancement in the small businesses/enterprises by providing point-of-sale equipment (POS). As the POS is well known, Duka Connect converts the mobile into the POS tool for small shops. Therefore, MasterCard integrates technology across all businesses ranging from small scale to large scale. Through this, there have arisen several questions on whether MasterCard Inc. is a technology organization or payment firm. Using the POS app, the business owners scan the commodities using computer vision and artificial intelligence and uses augmented reality (AR) to identify the product and complete the transaction. This has been a milestone for the small scale businesses in saving the time taken to complete a transaction.
Designing a safe payment system that delivers safety and speed is a critical challenge for the financial institutions and credit card providers as the users shift from online to financial services. Therefore, the scammers are taking advantage of the situation to use highly sophisticated technology to mimic the customers' and providers' identity to seek high-tech solutions that keep them ahead of the malicious operations. In 2019, the Federal Bureau of Investigation reported at least $3.5 billion had been lost via suspected internet crime in the United States.
Apparently, MasterCard has leveraged its power in technology to tackle money laundering through its anti-money laundering tool trained to detect suspicious transactions. MasterCard has been useful in the criminal justice system to identify dirty money that is mostly related to organized crimes globally. Through its collaboration with Pay.UK, MasterCard is utilizing artificial intelligence to identify questionable transactions and suspicious patterns and behaviors linked to specific accounts. "We built AI algorithms that can spot patterns and embedded them across the whole UK payments network," says Moore. Therefore, MasterCard leverages technology to identify fraud in real-time and notify the banks and regulators to enable them to inhibit crime while in progress.
Notably, MasterCard advisers take advantage of the data-driven insights for card issuers and the merchants' analytics and insights. The organization leverages artificial intelligence, smart agent technology to manage fraud. Additionally, the organization's digital enablement services support contactless payments using NFC technology, and Digital Secure Remote Payment (DSRP) allows the consumers to make in-app purchases.
MasterCard Inc. serves more than 1.9 billion cards and over 35.9 million acceptance locations in 210 countries and territories (MasterCard, n.d.). MasterCard operates under the mission, "Every day, everywhere, we use our technology and expertise to make payments safe, simple and smart," and a vision "A world beyond cash" to expound on its desire to promote a successful payment industry by leveraging technology and innovation (MasterCard, n.d.). The company seeks to achieve agility, trust, productive partnerships, and initiatives to promote safety and a positive customer experience in its operations.
All these products are designed by MasterCard internal information technology teams and in partnership with other organizations in the technology sector. Like this, the businesses in the financial industry are reinventing themselves as technology organizations providing financial services. It moves faster to enhance the transactional section of the financial services, placing MasterCard at a prominent position. What makes MasterCard unique is its agility and resilience in every condition. Through this, the firm has attained the ability to stay ahead, noting that, where the technology firms face difficulties to meet the regulatory requirements, MasterCard is already there. Besides, in situations where financial services providers struggle to integrate a new business model that depends on small fees, MasterCard has been designed on one. Therefore, this capstone project confirms that MasterCard Inc. incorporates technology to achieve customer satisfaction and efficient service delivery.
Technology for Customer Satisfaction and Service Delivery
The organizations in the Credit Card Processing and Money Transferring industry benefit from the electronic payment technology implementation and expanding e-commerce (IBIS, 2020). The electronic payments to cash and check payments ratio have escalated vastly for over five (5) years leading to an increase in the transaction volume for payment industry processors. The researchers ascertain that consumers will tend to prefer credit cards or other electronic means to transact rather than cash or physical transactions.
As several economic, demographic, regulatory, and technological dynamics play in the card and payment industry, the sector is experiencing significant changes and rapid innovations cutting across the value chain (Manickavasagam, 2018). Therefore, as the fintech continues to disrupt the card industry's stability, it seeks to achieve integrated developments to include emerging or trending technologies such as IoT, Biometrics, Blockchain, APIs, Social payments, to mention but a few.
The Global Card networks such as MasterCard Inc. are vastly leveraging opportunities to counterattack these Fintech players' challenges. Therefore, they seek to collaborate across several innovations available in the industry (Manickavasagam, 2018). Most of the Card organizations focus on escalating their focus on the in-house innovation initiatives to execute proof of concept trials by utilizing emerging technologies and concurrently cooperating with the fintech organizations regarding several strategies within the technology advancement context.
For instance, MasterCard established a path program in 2014 to execute tasks with the startups to help them evaluate their operations and enter the upcoming markets. Like this, MasterCard utilizes a wide range of available opportunities from its small-scale customers to introduce several investments in the technology field. Using its technological advancement, MasterCard supports numerous technological progress and innovation across all its clients. Therefore, MasterCard has had a wide range of ways to incorporate its clients in preparation for changes and resilience.
Currently, MasterCard focuses on several technological aspects, such as GM's Onstar Go.' "By integrating the Masterpass digital wallet into the GM' Onstar Go,' the organization has enabled cab drivers and commuters to pay at the fuel outlets and service center using the display screen on the car's dashboard" (Manickavasagam, 2018). MasterCard's Onstar Go is a brilliant mobility platform for general motors and IBM that integrates the Internet of Things (IoT) to achieve optimal customer satisfaction and experience in both the short and long run.
MasterCard Inc. operates in the technology industry, engaging the payment organizations to connect financial institutions, merchants, businesses, governments, and consumers ("Mastercard (MA)," 2020). The organization provides payment solutions that develop and implement credit, debit, prepaid, commercial, and payment programs. MasterCard Inc. survived several financial technology disruptions due to the strength of its business model. MasterCard uses technology to ensure that all transactions are executed safely and faster. The organization introduced its digital offering, Masterpass, to decrease friction in checkouts. Thus, MasterCard leverages a seamless customer experience to shield itself from the disruptions.
Artificial Intelligence (AI) in MasterCard Inc.
Several organizations across diverse sectors can utilize artificial intelligence applications in multiple business operations. AI-based fraud detection is one of the most popular applications used across the financial and card industries to enhance the sector's safety and customer protection frameworks (Mejia, 2019). Importantly, MasterCard has significantly leveraged Artificial intelligence to improve customer experience and develop customer-targeted marketing campaigns. Most of the prominent uses of +
Artificial intelligence in the card industry includes fraud detection, where the credit card organizations apply predictive analytics into the preexisting fraud workflows to minimize adverse outcomes (Mejia, 2019). Additionally, several card organizations integrate Chabot for travels that use natural language processing (NLP) to enable travelers to monitor their organizations' activities such as balance checking and control expenses like standing orders.
MasterCard Inc. introduced AI to reduce the Credit Card transactions that were stopped because they are wrongly deemed fraudulent (Nash, 2016). The new algorithms support the decision intelligence service to examine the red flags like "ringing up multiple high-priced electronics, as well as predictions about shoppers calculated from data that MasterCard has collected over time" (Nash, 2016). The expanding sophistication of fast-moving cyber-attacks forces the organizations to retaliate with similar technological advancements to safeguard themselves (Norton, 2017). Artificial intelligence presents more potent and salient strategies for MasterCard Inc. to deal with cyber-attacks threats by examining the early signs of attacks (Norton, 2017). MasterCard experimented with its software to automate the feedbacks to phishing attacks.
MasterCard is cutting across all sectors, including the transportation system, where the president of cyber and intelligence solutions for MasterCard confirmed that the new technology would allow the transport organizations to use gait or your face to authenticate you. The gait technology has been considered the most unusual by using Closed-circuit television cameras to identify commuters approaching the transportation barriers. The technology is designed to recognize people and let them match the account linked to valid payment cards.
Additionally, MasterCard is currently focusing on the vascular matching innovation to identify individuals from specialized blood vessel patterns that are observable close to the skin surface. Bhalla confirmed that a person's heartbeat and rhythm are part of the unique system where users could wear a band around their wrist to examine their pulse and continually authenticates you. Achievement of this technology will be a milestone in the credit card industry, specifically for MasterCard Inc., due to the uniqueness in individual veins' patterns that cannot be forged by hackers or crime perpetrators.
The MasterCard Expert Processing System utilizes AI, smart agent technology, and business rules to generate real-time fraud score to assess risk for every transaction authorized (Manickavasagam, 2018). The MasterCard fraud detection solution, that is, Decision Intelligence, is one of the most superior artificial intelligence for fraud management in the organization. The software utilizes predictive analytics to examine and analyze customer and transaction data to establish a score of how probable a transaction might be fraudulent or not. The organization operates these scores to decline fraudulent transactions in real-time and inhibit declines on the legitimate/actual transactions. Ajay Bhalla, President of Cyber and Intelligence Solutions at Mastercard, ascertains that they are solving a critical consumer suffering of transactions being falsely declined when purchasing or transacting through the implementation of Decision Intelligence. The MasterCard Decision Intelligence development was primarily concerned with fraud management and prevention and addressing false transaction declines.
In addition to the inconveniences that arise from the wrongful decline of transactions, that is, by being flagged as fraudulent, they are also costly to the businesses and the broad economy. The estimated monetary cost for these declines is $118 billion, which is considered 13 times the overall cost of actual fraud (Marr, 2018). Therefore, with MasterCard's Decision Intelligence and AI Express platforms, the organization has leveraged analytics steered by Machine Learning to reduce the losses by 50 percent.
MasterCard's predictive analytics algorithm incorporates information/data from the debit and credit card transactions in real-time (Mejia, 2019). Then "the software examines the degree of a transaction being fraudulent based on correlations between data points from previous transactions" (Mejia, 2019). From these scores, a transaction is deemed legitimate (for the scores within or above the client's designated threshold) or fraudulent (for the scores below the client's stated threshold).
Additionally, the MasterCard Decision Intelligence evaluates fraud by detecting abnormal shopping behaviors based on different data sources within a single account. The model examines the "geolocational" data, risk assessment data, device data, purchase type, time of day, and merchant information to establish irrational behavior within the account (Mejia, 2019). Besides, Decision Intelligence takes advantage of customer value segmentation or classifies customers into tiers based on the company's possible value in the future. Therefore, MasterCard's Decision Intelligence is an essential platform for the organization's success. It improves customer experience and increases loyalty, decreases fraud, reduces the cost of operation for the businesses, reduces risk, and increases the organizational revenue.
Additionally, the MasterCard organization utilizes Artificial intelligence to enhance Card-Linked Marketing by using demographic information and the credit card's purchase history to provide targeted or customized promotions and deals to the clients digitally (Mejia, 2019). Using Artificial intelligence and machine learning logarithms will enhance the organization's ability to collect customer data in real-time and leverage that data to personalize promotion messages and deals based on their preferences and interests. Notably, Artificial intelligence in MasterCard's primary purpose is to enhance customers' safety and establish robust fraud management models, which improves customer experiences and entire customer satisfaction.
Ajay Bhalla, the chief security solutions officer at MasterCard, stated that "If data is the oil that powers the digital economy, artificial intelligence is the refinery." Today MasterCard has achieved tremendous experience with AI applications considering its AI Express that provides quick results that enable the organizations to address top priorities, including anti-money laundering, fraud risk management, cybersecurity, credit risk prediction, and operational efficiencies. The MasterCard ascertains that AI Express can assist organizations designed their customized machine learning (ML) models to solve specific business problems, but the degree of specificity is unclear (Mejia, 2019). Therefore, the AI Express allows organizations to get closer to the machine learning algorithms to personalize their ML models by consulting the company's ML talents and data science.
The MasterCard MoneySend supports international and domestic funds transfer through a text message or online (Manickavasagam, 2018). Customers can receive and send funds safely domestically and internationally using the MoneySend since AI eliminates any form of fraud that can hijack transactions. Therefore, the users can manage and initiate the exchanges via the app without storing personal and financial information on the phone for privacy and customer protection.
"The MasterCard's Shop Anywhere and AI-Powered Drive Through solutions deliver low touch, high engagement experiences for retailers and the end consumer" (Business Wire, 2020). The organization incorporates these features with the top retailers such as White Castle, Dunkin', and Delaware North to promote touch-free transactions. Business Wire (2020) acknowledges AI and computer vision technology supports the Shop Anywhere platform in partnership with Accel Robotics to enhance the simplicity and personalization of shopping experiences among retailers.
MasterCard Inc. acquired NuData Security that specializes in behavioral biometrics. It assists the organization in inhibiting online and mobile fraud by utilizing session and biometric indicators. The NuData Security has a NuDetect feature that uses biometric power based on how the customers interact with their devices, and then it can identify the customer behind the gadget. This feature collects information on how one holds a cell phone, moves the fingers around the device, the pressure the user uses on the device and typing speed to create a consumer signature. Through this information, NuData Security can identify whether users is a fraudster or authentic.
Additionally, MasterCard's purpose in integrating artificial intelligence is comprehensively revealed in its white paper, showing its stand on the digital identity aspect. MasterCard seeks a collaborative aspect with the customers to achieve a state where they have control over data regarding who can see their data and share their information somewhere else. However, it about providing a digital version of their identity rather than providing a centralized pool of knowledge. Studies unleash that MasterCard encounters at least 200 fraud attempts per minute; the SafetyNet is the organization's network-level fraud defense layer. MasterCard owns Brighterion, an artificial intelligence company that provides artificial intelligence and machine learning platform for real-time intelligence for all data regardless of the volume, complexity, and type.
MasterCard has perfectly achieved through Artificial intelligence and predictive analytics. Through MasterCard's Decision Intelligence implementation, the organization acquired AI developer Brighterion and designed its AI technology service (AI Express). Through the AI Express, the organization can develop an accessible and tailored artificial intelligence based on MasterCard's AI algorithms. Additionally, using Brighterion capabilities, "MasterCard can hasten the adoption of the AI technology in the payment industry by opening their code up to more companies" (Mejia, 2019).
EMV technology in MasterCard Inc.
EMV standards authenticate debit and credit transactions among the United States-based companies due to increased high profile cybercrimes (Gray & Ladig, 2015). Several organizations have fallen victims to cybercrime through a series of events. Most of them suffer financial losses due to data breaches indicating the US technology to be vulnerable to debit and credit card transaction processing. The organization's debit and credit cards are embedded with microchips for additional security to prevent financial losses resulting from fraud. Due to the prevalence of crimes in the card industry, at least 855 million chip cards were issued to American consumers by 2019. The utilization of the EMV technology is more comfortable from the customer's end because, instead of the traditional swiping of a credit card's magnetic stripe, the card user now inserts one end of the card into the EMV reader to scan the chip (Harkness, 2020). Notably, the card is equipped with the reading and communicate commands on the microchip, an aspect that makes it unique by creating a code unusable in another transaction.
MasterCard's EMV credit and debit cards store data/information on integrated circuits instead of magnetic stripes. This designs dynamic data every time a transaction is made, making it difficult or impossible for fraudsters to clone or duplicate the customer's card. Therefore, MasterCard Inc. utilizes the EMV chip technology to improve customer confidence and safeguard the customer's information from fraudsters' hands by preventing possibilities of data breaches. Additionally, using EMV technology helps the organization integrate systems into the legacy POS and stand-alone systems that increase protection, customer safety, and experience. The EMV technology is also equipped with compatible terminals and machines set up to be useable on the traditional magnetic stripe cards (Fernandes, 2019). Therefore, it is a convenient technology for the customers across several ends because even if the users enter a store without an EMV machine, they can still transact.
MasterCard Inc. provides two primary forms of the EMV credit card technology: the Chip-and-Signature and Chip-and-PIN. These two options offer the customers a diverse selection of either signing to verify transactions or enter a four-digit PIN like a debit card. Notably, the two card verification modes are essential to the customers, mostly when purchasing with credit cards, to ascertain that the real account holders who use the card are not the fraudsters (Harkness, 2020). Additionally, the MasterCard organization emphasizes a Chip-and-PIN verification mode rather than a Chip-and-Signature since it is easy to forge a signature but very difficult to duplicate a PIN.
EMV standards provide futuristic payment technologies for smarter, safer, and secure transactions across contactless, card, remote, and mobile channels. MasterCard Inc. leverages the EMV standards to enhance security and interoperability in payments. At the center of the smarter transactions, there is dynamic authentication that incorporates unique information on transactions to harden any attempt to duplicate a card virtually ("Mastercard EMV chip technology | EMV chip card solutions for issuers," n.d.). The EMV chip technology is widely used to reduce counterfeit card fraud and save the organization financial loss from data breaches ("Mastercard EMV chip technology | EMV chip card solutions for issuers," n.d.). Through these processes, MasterCard Inc. achieves customer satisfaction by providing safe and faster transaction processes and increasing service delivery efficiency. Like this, the organization has attained a larger market share in the payment industry due to the high-quality service delivery and authenticity of its processes.
Using the EMV technology in the MasterCard organization stands a better chance to create awareness of the cybercrime prevalence and the need to take precautions against malicious attacks and loss of credentials (Harkness, 2020). Additionally, businesses reduce the liability costs related to data loss and cybercrime attacks. Notably, organizations that have not implemented the EMV technology, instead they are using the magnetic stripe terminals past October 1, 2015, are solely responsible for the costs incurred if one loses or their credit card is stolen (Harkness, 2020). Additionally, EMV technology utilization continues to increase in the financial and card industry. MasterCard's move to integrate EMV chip technology on its cards has earned benefits on the customer side; it has reduced operating costs and increased its resilience in the changing payment industry.
EMV technology has proven to be productive for MasterCard Inc. in providing the most appropriate outcome to achieve a positive customer experience and enhance the safety of the transaction. By using EMV technology, MasterCard has successfully reduced losses related to fraud and malicious attacks. The EMV chip cards effectively minimize in-store counterfeit fraud and protect the businesses by creating a safer ecosystem for the payments. Using the EMV chip has enabled MasterCard Inc. to reduce the fraudulent activities on the merchants. MasterCard has successfully leveraged EMV chip technology to limit business liability while enhancing positive customer experience. Therefore, by creating a new secure world of payments, the organization has successfully protected the clients against the card's malicious duplication.
EMV technology uses a systematic process to initiate and complete a transaction making it impossible for the fraudsters to breach. Through the online authorization request sent to the payment authorizer, the customer can understand an ongoing transaction. When he/she is not for the payment, he can cancel the progressing payment. The EMV technology adds a fraud prevention layer to every step of the transaction, and for extra steps, an authentication process must be initiated and accurate for approval. MasterCard Inc. takes an extra mile step to safeguard the transactions made using the EMV chip technology by enhancing end-to-end encryption features that are certified by EMVCo. MasterCard encourages end-to-end encryption to limit the communication to the interacting users. These features block any attempt to fraudulently access data on the credit card or nay software by making information indecipherable. The EMV technology both on, offline card processing, and protective measures through the Credit card chip and pin technology. Like this, MasterCard aims to secure card information using end-to-end encryption to enhance the safety of transactions.
Despite the enormous benefits and achievements of the EMV technology in the payment industry, security experts predict that as the online businesses and e-commerce accelerate, it creates a new focus on the credit card fraudsters due to the expanded vulnerabilities. Therefore, to fit in this evolving industry, MasterCard must focus beyond the EMV chip to include EMV 3-D Secure (EMV 3DS) to achieve sustainability and resilience in the payment industry dynamics. Currently, MasterCard has collaborated with EMV to push towards establishing the biometric technologies for authentication after realizing that the consumers strongly prefer biometric-based mechanisms rather than OTPs (One Time Passwords) that they receive on the mobile devices. Notably, through its efforts, MasterCard has leveraged EMV Payment Tokenization and EMV Secure Remote Commerce to enhance its adaptability to change.
Ethical Consideration in MasterCard Inc. Technology Use
The organization incorporates best-in-class security and privacy practices with a well-stated procedure for using individuals' data. MasterCard Inc ("Global Data Responsibility Imperative," 2019). Adopts security and privacy principles alongside other principles to acquire the equipped data-driven future. Additionally, MasterCard incorporates transparency and control principles to explain how they collect, utilize, and share individual data and gives the individuals the ability to monitor and control their use. The organization operates the opportunity to shape a digital economy, enhancing individuals' transparency and control over their information or data while promoting innovation ("Global Data Responsibility Imperative," 2019). Besides, Card organizations seek to enhance data protection and privacy to improve customers' safety and employees' information from leaking or landing in the wrong hands. Additionally, technology organizations use Artificial intelligence or predictive algorithms to estimate the most appropriate conclusions to potential error breaches and enhance transparency and protection.
Besides, MasterCard Inc. "anonymizes" consumer transaction data for development research purposes. By enhancing data ethics, organizations can create and build trust with the customers.
Technology Transparency & Control in MasterCard Inc.
As the organizations turn to more digital payments and the number of connected devices increases, the consumers demand clarity on what purchases they make and the seller's information. Notably, several people have experienced frustrations trying to comprehend a confusing and comprehensive description when reviewing a commodity or purchasing online. Therefore, due to the prevalent confusion and fear of fraudulent purchases, clients often contact their banks for unrecognized and disputable transactions. As a result, MasterCard focuses on integrating procedures that help the firms and customers identify and establish legitimate purchases or sellers.
MasterCard Inc. devised a new initiative managed by Ethoca, a fraud and dispute resolution technology company, to clear confusion and enhance customer experience through increased transparency using digital banking applications (Wilson, 2020). In its announcements, the organization confirmed its commitment to offer transparent digital banking applications. The initiative managed by Ethoca on behalf of MasterCard Inc. encourages the merchants to access Ethoca's website and upload an organizational logo to be utilized in online banking and payment apps (Wilson, 2020). The logos are intertwined with the corresponding transactions to offer clear visuals for faster purchase identification. Johan Gerber, MasterCard's executive vice president, Cyber and Security Products, ascertain that real-time purchases are essential for the card issuers, merchants, and consumers due to their greater digital dependency. This full operation is part of MasterCard's comprehensive efforts to provide a safe, efficient, and concise payment experience from the beginning to the end (searching for the real purchase). "Most of these endeavors include the Mastercard's one-click checkout experience, integration of biometrics to protect the digital and physical transactions, and Ethoca's full suite of digital consumer experience (Finextra, 2020)."
The organization ascertains that it must maintain consumers' interests at the center of its operations and data practices ("Global Data Responsibility Imperative," 2019). This demonstrates that before implementing technology, its purpose must be embedded in the concepts of "customer first" to enhance customer safety and satisfaction through effective service delivery and consultation. The implementation procedures must incorporate the customers' views to enhance transparency and control while enhancing innovation. The organization leverages data to improve customer experience and benefits through optimal utilization to promote technological advancements. Therefore, MasterCard operates under the social impact principle that requires the use of organizational information to identify and examine needs and opportunities that benefit society ("Global Data Responsibility Imperative," 2019). Data stands out as a transformative resource for the common good between the society and organization.
As the barriers to the steadily growing in the digital economy, including lack of trust, lack of transparency, inconsistent shopping journey, and fragmentation prevail, MasterCard Inc. seeks to leverage secure remote commerce standards to enhance purchase experience across all digital devices to ensure consistency and ubiquitous terminal at the POS (MasterCard, 2018). Therefore, all participants will attain an adequate ability and scale to integrate the physical and digital business models. Additionally, the consumers will achieve higher transparency and control through advanced biometric and AI-based authentication solutions providing speed and security. Further, MasterCard seeks to enhance customer control through the inclusion of the EMVCo digital payment standards that ensure interoperability of the payment systems, improvement of safety through tokenization and biometrics, center the customers for every experience and standardize the merchant interface to improve payments across devices, channels and other several interaction points around the customers.
MasterCard Inc. supports small organizations with exclusive transparency in payments. The organization accepts small businesses' participation in electronic payments by combining changes to the organizational rules and regulations to the best practices achieved through a collaborative consensus (Business wire, 2014). The initiated standards provide significant transparency and value to small business owners' input. MasterCard devised its technology approaches to adopt electronic payment systems in consultation with the partners and its customers to enhance openness/transparency and consumers' control on the matters affecting them.
MasterCard enhances transparency and convenience with the account details control and spends controls (MasterCard, 2018). Through the Consumer Control APIs, cardholders can integrate credentials into the digital setting, such as secure remote commerce for a vast scale, and they can have a unified view of their details across devices and merchants (MasterCard, 2018). Therefore, MasterCard ensures that the customers are at the light of every transaction or every account credentials in the numerous devices or with the merchants in the technology industry.
Technology Integrity in MasterCard Inc.
MasterCard Inc. defines and provides security on the type of personal information it collects and the parties they share with. Besides, MasterCard Inc. uses personal information to process transactions, protect against fraud, and personalize services. Before MasterCard collects and uses the clients' data for technical purposes, it provides the rights and privilege to choose personal information for marketing purposes. Additionally, MasterCard recognizes the anonymization of clients' data for analyses. The customers can access their personal data, correct it, and object to the processing, and request anonymization or deletion. Besides, MasterCard uses the APEC CBPR system to protect the information transferred across APEC economies. This enables the organization to monitor the privacy and protection of personal information shared for data transfers regarding technological advancements aiming to improve service quality. MasterCard organization follows a digital module explaining the Global Compliance Programs enable them to work proactively and collaboratively with customers to expand the business while reducing the risk
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Leadership and Collaboration in Technology Use in MasterCard Inc.
Technology-Purposed Partnerships
MasterCard Inc. created a global consistency on several controls and alerts to the cardholders through convenient and real-time access to account information. Ajay Bhalla states that corporate cardholders have greater autonomy and control over their money regardless of their location. MasterCard collaborates with Zumigo to provide a mobile app-based solution that provides location alerts when the cardholders travel internationally and domestically. Pre-set digital boundaries initiate the alerts.
In addition, MasterCard Inc. provides an In Control platform for "real-time account alerts via SMS or e-mail that help cardholders set spending limits and "turn on" or "turn off" their credit, debit and small business cards at specific merchants or in certain geographies" ("MasterCard expands cardholder controls and peace of mind," 2016). Additionally, with the organizational partnerships with Zumigo, MasterCard Inc. uses the mobile network roaming data to establish the actual cardholder's location to add on the ongoing corporate activities through Syniverse ("MasterCard expands cardholder controls and peace of mind," 2016). The organization promotes collaboration as an essential leadership quality to achieve a collective solution through teamwork and workforce empowerment by incorporating top labor market talents.
MasterCard utilizes partnerships to expand the Middle East and Africa (MEA) Fintech Express. Fintech Express supports digital payment innovators by simplifying MasterCard's collaboration with the critical players in the new Fintech products (Harrison, 2020). MasterCard Inc. leverages partnerships as an effective leadership strategy to enhance collaboration in the technological world. Outside the United States, MasterCard collaborates with Pine Labs to expand omnichannel payment options for the Asian Markets, and the Rockefeller Foundation Announce data.org to Help Crowdsource Solutions by building up the field of data science.
Additionally, MasterCard Inc. joined forces with the technology providers and financial institutions to establish a Tech for Good Partnership, a private-sector consensus to accelerate digital and financial inclusion in the Caribbean and Latin America regions (Ibis Intelligence, 2020). The Tech for Good Partnership seeks to utilize resources and expertise, and assets in ways that prioritize digital inclusion initiatives. Through these initiatives, MasterCard pledges to connect 1 billion people and 50 million micro and small enterprises into the digital economy by 2025 (Ibis Intelligence, 2020). Carlo Enrico, President, MasterCard Latin America, and the Caribbean, ascertain that technology can change millions of persons and businesses. MasterCard Inc. focuses on digitizing the enterprises and individual operations to achieve resilience in the changing economy.
Technology-Based Communication
MasterCard and Visa agreed to a standard contactless communication protocol for radio frequency-based contactless payments: during "sales integrated on the MasterCard PayPass ISO/IEC 14443 Implementation Specification and associated testing requirements." This will ensure that the cards and terminals supporting the MasterCard and Visa contactless payment applications align with a common communications protocol and pass through an equivalent measure to ensure the brands' interoperability. The customers, merchants, and terminal vendors will benefit by acquiring a consistent experience at checkout points of the two payment organizations.
MasterCard Inc. provides an Automatic Billing Updater (ABU) service globally to systematize communications regarding changes in the account for a seamless experience ("MasterCard expands cardholder controls and peace of mind," 2016). As each payment has an expiration date to assist in the latest technologies and security protection updates, the cardholders must update their account information to streamline the recurring bill payments, recurrent subscriptions, and monthly payments. However, with MasterCard's global Automatic Billing Updater (ABU) service, the organization provides new account information seamlessly to eliminate imminent service interruptions and inconveniences related to manual updates.
"The cardholders can then access In Control either through the bank's mobile app or website or by registering on a separate app or website if the bank doesn't offer this service through their channels" ("MasterCard expands cardholder controls and peace of mind," 2016). The MasterCard's In control platform provides account alerts via SMS or e-mail in real-time to enable the cardholders to set their expenditure limits, turn on, or turn off their cards in specific geographies and individual merchants. Through MasterCard's in control services, the customers leverage security characteristics like e-mail alerts and credit freezes, and transaction monitoring to enhance information safety and minimize fraudulent operations.
Recommendations
As MasterCard emphasizes utilizing a contactless and technology-based transaction, its primary aim is to enhance security and improve service delivery. Besides, MasterCard's efforts to leverage artificial intelligence for automated processes, big data analytics, cloud computing, and the use of software systems require an additional intervention to promote customer satisfaction and quality service delivery. Notably, MasterCard has remained competitive in the technology industry. To maintain its position on both the short-term and long-term basis, the leaders and the critical stakeholder must comprehend what is necessary and create an enabling environment for organizational success and advancements. This capstone project proposes a 5g Multi-Access Edge Computing (MEC) Integration and implementation of IoT (Internet of Things) Sensors to Monitor Customer Dissatisfaction.
5g Multi-Access Edge Computing (MEC) Integration
"Edge computes for 5G era networks build on innovations from many different parts of the information and communications technology (ICT) sector" ("5G Edge Computing Whitepaper," n.d.). The 5G era services should involve deploying a virtualized network infrastructure to replace the hardware-based element. The 5G era network transformation should resolve within edge cloud distribution by combining the application drivers and the virtualized network infrastructures ("5G Edge Computing Whitepaper," n.d.). Therefore, the organization can process data closer to the data generation source. The organization should also seek to enhance cloud virtualization, orchestration, and management software as vital tools to initiate cloud services. The organization should further integrate Software Defined Networking (SDN) to improve the virtualization for the interconnectivity of functions.
Significantly, today an edge has changed rapidly for over five years: as of now, an edge represents more than a CDN or a computing layer. It has evolved to include public cloud running in different environments and computing contexts. Therefore, integrating aa 5g Multi-Access Edge Computing will provide numerous availability and performance through distribution and caching information/content near the user's location. Thus, for MasterCard to fully integrate a 5G Multi-Access Edge Computing, it must identify a cloud to access secure and user-centered storage and networking services. Additionally, with the integration of the 5G network, the organization has a better source for secure communication, which is an essential tool for a successful technology organization.
Mobile edge computing (MEC) is essential for MasterCard Inc. to improve mobile resources by hosting compute-intensive applications, examine vast data before transmitting to the cloud. To enhance MEC operations in MasterCard Inc. would require an establishment of virtual machines and containers, network slicing, and software-defined networking (SDN) ("5G Edge Computing Whitepaper," n.d.). Besides, Network functions virtualization (NFV) is essential for MEC service orchestration. 5G MEC integration is necessary since the servers are situated near mobile users' vicinity, indicating that it can be useful to collect information from mobile users for big data processing and analytics.
Edge computing reduces backhaul traffic by keeping the right content at the edge and maintaining Quality of Experience (QoE) ("5G Edge Computing Whitepaper," n.d.). The 5G MEC server has a finite computation power adequate to calculate emerging compute-intensive applications in real-time (Pham, Fang, Ha, Piran, Le, Le, ... & Ding, 2020). The 5G MEC enhances communication and propagation latency and further creates opportunities to reduce burdens on the front haul and backhaul links and to speed-up content and service responsiveness by caching essential relevant and popular content at the network edge. Integrating a MEC will enhance the 5G networks performance by minimizing latency and optimizing the backhaul bandwidth utilization. Therefore, by integrating a 5G MEC the organization can maximize resilience and enhance its adaptability to change by revolutionizing the existing architectures, cover the evolution, and standardize operations in a cellular network.
5G MEC "pay via face identification" feature would allow advanced facial-recognition technology and artificial intelligence (AI) (Reichert, 2017). Integration of the MEC and facial recognition systems will enhance the payment authentication process within the shortest time possible (Milliseconds). The 5G MEC can be integrated with facial recognition technology and AI to enhance transactions' security and legitimacy.
Notably, the world is changing, and so is the application of technology. The networks are currently built primarily to serve or be used by humans as they are good enough for the people. However, as the uses become more demanding and sophisticated, MasterCard's future networks will have to go beyond the humans' natural uses to serve the machines such as IoT devices. This is because as humans can tolerate a higher latency level, machines can produce a vast amount of information and delay the extraction of data in real-time. Therefore, MasterCard will have to integrate the 5G MEC networks to enhance the firm's activities and focus on real-time responses.
The integration of the 5G MEC minimizes the risk of private information leakage and fraud cases (Reichert, 2017). Integration of the 5G MEC to enhance facial recognition features that will relieve the client's need to carry physical cards and cash transactions unneeded. Integrating the 5G network, such as AI-based biometric authentication software, would enhance the organization's facial recognition capability and analyze live video (Mejia, 2019). The facial recognition factor enhances a two-factor authentication through taking a "selfie" to verify the account owner and using a blink feature to authenticate the face is alive. The Foxconn Technology Group ascertains that the wireless cameras are connected to the internet through the small cell radio access nodes. Thus, with the integration of the 5G MEC the organization attains low-latency, speeded computing, and assessment capability to enable the system to provide computing outcomes in real-time to improve customer experience and effective service delivery.
IoT Sensors to Monitor Customer Dissatisfaction
Internet of Things (IoT) develops research opportunities and challenges scientists and managers by increasing the amount of available information (Marek & Woźniczka, 2017). Implementation of IoT ensures constant connection and communication between the system players to exchange information effectively. IoT creates a vast potential for innovation in the organization and allows marketers to develop new ways to achieve a competitive advantage. IoT enables organizational data scientists and managers to leverage big data to examine and manage customer experience. Thus, the organization can utilize data to measure customer dissatisfaction with the services offered to improve customer relationships.
Additionally, the organization can use the Internet of Things to design and manage the customer experience deliberately by providing an interface to support customer satisfaction surveys like evaluating the service and delivery modes. More so, IoT is an essential platform to enhance the customer relationship and the emotional connection with the customers to deliver products that meet the customer's needs. It also creates a path for the organization to reinvent marketing communications and improve product service by mapping customer needs and available services.
With the IoT growth, the payment systems will have to accommodate numerous and more automated transactions, meaning the organization's artificial intelligence must be stronger and resilient enough to adapt to the organization's complex demands and utilization (Marr, 2018). Therefore, using the IoT means that all the transactions will be autonomous. Every operation will help the organization in decision-making and help the consumers manage daily lives operations.
Internet of Things (IoT) will generate numerous data by enabling the development and multiplicity of the devices connected to the internet. Using these innumerable data, the organization can yield information regarding customer experience with a product (Marek & Woźniczka, 2017). Therefore, with the organization leveraging IoTs, it will have access to a broad and uninterrupted stream of data that provides knowledge on consumer behaviors, their interaction with the commodity, and an understanding of how to communicate effectively.
"Smart objects communicating with each other can achieve such functionalities as monitoring, control, process optimization, and autonomy" (Marek & Woźniczka, 2017). The smart devices enhance communication by any media anywhere and anytime, and further IoT enables the organizations to acquire relevant and essential information. Through this information, the firm will initiate active communication with the customers to understand or ascertain the areas to improve and enhance mutual interactions for increased customer experience and satisfaction.
Additionally, IoT is an essential tool for MasterCard Inc. to effectively collect and analyze data from smart devices that provide insights on the customers' purchasing, using behaviors, or habits. This aspect is achievable by leveraging IoT capability to enhance the flow of data regarding customer traits. Besides, IoT uncovers consumer behaviors in a natural context by providing real-time information that allows continuous tracking of the customers' operations in their purchase journey (Marek & Woźniczka, 2017). IoT enhances customization as a crucial tool to build robust customer relationships. It provides crafted services to the customers aiming to strengthen the bond between the brand and the customers. IoT will enhance customer relationship by keeping them updated by sending updated information regarding their accounts' status and their purchase that later minimize the number of complaints and queries regarding the product (Marek & Woźniczka, 2017). Therefore, the organization can leverage its streamlined processes to enhance its capability to respond to the customers' problems in real-time. Additionally, MasterCard Inc. needs to integrate IoT to enhance service personalization (Marek & Woźniczka, 2017). By using IoT, it is possible to collect and analyze customer data from smart devices that enable the organizations to identify and predict customer preferences, needs, or wants and customize them to address these elements in the consumer's best interest.
"IoT enables uncovering customer's behavior in its natural context" by tracking customer operations and providing real-time feedback (Marek & Woźniczka, 2017). The smart devices can collect and transfer data automatically obtained from diverse sources/touchpoints through sensors. By implementing IoT in MasterCard Inc., there could be an increase in positive interactions with the customers and eliminate negative customer interactions. Through the IoT, the organization can provide a satisfaction survey to obtain real-time feedback useful in building relationships and emotional ties with the customers. Therefore, IoT would enable MasterCard Inc. to track subsequent interactions, analyze how the customers utilize their products during their lifecycle, and initiate accurate recognition of the requirements/needs and values to guide the consumers.
Therefore, successful application of the IoT as a tool for initiating customer experience management procedures includes product and service designing, customer research, maintaining and repair, relationship management, marketing communications, and personal service. Thus, continuous IoT development will unleash unknown opportunities for customer experience design and marketing and alter the human-product relationships' conventional perceptions. Like this, IoT provides an effective platform for mapping the interactions between the company and customers to predict their purchase decisions.
Conclusion
MasterCard Inc. incorporates technology to achieve customer satisfaction and efficient service delivery. MasterCard Inc. presents a challenge for other companies to emulate using technology to ensure data security and efficient service delivery. AI, smart agent technology, EMV chip cards, and technology for real-time purchase are essential in the financial industry and other sectors incorporating technology. Additionally, as the fintech continues to disrupt the card industry's stability, MasterCard seeks to achieve integrated developments to include emerging or trending technologies such as IoT, Biometrics, Blockchain, APIs, Social payments, to mention but a few. Most of the Card organizations focus on escalating their focus on the in-house innovation initiatives to execute proof of concept trials by utilizing emerging technologies and concurrently cooperating with the fintech organizations regarding several strategies within the technology advancement context.
Recognizably, technology plays a crucial role in new customer acquisition and retention to deliver superior values in MasterCard Inc. Various MasterCard services related to demands for more autonomous controls, processes, and data transfer to ensure the smooth and efficient running of activities. Thus, technological advancement facilitates the maintenance of accurate and dependable records seeking to promote customer satisfaction by enhancing customer access to their account information and attaining real-time feedback. The demand for modern and borderless commerce, safer and quicker methods increase daily is the critical motivating factor in MasterCard's improvement and ability to leverage technology. Seeking the measures to enhance adaptability in the dynamic environment calls for additional innovation to improve customer experiences and promote security in the organizational or customers' transactions. The company utilizes artificial intelligence (AI) to generate a real-time fraud score to assess risk for every transaction authorized. MasterCard organization operates Artificial intelligence to enhance Card-Linked Marketing by using demographic information and the credit card's purchase history to provide targeted or customized promotions and deals to the clients digitally. MasterCard Inc. uses the EMV standards to acquire futuristic payment technologies for smarter, safer, and secure transactions across contactless, card, remote, and mobile channels. MasterCard Inc. Enhancing transparency and control and data integrity are essential ethical considerations adopted by MasterCard in its technological advancements. MasterCard Inc. joined forces with the technology providers and financial institutions to establish a Tech for Good Partnership, a private-sector consensus to accelerate digital and financial inclusion in the Caribbean and Latin America regions. It exhibits excellent leadership qualities in technology leverage through partnerships and technology-based communications to enhance collaboration and cohesion among the critical stakeholders. However, as the organization continues to thrive in a dynamic technological environment, it must leverage more initiatives to create an enabling environment for advancements and organizational success. The firm focus on the Internet of Things (IoT) will generate numerous data by enabling the development and multiplicity of the devices connected to the internet. These numerous data helps the organization can yield information regarding customer experience with a product. The organization leveraging IoTs will have access to a broad and uninterrupted stream of data that provide knowledge on consumer behaviors. "IoT enables uncovering customer's behavior in its natural context" by tracking customer operations and providing real-time feedback. IoT provides an effective platform for mapping the interactions between the company and customers to predict their purchase decisions. Like this, MasterCard Inc. must incorporate 5G MEC technology to allow advanced facial-recognition technology and artificial intelligence (AI) and implement IoT to help uncover customer satisfaction by tracking their operations.
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