How financial leaders are integrating AI for decision-making and security

In this interview, Rajesh Chopra, Senior Vice President and Head of Advisors, South Asia at Mastercard, explains how generative AI (GenAI) is transforming boardroom decisions, strengthening cybersecurity, and enhancing the customer experience.

In today’s landscape, where technology and business intersect in increasingly complex ways, financial leaders face the dual challenge of making faster, smarter decisions while protecting their institutions from rising cyber threats. Artificial intelligence, once a novel tool, has become an integral part of daily operations. The prevailing sentiment is that AI can act as a collaborator—not a replacement—for human intuition.

Chopra views GenAI as a new kind of partner for executives—one that can probe deeper into data, assess potential risks, tailor experiences for customers, and ultimately support, rather than replace, human judgement and strategic intent.

As the financial services industry navigates this evolving terrain, Chopra offers insights into how AI is quietly influencing boardroom dynamics and reshaping how leaders perceive risk, innovation, and trust in an era of rapid change. Excerpts: 

With cybersecurity emerging as the biggest challenge for our rapidly digitizing world, how is Mastercard leveraging AI to secure the financial ecosystem in India?

Cybersecurity is the backbone of trust in the digital economy, and Mastercard has long recognized artificial intelligence (AI) as a key enabler in building and strengthening that trust. For over a decade, we’ve harnessed advanced AI and machine learning (ML) models to proactively detect, predict, and prevent fraud in real time. 

For instance, our Brighterion platform uses AI and ML to provide real-time insights and decisions from any data source. It helps multiple stakeholders in the financial ecosystem, such as acquirers, processors, and payment service providers prevent fraud, increase approval rates, and enhance customer experience by assessing the risk of transactions and merchants.

It’s noteworthy that our Global Brighterion AI solutions can be cloud-hosted or on-premise and can stand alone or complement existing systems. Currently, more than 2,000 companies around the world use technology powered by Brighterion AI to protect against fraud and risk.

Similarly, RiskRecon by Mastercard leverages AI to enable organizations to assess and manage cybersecurity threats which occur across supply chains and third-party vendors. Its self-scan tool helps monitor the cybersecurity performance of organizations by employing non-invasive techniques to scan their public systems and analyze the cybersecurity risk posture of those systems.

How do you envision the relationship between GenAI systems and human leadership evolving within Mastercard and in the financial services sector?

At Mastercard, we see GenAI as a powerful enabler—augmenting rather than replacing human decision-making. GenAI helps us unlock data-driven insights, model complex scenarios, and simulate outcomes faster than ever before. While strategic visioning and values remain inherently human, GenAI enhances the ability to act with precision and foresight.

This collaborative dynamic is increasingly becoming the norm across the financial services sector, especially in areas like forecasting, fraud detection, and risk management.

We employ GenAI as a tool to enhance human capabilities across various domains, including personalization, cybersecurity, and operational efficiency. For instance, as fraudsters explore new ways to exploit technology, we leverage GenAI to double the speed at which it can detect potentially compromised cards, further protecting cardholders and securing the ecosystem.

Mastercard’s structured approach categorizes AI into informed, perceptive, and proactive types, facilitating a comprehensive assessment of AI's impact on financial services. In the rapidly evolving financial services industry, GenAI will continue to lead a transformative change. In the coming years, it’ll reshape the operational and strategic landscape of the banking and fintech sector.

How does Mastercard use GenAI to enhance customer experience?

Mastercard leverages GenAI to create more intuitive, personalized, and seamless customer experiences across its global network. From conversational AI that enables instant, intelligent support to advanced analytics that tailor product offerings, this technology allows us to anticipate customer needs and reduce friction at every touchpoint.

For instance, through Dynamic Yield, Mastercard's AI-driven platform, the company offers solutions like Shopping Muse, a generative AI tool that provides personalized product recommendations based on individual preferences and behaviours.

This technology analyzes user interactions, past purchases, and browsing history to suggest items that align with their unique tastes and needs. By integrating contextual and behavioural insights, Mastercard ensures that each user receives a customized shopping experience, enhancing satisfaction and engagement. In India, we’ve created a significant impact for Shoppers Stop through Dynamic Yield.

We’ve learnt that Mastercard has a dedicated AI Garage in India. Can you tell us about this department and its key roles?

Mastercard AI Garage is an innovation hub dedicated to harnessing the power of AI to drive technological advancements and enhance financial services. Established as part of the company’s global AI strategy, it focuses on developing cutting-edge solutions that can improve transaction security, optimize customer experiences, and streamline operations.

One of the key areas of focus for AI Garage is fraud detection and prevention. By leveraging machine learning algorithms and big data analytics, the AI Garage team identifies and mitigates fraudulent activities in real-time, ensuring safer transactions for Mastercard cardholders.

Mastercard AI Garage aims to cultivate a vibrant AI community in India. By investing in local talent and encouraging knowledge sharing, the company is paving the way for future advancements in AI technology and its applications in the financial sector.

What frameworks or guidelines does Mastercard employ to ensure responsible and ethical use of GenAI, especially when decisions have significant financial implications?

Mastercard employs a comprehensive and principles-based AI governance framework to ensure the responsible and ethical use of GenAI, particularly in scenarios with significant financial implications. This framework is anchored in the core principles of accountability, transparency, fairness, privacy, and security, guiding the development and deployment of AI technologies across the organization.

To operationalize these principles, Mastercard has established an AI Governance Council comprising cross-functional leaders who oversee AI initiatives, ensuring they align with ethical standards and regulatory requirements. Some of the key components of our AI governance include rigorous model testing for bias and fairness, data responsibility standards emphasizing ethical data sourcing and user privacy, and human-in-the-loop mechanisms to maintain human oversight in AI-driven decisions.

Furthermore, Mastercard actively participates in global discussions on AI ethics, collaborating with regulatory bodies and industry groups to promote responsible AI innovation.

In one line, what should business leaders remember when adopting GenAI in the boardroom?

It's your ally, not a rival or a future substitute!