Mastercard Chief AI and Data Officer Greg Ulrich said artificial intelligence’s true potential can only be realized through high operational standards, strong governance, and scalability.
According to a statement from the company, while new technological developments emerge in AI on a daily basis, the benchmark in critical sectors such as finance and payment systems remains ensuring that the technologies underpinning the foundations of economies operate reliably and without interruption.
Mastercard is focusing its AI investments on developing new capabilities for its customers and boosting employee productivity. As part of this effort, the company is developing AI-powered commerce technologies, personalization tools, and big-data-driven fraud solutions for banks and retailers, while also rolling out AI-powered coding assistants and customer service tools for its employees.
Through new foundational AI models, Mastercard Agent Suite, and Virtual C-Suite — which integrates AI into decision-making processes — the company aims to place this technology at the center of its operations. Mastercard’s recognition by Fast Company as one of the leading companies in applied AI, along with its high ranking on the Evident AI Payments Index, are cited as indicators of this strategy.
“Once trust is lost, it’s extremely difficult to rebuild”
Commenting on the matter, Ulrich said the “move fast and fix it later” approach cannot be accepted when it comes to using AI in the financial sector.
Noting that decisions made by AI in critical areas such as payment approvals, fraud detection, and risk management cannot be undone, Ulrich said that once trust is lost, it is extremely difficult to rebuild, emphasizing that AI’s true potential can only be realized through high operational standards and scalability.
Highlighting four key strategic areas for sustainably positioning AI at the center of commercial systems, Ulrich said:
“Decentralization without standards creates risk, while centralization without proximity to business units slows down the pace of impact. Striking the right balance is critical. AI maturity isn’t built by data scientists alone — it’s built together with engineers, product leaders, and operators who understand how models actually behave in the real world.”
Ulrich said that confidently integrating technology into core operations is the most important innovation criterion for financial institutions, adding that trust in financial services is non-negotiable.
Touching on the company’s approach to transparency and governance, Ulrich said: “Governance is a foundational force that ensures AI’s scalability and sense of accountability from the very start, running through every stage of a project. Many people think governance slows processes down, but our experience shows the opposite. When a solid governance structure is in place, teams are free to focus entirely on innovation and solving customer needs.”
