KeyBank Brings Mastercard AI Systems to Augment Mobile Payments & More

If you use KeyBank products, particularly their cards or anything connected to their cards like a mobile payments system, then there’s some news afoot that you’ll likely enjoy. Mastercard and KeyBank came together for a major announcement, which features KeyBank’s plans to bring in the Mastercard Decision Intelligence system as a means to help improve authorization decisions on the platform.

With Decision Intelligence in place, KeyBank’s accuracy of real-time approvals is set to increase substantially, and make for a better overall cardholder experience. Genuine transactions will be approved faster, and ostensibly, non-genuine transactions will be better spotted and interdicted.

This is said to be the first time that artificial intelligence (AI) has been put to work in KeyBank fraud detection operations, and it’s hoped that the end result will offer up a better customer experience for KeyBank cardholders. Mastercard is also said to be working with KeyBank on other product development processes, working to take advantage of new market opportunities via the new technologies Mastercard has been developing.

KeyBank’s head of consumer payments and digital, Jason Rudman, noted “Our renewed relationship with MasterCard, as partners to provide a simple, seamless and secure way to manage money, is another example how we work to help clients make financial progress, one decision at a time”.

Since an AI would be a pretty effective pattern recognition system, it would likely do well as a part of a decision-making process here. It could pretty readily identify any kind of anomalous reading and catalog it accordingly. It could likely even gauge just how anomalous a reading was, whether it was only slightly so or wrong for time of day, location of transaction, and type of transaction, signaling it’s likely a completely wrong transaction. This could be a problem for anyone who shakes up a routine, but that might be a temporary problem.

If it’s part of a larger force, then this might be a good development. If KeyBank parks all the decision making with a machine, it might not end well at all. Only time will tell just how Mastercard’s AI move fits into KeyBank’s operations.