Mastercard’s New Business Chatbot Brings Big Ups To Small Businesses
Big things are happening in the small business world! Mastercard is launching an AI-powered chatbot designed to provide real-time advice to entrepreneurs. And not just any entrepreneurs—this genius tool is specifically aimed at helping minorities and marginalized groups. The aim? To bridge the gap for small business owners who generally operate without employees and say they would benefit from mentors.
So, how does it work? This new chatbot, set to debut this year in the U.S., uses licensed content from trusted media sources such as Newsweek and TelevisaUnivision, along with Mastercard’s own archives of small-business educational materials and resources, to offer expert advice on business planning, raising capital, and more. The goal is to provide expert mentorship and guidance on business-building strategies.
And that’s not all. To tackle the specific challenges faced by minority business owners, Mastercard has teamed up with prominent minority-focused organizations such as Blavity Media Group and Group Black. These partnerships are designed to go beyond the usual resources and search engines, offering pragmatic information and inspiration to minority small-business owners.
While this exciting new chatbot seems like a promising step toward leveling the playing field for small business owners, concerns have been raised. Some warn that the use of AI technology for marketing and other purposes requires vigilance to avoid false citations, and there are worries about ensuring the tool’s content is authentic and sensitive to diverse audiences.
However, with the potential to build trust and prove the success of gen AI in these settings, Mastercard remains confident in its initiatives and is already testing and learning from its AI Garage in India. So, small business owners, is this chatbot the future of mentorship and advice in the world of entrepreneurship? What are your thoughts? Comment below and share your opinion!
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