Generative AI continues to grab attention for its startling ability to replicate human-like intelligence and skills in a variety of ways.
A new report from a major titan in the fintech space explores this new technology’s implications for the future.
The latest edition of Mastercard Signals considers AI’s potential to solve problems, disrupt convention, and create opportunity.
“Unlike other technologies that have seen hype cycles,” the report reads, “generative AI exhibits clear use cases, has led to the creation of robust solutions, and is developing swiftly.”
Patent applications involving AI have already skyrocketed in the past decade, as has global corporate investment in the technology—up from $14 billion in 2013 to $190 billion last year.
Today, more than 50% of companies are exploring how to employ AI to innovate, up from just 20% in 2017.
“This technology is poised to be transformative across nearly every sector,” the report continues, including “large enterprises, small businesses, banking, retail and travel.”
It’s even helping spur Canada’s Next Economy.
With regards to tech talent, generative AI could “jostle the employment economy,” according to Signals, “particularly in white-collar sectors.”
Mastercard points to a recent McKinsey report which found generative AI could automate tasks which consume up to two-thirds of some employees’ time.
“If that happens, companies may require fewer workers,” Mastercard predicts.
While AI could eliminate specific jobs, “it will likely create new opportunities and free workers from rote tasks so they can do more strategic work,” Signals posits.
Mastercard—which ranked this year as LinkedIn’s number one workplace to grow a career in Canada— says it is therefore critical to adopt a “people-first strategy” and help workers upskill.
