There has been a lot human beings can do well, and yet there is nothing we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown to become a lot more evident in recent times, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Marqeta, the global modern card issuing platform, has officially announced the launch of a brand-new Marqeta Docs AI, an AI-powered external-facing question and answer tool which is designed to optimize task efficiency by an unprecedented margin. According to certain reports, Marqeta Docs AI leverages the power of large language models to let you ask questions and find answers to individual use cases, and therefore, cultivate a faster and deeper understanding about its offerings and the complexities attached to creating payment solutions. Created to reduce time to value (TTV) for its customers, the new solution marks an absolute first when it comes to enabling generative artificial intelligence (AI) on the Marqeta platform. In case you aren’t quite aware of Marqeta’s proprietary platform, it basically offers businesses innovative embedded finance solutions, including virtual and physical card issuance, processing, digital banking, Buy Now, Pay Later, Accelerated Wage Access, customized expense management, and a lot more. By making it easier for users to integrate its specialized set of payment and financial services APIs, the platform ensures that they are able to open up new revenue streams, while simultaneously bolstering their customer’s loyalty towards them.
“Generative AI has become a global phenomenon. The majority of companies today are thinking about how they can leverage it to increase productivity and output,” said Wendy Li, Senior Vice President of Emerging Technologies at Marqeta. “Marqeta is investing in emerging technologies and the potential impact they can have on our customer’s business, and generative AI is one of the top roadmap items. The launch of Marqeta Docs AI opens the door to the possibility of additional tools that reduce time to value for our customers and increase the speed at which they see results from their Marqeta-powered programs.”
The development in question delivers an interesting follow-up to one Market.us prediction, which claimed that the generative AI market in fintech will go well past $6.25 billion by the year 2032, rising rather astronomically from its worth of $865 million reported in 2022. Now, onto why Marqeta’s brainchild only makes this prediction look all the more realistic, the answer can be inferred from when the company, prior to launching it for the public, tested the solution internally within a specified team, Going by the available details, it showed immediate benefits in regards to improving productivity for a number of code generation tasks. To give you a concrete figure, the tests revealed that Marqeta Docs AI succeeded in reducing the amount of time spent on coding and testing tasks by up to 75%.
“While these first solutions are examples of the opportunities we have to use generative AI to improve the way our developers and customers interact with our platform, we are deeply focused on creating a trustworthy and secure experience for our users,” said Li. “We’re following security protocol and laying out thoughtful plans for taking care of people’s data. We are keeping the natural bias present in generative AI in mind as we develop our tools and are being careful about our approach to best serve and protect Marqeta, our customers, and our people.”
Operating out of Oakland California, Marqeta’s rise to prominence comes from its excellence around helping customers create customized and innovative payment cards. The company’s sensational track record in putting on your table a configurable and flexible payment experience can also be validated by the fact that it is currently operating across more than 39 countries worldwide.
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