Mastercard Unveils Emerging Technology Trends for 2024
In this age of rapid evolution, forward-thinking companies simply must invest in emerging technologies in order to keep up with their competitors.
Generative AI, machine learning, automation and quantum computing are just some of the topics to dominate conversation within business circles in recent times, pretty much regardless of industry.
However, in an attempt to narrow the focus down to commerce, fresh research from Mastercard has explored the tech trends poised to reshape the sector over the next three to five years.
“Advances in three areas — AI, computational power and data technology — are converging to propel these trends forward,” reads the latest Mastercard Signals report.
“As they spur innovation, technology will become more intuitive, interactive, immersive and embedded in our daily lives — with significant implications for finance, retail and other sectors.”
Innovation exploding across AI domain
On the topic of AI, Mastercard proposes that Gen AI is expanding the power and reach of digital assistants, propelling them performers of simple tasks to “invaluable personal and professional aides”.
The finserv giant contends that travel booking and personalised shopping guidance are just a couple of the areas where this technology can excel due to their near-human communication skills and ability to learn and understand specific user preferences.
Elsewhere, tech heavyweights Microsoft, Google, Meta and Amazon are just some of the firms integrating Gen AI assistants into their consumer and office products, allowing users to benefit from automated email crafting and meeting scheduling.
What’s staggering is that research has shown a staggering 95% of customer service executives expect AI bots to serve their customers within the next three years.
Mastercard also highlights Gen AI’s potential to supercharge software development, enhancing productivity and innovation by automating standard developer tasks.
Citing research from McKinsey, the technology can assist with legacy code and support new product development, leading to 20-45% higher engineering productivity.
Finally, Mastercard points to the growing prevalence of deepfakes and their use in committing fraudulent activity.
The modern-day business battleground sees organisations on one side and bad actors on the other — both harnessing the same technology.
Computing advancements “can transform finserv”
“Advances in chip architecture, cloud computing, connectivity, mixed reality devices and processing at the edge have the potential to transform financial services, consumer experiences, healthcare and more,” says Mastercard.
The report discusses the rise of spatial computing and its potential to transform interaction between human and machine, enabling people to use hand gestures and eye movements to engage.
Spatial mapping, smart glasses and better connectivity are just some of the technological trends driving this trend forward, with the spatial computing market as a whole expected to reach more than US$600 billion by 2032.
Mastercard goes on to herald a new era of automation, interconnectivity and intelligence, where improvements in architecture, standards and data transmission could bring about more intelligent experiences.
The report adds: “Shopping journeys could be more contextually relevant and guided, while experiences involving the mass movement of people, such as public transit and stadium entrances, could become automated.
“Of course, progress will be needed on multiple fronts — technology, interoperability, consumer buy-in — so advances will likely occur in intermittent steps.”
In this fast-evolving technological landscape, more advanced applications inevitably require increased computational power.
Mastercard highlights next-generation chips, cloud computing, quantum computing and fusion power as the developments promising to deliver the necessary capabilities.
Read the full report: Emerging tech trends 2024
******
Check out the latest edition of FinTech Magazine and sign up to our global conference series – FinTech LIVE 2024.
******
FinTech Magazine is a BizClik brand.