Marqeta, a global modern card issuing platform, has revealed a groundbreaking AI solution for its customers.
Generative AI has swiftly risen to the forefront of technological innovation, and Marqeta has stepped up to harness its potential. With the prime aim to reduce time to value (TTV) for its patrons, the unveiling of Marqeta Docs AI is a significant move.
A pioneer in its field, Marqeta offers businesses ground-breaking embedded finance solutions that encompass various features, including virtual and physical card issuance, processing, digital banking, and more. Their platform stands out for providing embedded financial services solutions, promoting instantaneous revenue generation and bolstering customer loyalty.
Marqeta Docs AI serves as an AI-driven question-answer tool, built using OpenAI’s Large Language Models. This transformative tool allows customers to effortlessly sift through the Marqeta Docs site, providing them with quick solutions tailored to their individual use cases. It equips users with a rapid grasp of the platform’s vast offerings and intricacies surrounding payment solutions. Reflecting Marqeta’s commitment to continuous innovation, this tool facilitates a seamless integration with Marqeta’s APIs. Presently, Marqeta Docs AI is in its beta phase, with plans for wider availability in the upcoming quarter.
The surge of interest in generative AI across various industries in 2022 is undeniable. With Market.us projecting that the generative AI market in FinTech could touch $6.25bn by 2032, Marqeta’s move towards releasing its external-facing generative AI solution is timely. This not only showcases the company’s agility in fostering innovation but also hints at the introduction of more such AI tools in the future.
Marqeta Senior Vice President of Emerging Technologies Wendy Li commented, “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. 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.”
Further, Wendy Li stressed the company’s emphasis on security, stating, “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. 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.”
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