It's Time for Industry Leaders To Start Using AI for Good; Here's How

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The Mastercard Center for Inclusive Growth, led by Shamina Singh, is focused on using AI for good, addressing financial aid accessibility for students, and promoting an inclusive economy. The AI chatbot Wyatt, developed by Benefits Data Trust, has guided thousands of students, particularly those of color or from low-income backgrounds, through the complex process of applying for financial aid. The Center aims to increase access to digital tools and platforms, as well as provide people with digital literacy skills.

By Shamina Singh, Founder & President, Mastercard Center for Inclusive Growth and Executive Vice President, Sustainability at Mastercard

NORTHAMPTON, MA / ACCESSWIRE / January 25, 2024 / The Mastercard Center for Inclusive Growth
Originally Published by Financial Times

When it came time for 17-year-old Esther Egbe - an aspiring engineer living in Texas - to attend college, like millions of students, she needed financial aid to pay for it. Applying for financial aid can be complex and cumbersome, but an AI chatbot called Wyatt, developed by Benefits Data Trust, a US-based non-profit organisation, guided Esther through the process - along with 30,000 other users, more than half of whom are students of colour or from low-income backgrounds.

While much of the discussion around AI today focus on either mitigating harms or reducing barriers to entry for innovators (important considerations in their own right), we haven't focused enough attention on the end goal: using AI for good.

Safety and accessibility are table stakes, but they're not enough if economies and societies hope to capitalise on the promise AI offers. We know from experience. The Mastercard Center for Inclusive Growth began its journey to address the growing chasm between those working to solve society's toughest problems and those with the know-how and assets to unlock data's potential. At the time, we saw how emerging technologies could be used to build an inclusive economy for everyone, everywhere. It's why we work to increase access to digital tools and platforms, as well as provide people with the digital literacy skills.

Continue reading here.

Image courtesy of Financial Times

View additional multimedia and more ESG storytelling from The Mastercard Center for Inclusive Growth on 3blmedia.com.

Contact Info:
Spokesperson: The Mastercard Center for Inclusive Growth
Website: https://www.3blmedia.com/profiles/mastercard-center-inclusive-growth
Email: info@3blmedia.com

SOURCE: The Mastercard Center for Inclusive Growth

View the original press release on accesswire.com

FAQ

What is the main focus of The Mastercard Center for Inclusive Growth?

The main focus is on using AI for good, addressing financial aid accessibility for students, and promoting an inclusive economy.

Who developed the AI chatbot Wyatt?

The AI chatbot Wyatt was developed by Benefits Data Trust.

How many students have been guided by the AI chatbot Wyatt?

The AI chatbot Wyatt has guided over 30,000 students through the complex process of applying for financial aid.

What is the goal of The Mastercard Center for Inclusive Growth?

The goal is to increase access to digital tools and platforms, as well as provide people with digital literacy skills.