Discover Marqeta’s breakthrough with Marqeta Docs AI, revolutionizing user interaction and embracing the AI wave in fintech.
With the release of a new tool called Marqeta Docs AI, Marqeta, known for its card issuance platform, has entered the field of artificial intelligence.
The recently developed, AI-driven external-facing solution, which is based on OpenAI’s Large Language Models, aims to significantly shorten its clients’ time-to-value (TTV). Early findings also point to a potential reduction in testing and coding times of up to 75%.
The goal of Marqeta Docs AI is to make it simpler for users to navigate the site. Users can expect customized answers when they ask specific questions, promoting a quicker comprehension of the platform’s products. It is also a step in the direction of giving users a natural approach to deal with the complexity of coming up with payment options.
The AI wave has seen a rise in popularity and application across sectors since it started to gain traction in 2022. If Market.us’ forecasts come true, the generative AI market in the fintech industry alone might reach a staggering $6.25 billion by 2032, a significant increase from its $865 million position in 2022.
With the launch of Marqeta Docs AI, Marqeta establishes its position in this quickly developing market and suggests potential future ventures into AI-backed solutions.
According to Wendy Li, senior vice president of new technologies at Marqeta, “Generative AI has spread throughout the world. Most businesses nowadays are considering how they may use technology to boost output and productivity.
The latest Marqeta launch might possibly be a sign of more extensive strategic initiatives to use AI in the near future.
The introduction of Marqeta Docs AI “opens the door to the possibility of additional tools that shorten our customers’ time to value and speed up the rate at which they see results from their Marqeta-powered programs,” Li continued.
The platform from Marqeta provides companies with embedded finance solutions such as rapid salary access, spending management, processing, buy now, pay later, and virtual and physical card issuing.
Marqeta tested an internal code generator within a particular team for a month prior to releasing the external AI tool. This trial showed a discernible increase in productivity for different code creation tasks.
“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,” Li said.
“We’re following security procedures and developing well-thought-out policies for handling user data. To best serve and protect Marqeta, our customers, and our employees, we are being cautious about our approach and mindful of the intrinsic bias present in generative AI as we develop our tools.