Marqeta, known for its card issuing platform, has ventured into the realm of artificial intelligence with the introduction of a new tool – Marqeta Docs AI.
The newly-minted, AI-driven external-facing tool, rooted in OpenAI’s Large Language Models, targets a significant reduction in the time-to-value (TTV) for its clientele. Early reports also suggest a potential cut in coding and testing durations by up to 75 per cent.
Marqeta Docs AI aspires to make life easier for users navigating the Marqeta Docs website. By posing specific questions, users can expect tailored answers, facilitating a quicker understanding of the platform’s offerings. It is also a step towards equipping users with an intuitive way to grapple with the intricacies of devising payment solutions.
The AI wave, which began gathering momentum in 2022, has witnessed a surge in popularity and application across sectors. If predictions by Market.us stand true, the fintech sector alone might see the generative AI market touch a whopping $6.25billion by 2032, a substantial increase from its $865million standing in 2022.
With the rollout of Marqeta Docs AI, Marqeta positions itself in this rapidly evolving space, indicating possible further forays into AI-backed solutions.
Shifting landscape
Wendy Li, senior vice president of emerging technologies at Marqeta, 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.”
The recent unveiling by Marqeta may also be a hint of broader strategic moves to harness AI’s capabilities in the near future.
“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,” added Li.
Marqeta’s platform offers businesses embedded finance solutions including virtual and physical card issuance, processing, digital banking, buy now, pay later, accelerated wage access and expense management.
Before unveiling the external AI tool, Marqeta tested an internal code generator within a specific team for a month. This trial showcased a noticeable uptick in productivity for various code generation activities.
“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.”
