Business
Marqeta Unveils First Generative AI Investments, Announcing External-Facing Bot and Internal Code Generation Tool that Optimizes Task Efficiency Up to 75 Percent
Marqeta’s first external-facing generative AI tool, Marqeta Docs AI, simplifies the process of launching embedded finance solutions on its platform, reducing
About this update from Marqeta, Inc.
[{"type":"text","content":"\nMarqeta’s first external-facing generative AI tool, Marqeta Docs AI, simplifies the process of launching embedded finance solutions on its platform, reducing the overall time to value (TTV) for its customers.\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform, unveiled Marqeta Docs AI, an AI-powered external-facing question and answer tool, in addition to early test results from its internal code generation tool that reduced the amount of time spent on coding and testing tasks by up to 75%. These purpose-built solutions represent the first steps in enabling generative artificial intelligence (AI) on the Marqeta platform, created to reduce time to value (TTV) for its customers.\n\n\nMarqeta Docs AI is a generative AI tool powered by OpenAI’s Large Language Models to allow Marqeta customers to quickly navigate through the Marqeta Docs site. With the AI tool, its customers can ask questions and find answers to individual use cases, gaining a faster understanding of its offerings and the complexities of creating payment solutions. This tool is a further proof point of how Marqeta continues to innovate on its platform to make it easier for its customers to integrate with its APIs, embed payments and financial services solutions in their products and instantly generate new revenue streams and increase their customer’s loyalty. Marqeta Docs AI is currently in beta with plans for general availability later this quarter.\n\n\nInterest in generative AI boomed across industries in late 2022, and the demand for dynamic AI solutions in financial services is expected to grow over the next decade. Market.us forecasts that the generative AI market in fintech will exceed $6.25 billion by 2032, rising from 865 million in 2022. The release of its external-facing generative AI solution represents Marqeta’s ability to quickly develop and launch innovative AI solutions, with plans to implement additional tools in the future.\n\n\n“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,” said Wendy Li, Senior Vice President of Emerging Technologies at Marqeta. “Marqeta is investing in emerging technologies and the potential impact they can have on our customer’s business, and generative AI is one...