How Mastercard uses AI to stop fraud before a payment is approvedEvery second, millions of digital transactions take place across the world. Most are genuine. Hidden among them are fraudulent transactions that often appear no different from legitimate ones. The challenge for financial institutions is not processing payments quickly. It is identifying suspicious activity before money leaves an account.Mastercard is using artificial intelligence to solve exactly that problem. Machine learning models analyse transaction patterns across its global payments network in real time, identifying unusual behaviour that could indicate fraud. Instead of relying solely on predefined rules, AI continuously learns from new transaction data, helping issuers and acquirers detect payment fraud faster while reducing false declines that inconvenience genuine customers. The decision happens in milliseconds, long before most people realise anything has been checked.AI in financial services is moving beyond automationFraud detection is only one part of a much larger shift taking place across financial services. AI is steadily moving from supporting isolated business functions to becoming part of everyday decision-making across banks, payment companies and investment firms.JPMorgan Chase is using AI to process complex documents, strengthen fraud detection and support investment research through IndexGPT. Morgan Stanley has deployed AI-powered systems that help financial advisors quickly access internal research and client information during conversations. PayPal uses machine learning to strengthen transaction risk scoring across its global payments platform, while Indian institutions such as HDFC Bank and ICICI Bank are applying AI across customer service, credit assessment and fraud detection. Even investment platforms like Zerodha are using AI to provide analytics and algorithmic trading capabilities for retail investors.Different institutions. Different use cases. The common objective is the same: making faster, more informed decisions while improving customer trust and operational efficiency.Why AI products are becoming critical for banking and financial servicesFinancial institutions process enormous volumes of transactions, documents and customer interactions every day. Manual decision-making alone can no longer keep pace with the scale, speed and complexity of modern financial systems.This is where AI products are creating measurable business value. AI-powered fraud detection helps prevent financial losses before they occur. Intelligent document processing reduces the time required to review contracts and compliance documents. AI-driven credit assessment enables faster lending decisions, while customer service platforms improve response times without compromising service quality. In wealth management, AI supports advisors by surfacing relevant insights that improve investment discussions instead of replacing human expertise.Across financial services, AI is no longer being adopted because it is new. It is being adopted because it improves business outcomes.AI Innovation in financial services is setting new industry benchmarksAs AI adoption accelerates, financial institutions are becoming more selective about the products they invest in. Novel technology alone is no longer enough. Banks, fintech companies and payment providers want AI products that integrate into existing systems, scale across operations and consistently deliver measurable impact while maintaining security, compliance and customer trust.This evolution is driving a new generation of AI innovation across the financial ecosystem, where success is measured not by the sophistication of the technology, but by its ability to solve real business challenges.Read more like this: AI in Modern Surgery: How artificial intelligence is improving surgical precision How AI is helping manufacturers cut downtime before it costs themRecognising India's Most Innovative AI Products in financial servicesThis transformation is exactly what the AI in Financial Services and Fintech category at the ET Most Innovative AI Product Awards 2026 aims to celebrate. It recognises AI products that are helping banks, fintech companies, payment platforms and financial institutions improve decision-making, strengthen security, optimise operations and create better customer experiences through measurable innovation.Financial services, however, represent just one part of India's growing AI ecosystem. Across 16 award categories, the ET Most Innovative AI Product Awards 2026 celebrates enterprises, startups and SMEs building AI products across healthcare, manufacturing, cybersecurity, enterprise productivity, retail, legal, tax, supply chain and many other industries. Regardless of sector, the defining characteristic remains the same: AI products that solve meaningful challenges through innovation, scalability and measurable business impact.The future of financial AI is built on trustThe most valuable AI products in finance are rarely the ones customers notice. They are the ones working behind every secure transaction, every faster loan approval, every informed investment conversation and every fraud attempt that never succeeds.As AI continues to reshape financial services, the organisations building these products are also setting new standards for trust, efficiency and innovation. The ET Most Innovative AI Product Awards 2026 recognises these breakthroughs, celebrating the AI products that are not only transforming finance, but redefining how businesses across industries create measurable impact.In a market moving this quickly, visibility matters as much as innovation. With only few days left to nominate, the window to spotlight your AI product at the ET Most Innovative AI Product Awards 2026 is nearing its end. Don't let your innovation become the one that goes unnoticed.Nominate Now!Who should you consider entering the ET Most Innovative AI Product Awards 2026?The awards are open to startups, scale-ups, enterprises and independent builders developing AI products with the potential to create measurable impact. How do I know if my product fits the right category?Choose the category that best reflects your product's primary use case, industry application or business impact. If your product spans multiple areas, our team can help identify the most suitable category for your nomination.Why are companies entering the ET Most Innovative AI Product Awards 2026?For many organisations, recognition is only part of the value. The awards provide an opportunity to benchmark products, build credibility, gain visibility among industry leaders and showcase innovation before an independent jury of experts.Can startups apply alongside large enterprises?Yes. The awards welcome entries from startups, growth-stage companies and established enterprises. Products are evaluated on innovation, impact and execution, not simply the size of the organisation behind them.Do products need to be live in the market to qualify?No. Depending on the category, products in development, pilot stages or early deployment may also be eligible, provided they can demonstrate innovation and a compelling use case.