Visa launches a new global artificial intelligence (AI) advisory practice to help clients unlock the power of generative AI.
Visa on Nov. 8 announced the launch of its AI Advisory Practice service offered by Visa Consulting & Analytics (VCA) division.
According to the press release, the new service will focus on providing customers with actionable insights and recommendations helping to unlock the potential of AI, in particular, its most recent and very popular iteration – generative AI.
The company claims it has been using AI in its operations for the last 30 years, investing more than $3 billion in AI and data infrastructure over the last decade. According to the press release, Visa’s VCA division has also developed several proprietary AI/ML models itself.
“AI is not just reshaping industries worldwide – it’s revolutionizing them, and the payments sector is at the forefront of this transformation. Visa doesn’t just use AI to help improve payment experiences – our Advisory business is also harnessing it to empower our clients to grow and redefine how they serve their own customers through acquisition, engagement, retention, and risk management.”
Carl Rutstein, global head of advisory services, Visa
The new consultancy service will be provided by “over 1,000 consultants, data scientists and product experts in 75 offices on six continents.” The dedicated assistants will guide customers through every stage of leveraging AI: initial discovery, planning, implementation, foundational strategy, capability assessment, and model design.
The consultations are expected to help clients customise the AI strategy to fit their specific purpose, e.g. market expansion, customer acquisition, engagement improvement, or optimization of the fraud prevention policies.
Earlier this month, Visa announced its plans to invest in companies that operate in the sphere of generative artificial intelligence. Namely, the company will focus on firms that could potentially transform the future of commerce, dedicating $100 million to support such technological initiatives.