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Nov 14, 2023 238

Visa Launches AI Advisory Practice to Enhance Client AI Capabilities

#Finance

Visa has established an AI Advisory Practice, a move aimed at providing clients with valuable insights and recommendations to harness the potential of artificial intelligence and generative AI.

Visa has established an AI Advisory Practice, a move aimed at providing clients with valuable insights and recommendations to harness the potential of artificial intelligence and generative AI. The global digital payment company’s extensive experience in AI implementation spans over three decades, with an investment of over $3billion in AI and data infrastructure in the last decade. Visa Consulting & Analytics (VCA), Visa’s consulting arm, has conducted numerous AI-related engagements, paving the way for the launch of this dedicated AI advisory service.

“AI is not just reshaping industries worldwide – it’s revolutionising them, and the payments sector is at the forefront of this transformation,” said Carl Rutstein, global head of advisory services, Visa. “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.”

Visa’s AI Advisory Practice will tap into VCA’s global network of over 1,000 consultants, data scientists and product experts across 75 offices worldwide. The service will guide clients through their AI journey, from initial planning to implementation, focusing on strategy, capability assessment and model design.

The objective is to assist clients in crafting responsible AI strategies and effectively utilising AI to achieve specific business goals, such as market expansion, product design, customer acquisition, engagement enhancement and fraud prevention.

A senior vice president of payments at a top 10 bank in the US, also commented: “VCA has developed a number of proprietary AI/ML models to help us grow by serving our customers better. Their AI/ML experts coupled with both our data and VisaNet data provide us with a level of insight that is central to our growth strategy.

“Together we are exploring how to leverage AI to support the unmet needs of our customers through use-cases that are both unique to customer payment intricacies and the enterprise needs of our firm.”