Many casual observers see artificial intelligence as a ‘new’ piece of technology, thanks, in large part, to the rise of chatbots like ChatGPT and conversation in the mainstream media growing louder.
But for three decades, Visa has been leading the way in using AI to enhance its services and provide secure, seamless transactions for millions of customers.
Now, the world leader in digital payments has unveiled a global AI Advisory Practice, focused on providing actionable insights and recommendations which empower clients to unlock the potential of AI and utilise the capabilities of generative AI.
"AI is not just reshaping industries worldwide – it's revolutionising them, and the payments sector is at the forefront of this transformation,” says Carl Rutstein, Global Head of Advisory Services at 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: Sparking innovation and driving growth for clients
Over the past 10 years alone, Visa has invested more than US$3 billion in AI and data infrastructure to enable safer, smarter money movement and proactively prevent fraud.
Meanwhile, Visa Consulting & Analytics (VCA), the payments consulting arm overseeing the AI Advisory Practice, has been using AI to help clients succeed, carrying out hundreds of AI-related paid engagements over the past year.
This extensive work in the AI and data realms – using more than 150 unique models – has set the stage for the launch of dedicated AI advisory services, a strategic addition to Visa’s extensive suite of value-added services.
The AI practice is already leveraging VCA's global network of more than 1,000 consultants, data scientists and product experts, based in 75 offices across six continents, to help clients understand the AI landscape, including the potential role of GenAI.
VCA offers a range of services that guide clients through their AI journey, from initial planning right the way through to implementation, grounded in foundational strategy, capability assessment and model design.
This collaborative approach is set to help clients define their own responsible AI strategy and use the emerging technology more effectively to meet business goals such as market expansion, product design, customer acquisition, engagement improvement, and authorisation and fraud optimization.
One SVP from a top 10 US bank comments: “VCA has developed a number of proprietary AI/ML models to help us grow by serving our customers better. Its 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.”
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