published : 2023-11-09
Visa Launches AI Advisory Practice to Transform Businesses and Accelerate Growth
Unlocking the Potential of Artificial Intelligence for Payments Industry Clients
Visa, the global credit card and payments giant, has taken a monumental leap forward in the realm of artificial intelligence (AI) with the launch of its groundbreaking AI Advisory Practice.
Driven by the desire to empower businesses and expedite their growth, Visa's new consulting division is poised to revolutionize the way companies harness the potential of AI.
Operating under Visa Consulting & Analytics (VCA), the esteemed AI Advisory Practice is set to provide clients with invaluable insights and recommendations on leveraging AI technologies effectively in their operations.
With a laser focus on the payments industry, this practice aims to unlock new possibilities for clients, helping them discover innovative ways to utilize AI within their businesses.
Through meticulous planning and seamless implementation, Visa's team of AI experts will collaborate closely with clients to design and deploy tailor-made AI-powered solutions that address their specific needs.
The global head of advisory services at Visa, Carl Rutstein, elaborated on the value-added services the AI Advisory Practice aims to deliver.
"We provide specific and actionable strategic guidance, identifying use-cases and areas where AI can bring significant value, from acquiring new customers to enhancing existing customer experience," Rutstein affirmed.
Visa's long-standing expertise and collaboration with leading organizations across various industries affirm their unique position in guiding clients to choose the right AI tools for their specific use cases, ensuring optimization and value in every AI implementation.
By combining Visa's own AI services with the expertise of other renowned AI providers, the AI Advisory Practice is poised to deliver unparalleled results and transform the way businesses operate.
The potential of AI in reshaping and enhancing business workflows is well recognized, and Goldman Sachs CIO highlights its transformative power. Visa's AI Advisory Practice aligns with this sentiment, aiming to revolutionize the payments industry by leveraging AI for substantial gains.
Rutstein further explained how Visa's AI Advisory Practice can empower payments businesses at every stage of their customers' journeys.
"For market expansion and product design, we can help businesses leverage AI to gain insights into market trends, customer preferences, and competitive landscapes, which can inform their expansion strategies and product development efforts," Rutstein shared.
The value of AI extends beyond market expansion and product design. Rutstein emphasized its impact on customer acquisition and engagement.
The practice's AI-powered techniques allow businesses to personalize their marketing efforts, predict customer behavior, and enhance overall customer experience, thus driving customer acquisition and retention.
Visa's vast experience of over 30 years in leveraging AI in payments processing uniquely positions them to help clients tap into this transformative power.
The AI Advisory Practice not only aims to revolutionize fraud detection but also holds the potential to improve personalization of payment solutions based on simulated consumer behavior.
"By simulating new fraud techniques, Gen AI can enhance fraud detection systems, enabling early detection and prevention of unprecedented frauds," Rutstein explained.
"Another example is by simulating consumer behavior where AI can help develop more personalized and efficient payment solutions, enhancing customer satisfaction."
Visa's commitment to revolutionize the payments industry through AI is exemplified by the launch of their AI Advisory Practice.
By combining Visa's deep AI knowledge and industry expertise, this practice is well-positioned to guide clients towards unlocking the transformative power of AI and Gen AI for their business growth.
Visa's pioneering AI models and strategic partnerships with leading AI service providers ensure that clients have a wide array of AI tools to choose from, optimizing the value in every AI implementation.
With this groundbreaking AI Advisory Practice, Visa is leading the charge in enabling businesses to embrace AI and revolutionize the way they operate, paving the way for a future of endless possibilities and accelerated growth.