Visa has made a significant move into the realm of artificial intelligence (AI) with the recent launch of its global AI advisory practice on November 8. This new venture, integrated into Visa Consulting & Analytics (VCA), is designed to offer strategic guidance, insights, and recommendations to empower clients in harnessing the potential of AI, particularly focusing on generative AI.
With a claim to a “30-year AI legacy,” Visa aims to provide clients with a comprehensive understanding of the role generative AI can play at the enterprise level. The advisory practice will be supported by VCA’s extensive global network, boasting over 1,000 consultants, data scientists, and product experts spread across 75 offices on six continents.
According to Carl Rutstein, the global head of advisory services at Visa, the AI advisory practice will deliver a complete suite of client services. Rutstein emphasizes the transformative impact of AI on industries globally, positioning the payments sector at the forefront of this revolution. Visa not only leverages AI to enhance payment experiences but also employs it within its Advisory business to empower clients in redefining customer interactions through acquisition, engagement, retention, and risk management.
This development follows Visa’s recent announcement of a $100 million AI venture fund on October 2, aimed at supporting innovation and development in the generative AI space. Generative AI, a burgeoning sector within machine learning, involves the use of models capable of producing human-like content such as text, images, audio, or video files based on a specific training set. Notably, popular models like OpenAI’s ChatGPT and Anthropic’s Claude 2 have gained widespread adoption in both personal and enterprise applications. Visa’s strategic moves underscore the increasing importance of AI in shaping the future of financial services and beyond.
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