As artificial intelligence (AI) ushers in a new era in commerce, Visa's new AI Advisory Practice is positioned to spark innovation and help drive growth for clients
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 8, 2023--
Visa (NYSE: V), a world leader in digital payments, today announced the launch of its AI Advisory Practice. The new value-added service, offered by Visa Consulting & Analytics (VCA), the payments consulting arm of Visa, focuses on providing actionable insights and recommendations to empower clients to unlock the potential of AI and utilize generative AI.
Over the last three decades, Visa has led the way in using AI to enhance its services and provide secure, seamless transactions for customers. In the last 10 years alone, the company has invested more than $3 billion1 in AI and data infrastructure to enable safer, smarter money movement and proactively prevent fraud, while VCA has been using AI to help clients succeed, carrying out hundreds of AI-related paid engagements over the past year. This extensive work in AI and data, using over 150 unique models, has set the stage for the launch of dedicated AI advisory services, a strategic addition to Visa’s suite of value-added services.
"AI is not just reshaping industries worldwide – it's revolutionizing 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 new dedicated AI Advisory Practice leverages VCA's global network of over 1,000 consultants, data scientists and product experts in 75 offices on six continents to help clients understand the AI landscape, including the potential role of generative AI. VCA offers a range of services that guide clients through their AI journey, from initial discovery and planning to implementation, grounded in foundational strategy, capability assessment, and model design. This collaborative approach will help clients define their own responsible AI strategy and use AI more effectively to meet their business goals, such as market expansion, product design, customer acquisition, engagement improvement, and authorization and fraud optimization.
“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,” said the Senior Vice President of Payments at a top 10 bank in the U.S. “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.”
To learn more about how Visa Consulting & Analytics can help clients on their AI journey, click here. For more information about Visa Consulting & Analytics, click here.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
1 Visa, 30 Years of AI and Counting
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Source: Visa Inc.