Visa, a world leader in digital payments, has recently announced the launch of its Global AI Advisory Services Practice. This new venture is an extension of Visa Consulting & Analytics (VCA), the payments consulting advisory arm of Visa. The focus of this initiative is to provide actionable insights and recommendations, empowering clients to unlock the potential of artificial intelligence (AI) and utilise generative AI.
Visa’s journey with AI spans over three decades, during which it has continually enhanced its services and ensured secure, seamless transactions for customers. In the past decade, the company has invested over $3 billion in AI and data infrastructure. This investment has been pivotal in enabling safer and smarter money movement, as well as proactive fraud prevention. VCA has also been instrumental in using AI to help clients succeed, conducting hundreds of paid engagements globally in the last year. Visa’s extensive work in AI and data, utilizing over 150 unique models, has paved the way for this dedicated AI advisory service, a strategic addition to its suite of value-added services.
Carl Rutstein, the global head of advisory services at Visa, emphasized the transformative impact of AI across industries, particularly in the payments sector. He highlighted that Visa not only uses AI to enhance payment experiences but also leverages it to empower their clients to grow and redefine how they serve their customers.
Visa’s AI advisory practice, through VCA, leverages a global network of over 1000 consultants, data scientists, and product experts across 75 offices in six continents. The aim is to help clients understand the AI landscape, including the potential role of generative AI. VCA offers comprehensive services that guide clients through their AI journey, from initial discovery and planning to implementation. This includes foundational strategy, capability assessment, and model design. Visa’s collaborative approach is designed to help clients define their own responsible AI strategy and use AI more effectively to achieve their business goals, which may include market expansion, product design, customer acquisition, engagement improvement, and fraud reduction.
Visa’s commitment to connecting the world through innovative, convenient, reliable, and secure payment networks is further enhanced by this new initiative. It represents a significant step towards including everyone, everywhere in the future of money movement. This development by Visa not only underscores its position as a leader in digital payments but also as a pioneer in the application of AI in the financial services industry.