Visa unveiled on November 8 a groundbreaking global artificial intelligence consulting practice dedicated to harnessing the power of AI and generative AI for its clients. This initiative will be integrated into Visa Consulting & Analytics (VCA) and aims to deliver actionable insights that unleash the full potential of AI.
Leveraging its extensive “30-year AI legacy”,” Visa is expanding its services to help clients understand the impact of generative AI at an enterprise level. This innovative endeavor will draw on Visa Consulting & Analytics’ extensive network of over 1,000 experts, including consultants, data scientists and product specialists in 75 offices across six continents.
Carl Rutstein, Global Head of Advisory Services at Visa, described the company’s comprehensive range of services. He explained: “AI isn’t just reshaping industries around the world, it’s revolutionizing them. The payments sector is at the forefront of this transformation. Visa is not only using AI to improve payment experiences, but is also using it to help clients redefine the way they engage with their own customers – through acquisition, engagement, retention and risk management.”
This development comes hot on the heels of Visa’s launch of a $100 million AI venture fund on October 2 to support innovation and advancements in generative AI.
Generative AI, an emerging field within machine learning, focuses on models that are developed to produce human-like content within the confines of specific training data. Highly popular models such as OpenAI’s ChatGPT and Anthropic’s Claude 2 have gained traction in consumer and enterprise applications.