Visa to help clients unlock the full potential of AI with a new advisory practice

Card giant Visa has launched yet another new service, this time with the intention of helping clients unlock the full potential of artificial intelligence (AI) technology.

Calling it the AI Advisory Practice, the payments firm stated that the service will allow companies interested in AI to access all the expertise regarding this technology that Visa has managed to build up in the past 30 years. During this time, the company has spent billions of dollars in investments, interested in AI technology’s potential.

What can Visa’s new service offer its clients?

According to Visa, the AI Advisory Practice can tap into the Visa Consulting & Analytics (VCA) global network, which consists of more than 1,000 consultants, product experts, data scientists, and others, who are located in more than 75 offices on six different continents. The goal is to use all the resources at its disposal to help clients understand the AI landscape, especially when it comes to the potential that generative AI has to offer.

The VCA can also offer a variety of services that can help clients navigate the AI landscape and guide them on their journey, from initial discovery and first contact with this tech, to making implementation plans, coming up with a foundational strategy, assessing capability, and creating a design model.

Visa also said that this is intended to be a collaborative approach from which the clients can benefit in multiple ways. They can also define their own AI strategy, and the VCA can help ensure that it is responsible and that the use of AI technology will be as effective as possible.

If done right, this technology can help businesses meet their goals faster, including things like product design, market expansion, engagement improvement, customer acquisition, authorization, fraud optimization, and more.

Visa at the forefront of the AI transformation

Visa’s global head of advisory services, Carl Rutstein, commented on the launch of the new service, sating that Artificial Intelligence is not only reshaping industries around the world, but it has the ability to completely revolutionize them. He added that the payments sector is at the forefront of this transformation, which puts it in a unique position to lead this evolution.

Commenting on Visa’s role in the process, he said that the company doesn’t only use AI to help improve payment experiences. Instead, its Advisory business is also harnessing it to empower clients and help them grow and redefine how they serve their own customers via engagement, acquisition, risk management, retention, and more.