On Wednesday, Visa, the major player in credit cards and payments, announced the launch of a new consulting division. This is aimed at providing clients with insights and recommendations for harnessing the potential of artificial intelligence (AI) in their businesses.
Visa Has Started a Consulting Practice to Offer Advice to Clients on How to Implement AI
Visa’s AI Advisory Practice will be part of its Visa Consulting & Analytics (VCA) arm. The goal of the AI Advisory Practice is to offer an additional service for clients. They will do this by assisting them in discovering ways to utilize AI effectively and by planning and implementing AI tools tailored to their business requirements.
Carl Rutstein – Guiding AI Transformation in the Payments Industry
Carl Rutstein, explained, “We offer specific and practical strategic guidance, identifying use-cases and opportunities where AI can deliver substantial value, from acquiring new customers to improving the existing customer experience. Our team of AI experts collaborates closely with clients to design and implement AI-powered solutions that address their specific needs.
Rutstein stated that Visa collaborates with various clients in the payments sector. He clarified that the AI Advisory Practice aims to offer these clients strategic guidance and assistance in accelerating their AI and Gen AI utilization for business expansion. As well as aiding them in handling the challenges and issues related to AI implementation.
He clarified that Visa’s AI advisory practice is intended to enable payment businesses to utilize AI in different aspects of their customers’ journeys.
“When it comes to expanding their market and designing products, we can assist businesses in using AI to gain insights into market trends, customer preferences, and the competitive landscape. This information can guide their expansion strategies and product development initiatives,” Rutstein explained. “In terms of acquiring and engaging customers, AI can be employed to personalize marketing campaigns, forecast customer behavior, and improve the customer experience, ultimately leading to increased customer acquisition and retention.
Carl Rutstein on AI Transformation in the Payments Industry
He also mentioned that “Gen AI has the potential to bring about significant changes in the payments industry,” especially in areas like fraud detection and predicting consumer behavior to enhance personalization.
“Through simulating new fraud methods, Gen AI can improve fraud detection systems, allowing for the early identification and prevention of novel fraud schemes,” he elaborated. “Another example is in simulating consumer behavior, where AI can assist in creating more tailored and efficient payment solutions, ultimately boosting customer satisfaction.
Rutstein pointed out that Visa has a history of leading in AI models for payments for more than 30 years. He emphasized that the company is uniquely equipped to assist clients in selecting the most suitable AI tools for their specific needs.
Visa’s AI Advisory Practice will make use of both the company’s AI services. When needed, the knowledge of other top AI service providers to support clients, as Rutstein explained.
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