Credit card and payments giant Visa on Wednesday announced the launch of a new consulting division to provide clients with insights and recommendations for unlocking the potential of artificial intelligence (AI) in their businesses.
Visa’s AI Advisory Practice will operate through its Visa Consulting & Analytics (VCA) arm, which focuses on payments consulting services for clients. The AI Advisory Practice aims to provide a value-added service for those clients by helping them discover ways to use AI, as well as the planning and implementation of AI tools that suit those businesses’ needs.
“We provide specific and actionable strategic guidance, identifying use-cases and areas where AI can bring significant value, from acquiring new customers to enhancing existing customer experience,” Carl Rutstein, global head of advisory services at Visa, told FOX Business. “Our team of AI experts work closely with clients to design and implement AI-powered solutions that address their specific needs.”
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Rutstein said that Visa works with an “array of clients in the payments space, including banks, acquirers, processors, merchants, and fintech companies.” He explained that the goal of the AI Advisory Practice is to provide those clients with “strategic guidance and support to expedite their efforts in leveraging AI and Gen AI for business growth and help them navigate the complexities and concerns of AI implementation.”
He explained that Visa’s AI Advisory practice is “designed to empower payments businesses to harness the power of AI across various aspects of their customers’ journeys.”
“For market expansion and product design, we can help businesses leverage AI to gain insights into market trends, customer preferences, and competitive landscape, which can inform their expansion strategies and product development efforts,” Rutstein said. “In terms of customer acquisition and engagement, AI can be used to personalize marketing efforts, predict customer behavior, and enhance customer experience, thereby driving customer acquisition and retention.”
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He added that “Gen AI holds significant potential to transform the payments industry” in areas such as fraud detection and forecasting consumer behavior to improve personalization.
“By simulating new fraud techniques, Gen AI can enhance fraud detection systems, enabling early detection and prevention of unprecedented frauds,” he explained. “Another example is by simulating consumer behavior where AI can help develop more personalized and efficient payment solutions, enhancing customer satisfaction.”
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Rutstein noted that Visa has “a legacy of pioneering AI models in payments for over 30 years” and the company is “uniquely positioned to guide clients in choosing the right AI tools for their specific use cases, ensuring optimization and value in every AI implementation.”
Visa’s AI Advisory Practice will leverage both the company’s AI services and, where necessary, the expertise of other leading AI service providers as it looks to help clients, Rutstein said.