Visa

Visa launches AI advisory services to assist its customers

Visa is allocating a team of experts that will dedicatedly provide advisory services related to Artificial Intelligence (AI). The team, consisting of 1000 experts, including consultants, data scientists, and product specialists will provide guidance and recommendations to Visa's customers. They will not only assist them with how effectively they can use AI to enhance their businesses but also help them improve their customer engagement and risk management.

Visa has allocated over $3 billion to improve the technological foundation necessary for its operations and services. They have leveraged AI and data infrastructure over the last decade to enhance security and ensure that transactions conducted through Visa are safe and secure for both consumers and merchants.

With the help of AI they are also aimed to prevent fraudulent activities within the Visa payment network. These tools use machine learning algorithms to identify and mitigate potential fraud in real-time. Visa is using part of this investment to develop advanced payment technologies that offer greater convenience, efficiency, and flexibility to consumers.

The new advisory service that they are implementing will guide customers from the initial discovery of AI opportunities to their implementation. Visa is also investing up to $100 million in tech startups. They are focused on generative AI innovation in the payments and commerce sector.

According to research conducted by IBM's Institute for Business Value and Accenture, in the finance industry, the demand for AI services is increasing day by day. This rise in demand is the result of AI services’ effectiveness in improving customer care.

Financial institutions are increasingly getting familiar with the potential of AI to drive creativity, innovation, and enterprise intelligence. Accenture has also established an AI unit and lab to support customers with AI-focused services in healthcare, the public sector, and NATO across Europe. This is part of Accenture's $3 billion AI investment initiative.