Foxbusiness

Visa has announced the launch of its AI Advisory Practice under its consulting arm, Visa Consulting & Analytics (VCA). The AI Advisory Practice aims to provide strategic guidance and support to a wide range of clients in the payments industry, including banks, acquirers, processors, merchants, and fintech companies. The primary goal is to help these clients leverage AI and Gen AI (next-generation AI) for business growth and assist them in navigating the complexities and concerns associated with AI implementation.
The AI Advisory Practice is designed to empower payments businesses to harness the power of AI in various aspects of their customer journeys. Some key areas where AI can be applied include:
1. Market Expansion and Product Design: Visa can help businesses leverage AI to gain insights into market trends, customer preferences, and the competitive landscape. This information can inform their expansion strategies and product development efforts.
2. Customer Acquisition and Engagement: AI can be used to personalize marketing efforts, predict customer behavior, and enhance the overall customer experience. This, in turn, can drive customer acquisition and retention.
Additionally, Visa sees significant potential in Gen AI for transforming the payments industry. Gen AI can play a crucial role in areas like fraud detection and forecasting consumer behavior to improve personalization. It can simulate new fraud techniques to enhance fraud detection systems, enabling early detection and prevention of unprecedented frauds. Gen AI can also simulate consumer behavior to develop more personalized and efficient payment solutions, ultimately enhancing customer satisfaction.
Visa has a history of pioneering AI models in payments for over 30 years, and it plans to leverage this expertise to guide clients in choosing the right AI tools for their specific use cases. The company aims to ensure optimization and value in every AI implementation. The AI Advisory Practice will utilize Visa's AI services and, when necessary, seek the expertise of other leading AI service providers to assist clients in their AI adoption and utilization efforts.