Visa Unveils Global AI Advisory Practice for Harnessing Generative AI Power
Summary:
Visa has launched a new global AI advisory practice as part of Visa Consulting & Analytics. The service is designed to empower clients to leverage the potential of AI, specifically generative AI. Managed by a worldwide network of over 1,000 consultants, the practice plans to reshape industries including the payment sector. This move follows Visa's launch of a $100 million AI venture fund aiming to spur innovation and growth in the generative AI area.
On November 8, Visa unveiled its latest initiative, a global AI advisory practice. This new segment will be integrated into Visa Consulting & Analytics (VCA) and aims to offer insightful solutions and advice that enable clients to harness the power of AI, particularly in the area of generative AI. Visa, referencing its three-decade involvement with AI, introduced this new venture along with a variety of services designed to help clients explore the capabilities of generative AI for their businesses.
The new advisory service will be managed by over a thousand consultants belonging to the VCA's worldwide network, which includes data scientists and product experts spread across 75 offices on six continents. Carl Rutstein, Visa's Global Head of Advisory Services, made it clear that the advisory will not just include AI as one of its tools to enhance payment experience, but it will also utilize AI to enable their clients to expand and redefine their approach towards customer acquisition, engagement, retention, and risk management.
The AI advisory practice was introduced following the recent launch of a $100 million AI venture fund by the company on October 2. This fund was created to encourage innovation and growth in the generative AI sector. Generative AI, a rapidly developing branch of machine learning, relies on models that can generate content such as text, images, audio, or video, that imitate human-like qualities based on a specific training set. A few of the more popular models like OpenAI’s ChatGPT and Anthropic’s Claude 2 are extensively used for both personal and business applications. Meanwhile, IBM has recently announced a $500M fund for developing generative AI tailored for businesses.
Published At
11/8/2023 6:00:00 PM
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