TL;DR:
- Visa launches a global artificial intelligence advisory practice focused on generative AI.
- The service aims to provide actionable insights and recommendations for clients to harness the potential of AI.
- Visa’s AI advisory practice leverages a 30-year AI legacy and a vast global network of experts.
- The initiative follows Visa’s $100 million AI venture fund launched earlier to support generative AI innovation.
- Generative AI involves creating human-like content and is gaining popularity in personal and enterprise applications.
Main AI News:
Visa, a global leader in financial services, has taken a strategic leap into the future with the launch of its cutting-edge artificial intelligence advisory practice on November 8. This groundbreaking offering is an integral part of Visa Consulting & Analytics (VCA), and it’s poised to revolutionize the way businesses harness the power of AI, particularly in the realm of generative AI.
With a resounding commitment to unleashing actionable insights and recommendations, Visa’s AI advisory practice aims to empower clients worldwide to realize the transformative potential of generative AI. Drawing on Visa’s illustrious “30-year AI legacy,” this initiative comes hot on the heels of a series of innovative services designed to empower enterprises to embrace the possibilities that generative AI can unlock.
At the helm of this endeavor is Visa’s global network of over 1,000 seasoned consultants, data scientists, and product experts spanning 75 offices across six continents. Carl Rutstein, the distinguished Global Head of Advisory Services at Visa, underscores the comprehensive nature of the services on offer, stating, “AI is not just reshaping industries worldwide – it’s revolutionizing them, and the payments sector is at the forefront of this transformation. Visa doesn’t just use AI to help improve payment experiences – our Advisory business is also harnessing it to empower our clients to grow and redefine how they serve their own customers through acquisition, engagement, retention, and risk management.”
This momentous announcement follows hot on the heels of Visa’s recently launched $100 million AI venture fund on October 2. As reported by Cointelegraph, this visionary fund is dedicated to nurturing innovation and advancement within the burgeoning generative AI sector, solidifying Visa’s commitment to leading the way in AI-driven solutions.
Generative AI is a dynamic field within machine learning, where models are meticulously crafted to produce content that closely mimics human output, be it text, images, audio, or video. Renowned models such as OpenAI’s ChatGPT and Anthropic’s Claude 2 have already gained widespread acclaim and adoption, both on personal and enterprise fronts. Visa’s foray into generative AI consultancy promises to be a game-changer for businesses aiming to harness the transformative power of this technology.
Conclusion:
Visa’s venture into generative AI consultancy signifies a strategic move to remain at the forefront of AI-driven solutions in the financial sector. This initiative, backed by Visa’s extensive AI experience and global expertise, positions the company to lead the market in providing transformative AI solutions to clients, which can reshape customer acquisition, engagement, retention, and risk management in the financial industry.
