Visa announced the launch of its new global AI advisory practice on Nov. 8. The consultation service will be part of Visa Consulting & Analytics (VCA) and, according to a press release, will focus on “providing actionable insights and recommendations to empower clients to unlock the potential of AI and utilize generative AI.”
Citing its “30-year AI legacy,” Visa announced the new practice alongside a range of new services related to empowering clients to understand the potential role of generative AI at the enterprise level.
The service will be tended by VCA’s global network of “over 1,000 consultants, data scientists and product experts in 75 offices on six continents,” according to the press release.
Carl Rutstein, global head of advisory services at Visa said the practice will offer a full suite of client services:
“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 news comes on the heels of a $100 million AI venture fund launched by the company on Oct. 2. As Cointelegraph reported, the fund is set up to support innovation and development in the generative AI space.
Generative AI is a burgeoning sector of machine learning that involves the use of models designed to produce human-like content such as text, images, audio, or video files within the constraints of a specific training set. The most popular models, including OpenAI’s ChatGPT and Anthropic’s Claude 2, have been widely-adopted for personal and enterprise use.
Related: IBM launches $500M fund to develop generative AI for enterprise