Visa announced the launch of its new global artificial intelligence advisory practice on Nov. 8. The consultation service will be part of Visa Consulting & Analytics (VCA) and, according to a press release, focus on \u201cproviding actionable insights and recommendations to empower clients to unlock the potential of AI and utilize generative AI.\u201d<\/p>\n
Citing its \u201c30-year AI legacy,\u201d 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. <\/p>\n
The service will be tended by VCA\u2019s global network of \u201cover 1,000 consultants, data scientists and product experts in 75 offices on six continents,\u201d according to the press release.\u00a0<\/p>\n
Carl Rutstein, global head of advisory services at Visa, said the practice will offer a full suite of client services:\u00a0<\/p>\n
\u201cAI is not just reshaping industries worldwide \u2013 it\u2019s revolutionizing them, and the payments sector is at the forefront of this transformation. Visa doesn\u2019t just use AI to help improve payment experiences \u2013 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.\u201d<\/p><\/blockquote>\n
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. <\/p>\n
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\u2019s ChatGPT and Anthropic\u2019s Claude 2, have been widely adopted for personal and enterprise use. <\/p>\n