“Generative AI: A Game Changer for Global Payments Industry”
Visa is a known leader in AI-driven fraud protection, and according to Don Hobson, Chief Information Officer at Visa, the company is fully set to revolutionize the world of payments using generative AI technology.
In a recent one-on-one with VentureBeat, Hobson brought to light that innovation isn't new for Visa and the company has been making use of AI to secure payments since 1993. Visa's commitment to leveraging generative AI is now stronger than ever, evident from its recent launch of a secure GPT-4 instance for developers and investing a whopping $100 million in a generative AI ventures initiative.
Unleashing generative AI comes with its own set of intricate routines. Among them, data security and privacy continue to take precedence at Visa. Hobson emphasizes that proactively focusing on privacy during product development is significant for responsible innovation and economic escalation.
Furthermore, building a workforce that specializes in the financial services sector is vital for the successful deployment of gen AI solutions. Visa is at the forefront of acquiring this talent to push their gen AI agenda forward.
Visa's exploration of generative AI can potentially enhance its fraud detection capabilities as performing advanced analytics on extensive data sets can provide the company with valuable insights. Hobson also envisions gen AI creating more personalized and context-aware financial services and sees its potential to disrupt the financial inclusion landscape, making these services accessible to a wider audience.
We'd like to go a little deeper here. How do you think generative AI will change the banking industry as a whole?
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