The Future of Financial Institutions with Generative AI
The rapid rise of ChatGPT propelled generative AI from the niche to the mainstream.
Suddenly, everyone has an opinion on how generative AI could be leveraged, and leadership teams are now left wondering how, when, where, and why it should be applied in their own businesses.
This is true in the world of payments.
Payment businesses have some unique characteristics. The risk profile, the regulatory scrutiny, the competitive intensity, and the need to segment and engage closely with customers throughout the product lifecycle, all mean that generative AI could have profound implications with potential opportunities to seize, and new challenges to navigate.
Visa Consulting and Analytics (VCA) believes that the payments sector has numerous unique factors to consider in adopting generative AI. In this paper, we provide a quick introduction to generative AI and some of the payment-specific opportunities to help financial institutions (FIs) acquire more customers, drive customer engagement, and improve the customer experience for optimal growth.
For more insights, please read the full paper here. For an in-depth conversation on Generative AI and its implications for financial institutions, please contact us at VCA@visa.com.
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