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Visa is rapidly expanding its use of generative AI, boasting over 500 applications to combat sophisticated fraud. The company's strategy emphasizes quick innovation to stay ahead of bad actors while simultaneously restructuring its international operations. This includes laying off approximately 1,400 employees, primarily in technology roles, as part of a broader effort to enhance productivity and client service.
The deployment of AI tools at Visa includes applications for identifying security vulnerabilities and chatbots for business expertise. Despite the challenges of measuring returns on AI investments, Visa remains committed to integrating AI to improve efficiency and consumer protection. The vision for the future includes a workforce where human employees oversee multiple AI-generated digital assistants.
• Visa has over 500 generative AI applications in operation.
• The company plans to lay off around 1,400 employees by year-end.
Generative AI refers to algorithms that can create new content or data, which Visa utilizes to enhance its operations.
Fraud detection involves identifying and preventing fraudulent activities, a key focus of Visa's AI applications.
AI governance encompasses the frameworks and policies that guide AI deployment, crucial for Visa's rapid AI integration.
Visa is a global payments technology company that is leveraging AI to enhance security and operational efficiency.
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