There is a lot of talk about the possibilities that generative artificial intelligence can offer us. Thanks to it, in the future we may be able to perform some work much faster and at the same time not be as tired as before. This vision can of course come true, but we often forget about the so-called the other side of the coin.
In the wrong hands, AI can become a tool designed to harm others in very simple, often even trivial ways. It is worth remembering about all types of bank frauds, which are now easier than ever thanks to such models. In fact, today a voice and appearance sample is often enough to gain access to less secure bank accounts.
For this reason, well-known providers of banking and payment services constantly have to use new solutions to better prevent theft attempts and, at the same time, continue to offer the best possible services. Visa representatives are apparently aware of this, and they openly say that AI helps them improve their business.
Visa is not afraid to bet on AI
According to the president of technology at Visa – Rajat Taneja – the company will have over 500 different applications that use AI to operate. This is to be the result of the implemented strategy, which assumes reaping the benefits of this technology and, at the same time, keeping up with fraudsters who also use artificial intelligence for theft purposes. According to the man, this is a time when introducing changes and innovations is a necessity.
This number certainly makes quite an impression, even if we are talking about a payment giant such as Visa. Just looking at the ways in which AI can protect payers against fraudsters, there is a lot of scope for improvement. It is also worth taking into account a number of other areas and activities where generative artificial intelligence is able to help people in everyday duties.
More specifically, aspects such as searching for security holes in network codes, managing chatbots or assistants for establishing settlement cycles with banks can be indicated. There are many possibilities, and no matter how you look at it, it is clear that the company has invested huge amounts of money in the AI sector over the last 10 years.
AI is supposed to help, not replace
This does not mean, however, that everyone approaches the actions of the company’s owners in the same, enthusiastic way. In the face of the ongoing problems this entity has to face, as well as the long-planned restructuring, quite a lot of concerns arise. After all, it has long been known that one of the easier ways to save money is to simply replace people with AI.
A Visa spokesman firmly denies that investments made in the AI sector will lead to the replacement of humans with robots in the long run. These actions are only intended to help employees in their work and protect consumers against fraud. Innovations that the development of this technology may allow for will also be an additional value.
This does not mean, however, that such large investments and plans must succeed. According to Whit Andrews from Gartner AI (via. WSJ) pioneers in the field of artificial intelligence do not necessarily have to be the ones who will succeed in it. Companies that observe and learn from the mistakes of other companies have a much greater chance of making a return in such a situation. In the case of Visa, however, we are talking about direct exposure to the risk of failure and, as a result, significant financial losses.
Rajata Taneja, mentioned earlier, also admits that it is difficult to clearly assess the benefits of working in cooperation with AI. On the one hand, controlling potential fraud can save up to $1.1 billion a year, while applications that help increase productivity can generate a modest $20-30 per month. Despite everything, Visa continues to invest, and its vision of the future seems even more tied to this technology segment.
An uncertain future, but certain investments
Taneja revealed that in his vision, Visa will employ “digital employees” generated by AI, who will be under human supervision. This sounds a bit utopian, but it actually gives some insight into what electronic payments management might look like in the future.
However, the question remains whether the company will be able to cope with such investments and whether they will ultimately prove successful. This is extremely uncertain and at the moment even giants such as Visa are unable to assess it.
