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Visa's (V) Unit Boosts Artificial Intelligence With Finn Al

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Visa Canada, a unit of Visa Inc. V, recently announced a strategic collaboration with Finn Al, to add new stimulus to its conversational banking chatbots and artificial intelligence (AI), powered by the Visa Developer Platform.

With this partnership, the Vancouver-based fintech use Visa Developer Platform APIs would be able to enhance the conversational AI technology to provide a better and personalized experience to banks for interacting with customers. This facility would include re-imagining travel experience for cardholders.

Customers will highly benefit from this technological breakthrough, courtesy of a steady virtual assistant always helping them with an easy process to ensure their cards’ optimized value during their travel.

From getting enlightened about foreign exchange rates at the airport to communicating with the hotel regarding their room preference, users will be able to avail of services at the touch of a button. Customers can even find the nearest ATMs as well as disable a misplaced card in order to protect themselves from fraudulent transactions. Overall, this move would help them enjoy a much more enriching experience by allowing them to access the best hotel and flight deals, flag fraudulent transactions, manage subscriptions, etc.

Visa Canada expects to provide a dynamic and seamless digitally enabled experience to its customers with this collaboration.

With Artificial Intelligence making a deep impact on the payment world, fraud detection has become much more effortless. Fraudulent transactions can be checked by applying a rule-based logic that allows transaction blocking to keep chances of forgery at bay.  Additionally, interaction with customers is possible in a more personalized fashion with chatbots. This would also boost the payment authorization rates.

Moreover, with AI in the payment process, customers would have frictionless check-out experiences with better security and new intelligent risk-based possibilities. Payment service providers use AI for better understanding their customers’ behavior  with a view to catering to their needs more efficiently and help them manage their finances more aptly. Visa is cashing in on all such beneficial tools in a big way.

Companies like Mastercard Incorporated MA also dived into Artificial Intelligence of late. With the launch of AI Express, Mastercard will aid several companies to develop a tailored artificial intelligence model that answers real business questions.

Shares of this Zacks Rank #3 (Hold) company have surged 42.5% in the past year, outperforming the industry’s growth of 39.1%.

Stocks to Consider

Investors interested in the Financial Transaction Services industry might take a look at some better-ranked stocks, namely Cardtronics plc CATM and WEX Inc. WEX, both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Cardtronics offers automated consumer financial services through its network of automated teller machines (ATMs) and multi-function financial services kiosks. The company managed to come up with an average four-quarter positive surprise of 27.17%.

WEX offers corporate card payment solutions in North and South America, the Asia Pacific and Europe. In the past four quarters, it delivered an average beat of 2.56%.

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