SAN FRANCISCO — Visa said it has introduced an artificial intelligence-powered financial assistant designed to help credit unions, banks and other financial institutions offer personalized financial guidance to customers through their existing mobile banking apps.
According to Visa, the new service, called AI Financial Assistant, enables financial institutions to provide AI-generated financial insights under their own branding without requiring custom software development.
Visa said the service is intended to capitalize on growing consumer interest in AI-driven financial advice while leveraging the trust many consumers place in their banks to safeguard personal financial information.
‘Trusted Institutions’
“Consumers are already turning to AI for financial advice—but banks have the full financial picture, can act on it, and are among the most trusted institutions consumers rely on,” Michele Herron, senior vice president and head of North America Value-Added Services at Visa, said in a statement. “AI Financial Assistant brings those strengths together, combining personalized insights based on a consumer’s own data and pairing it with the ability to act, all right within their bank’s app.”
According to Visa, the AI assistant will allow cardholders to receive automated monthly spending insights, ask questions about their finances using natural language and perform actions such as locking a payment card or setting account alerts within the banking app. Future enhancements are expected to include subscription management capabilities tied to spending insights.
Visa’s Digital Enablement Software Development Kit (SDK), AI Financial Assistant acts as a central layer that connects existing and new features within the SDK as they come online, the company said.
Integrated Into Issuer Solutions
Visa said the service is integrated with its Visa Digital Issuer Solutions platform, allowing financial institutions to provide AI-driven answers to customer questions about banking products, loans and savings accounts through a single conversational interface.
The company said the platform operates under Visa’s AI and data governance standards and uses information from its global payments network, which processes more than 300 billion transactions annually, along with cardholder and financial institution data, to generate personalized recommendations.
Visa said AI Financial Assistant will be available to U.S. financial institutions for pilot programs beginning in August, with a broader global rollout planned afterward.
