American Express (Amex) - Digital transformation strategies

American Express (Amex) - Digital transformation strategies

Summary

This report provides insight into American Express Company's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

American Express (Amex) is a provider of card products and travel-related services. It offers a range of credit cards, charge cards and other payment and financing solutions to individuals, small and middle businesses, and corporates. The company conducts merchant acquisition and processing, payment settlement and point-of-sale (POS) marketing and network services. Its travel solutions include personal and corporate travel advisory, hotel and resort booking, and travel management. Amex also offers foreign exchange services, travel insurance and traveler’s checks.

In December 2022, Amex opened its new Decision Science CoE in Singapore, to deliver global data-driven solutions. The CoE will focus on data science applications in the areas of credit and fraud risk model development and production using AI, ML, and natural language processing (NLP) technologies. The CoE presents more opportunities for talent to apply cutting-edge research methods to solve global-scale and complex issues faced by the industry.

In September 2022, Amex and NASSCOM Foundation collaborated with training partners Friends Union for Energizing Lives (FUEL) and Regional Centre for Entrepreneurship (RCED) to impart women with technology-based skill development and entrepreneurship training. The project focuses on training 700 women on various technical courses including cloud and data analytics, blockchain, ML, and AI.

Scope

• Amex is tapping the power of data and analytics to enhance its capabilities and achieve growth in payments and commerce. The company has migrated its legacy processes to private and public cloud and big data environments to enhance operational speed and performance. The company collects customer data and combines it with third-party data to deliver personalized customer service through its AI-enabled Amex Bot.
• Amex is expanding its digital partnership with various technology players to develop innovative digital features, solutions, and services. For instance, Amex partnered with McAfee for cybersecurity technology, Plaid and Tink for open banking technology, and Better.com and ODX for digital lending solutions, among others.
• Amex delivers innovative customer interaction methods, allowing card holders to be serviced through their preferred digital channels by introducing APIs and self-service tools. Amex has invested in developing team of data scientists, engineers, and AI experts, and establishing research labs and data centers, for developing and deploying AI solutions at scale.

Reasons to Buy

• Gain insights into American Express's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, investments, and acquisition strategies.