American Express is Experimenting with AI for FinTech
American Express (Amex) has plans to leverage artificial intelligence (AI) for various purposes such as transaction validation, credit approval, sentiment analysis, and financial predictions. However, they do not intend to develop its own large language model (LLM) like OpenAI's ChatGPT or Google's Bard.
Instead, the company is looking to collaborate with partners who offer LLM capabilities. While the specific partners were not disclosed, Amex has previously worked with Microsoft on cloud-based AI technologies. The company aims to integrate a range of activities and services into its offerings, although the details of the partnerships and services remain unclear at this time.
Amex is planning to utilize AI for faster transaction approval and leveraging large language models (LLMs) to analyse customer feedback and sentiment. This involves treating customer interactions as data and using machine learning to gain valuable insights. Additionally, Amex intends to use AI for credit card and line of credit approval, relying on historical trends to assess financial risk and make informed decisions.
The company is taking a cautious approach to integrating advanced AI technologies into its offerings, which aligns with its overall fintech strategy. While competitors like Mastercard and Visa have embraced cryptocurrency payments, Amex has been more conservative, only introducing a crypto rewards card without enabling direct cryptocurrency payments.
Sources:
https://cointelegraph.com/news/amex-planning-to-use-ai-for-approving-cards-and-lines-of-credit
https://venturebeat.com/ai/amex-is-experimenting-cautiously-with-generative-ai-for-fintech/
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