American Express Embraces AI Partnerships
American Express, a leading financial services provider, is set to enhance its AI capabilities through strategic partnerships, despite having conducted internal experiments with various machine learning-powered services.
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The company plans to leverage artificial intelligence (AI) services to validate transactions, approve lines of credit, analyze customer sentiment, and predict customer finances, signaling its commitment to harnessing the power of AI for improved customer experiences and operational efficiency.
While American Express has explored the use of large language models (LLMs) internally, it has decided against developing its own LLM from scratch. Senior Vice President of American Express Digital Labs stated that partnering with existing LLM providers would be a more suitable approach.
Although the specific partners have not been disclosed, American Express has previously collaborated with Microsoft to develop cloud-based AI technologies, highlighting its inclination towards strategic alliances in the AI space.
These AI initiatives include accelerating transaction approvals and leveraging LLMs to analyze customer interactions and sentiment. By treating customer feedback as a valuable database and employing machine learning techniques, American Express aims to extract valuable insights and actionable points to enhance its services.
Furthermore, American Express intends to use AI for evaluating card and credit line approvals, a practice that relies on historical trends to assess potential financial gains or losses and make informed decisions on extending credit to applicants.
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