Since 2010, American Express, with an encompassing database crossing over 100 million credit cards accounting for more than $ 1 trillion in charge volume annually, is harnessing the power of big data. Undeniably, it resulted in incredible improvements in speed and performance.
In the last four decades, the entire financial services industry has undergone a massive change, notably in the spheres of:
Electronic payments – Online payments, comprising credit and debit cards have dramatically increased over cash, globally.
E-commerce – An excessive reliance on smartphones and internet have boosted E-commerce capabilities manifold times.
With an increasing interaction between company and customers, the latter’s online and offline identity is being collaborated for an encompassing 360-degree view. This eventually drives innovation in product designing and marketing.
Formulating a Data-Driven Culture
Data analytics is like the bull’s eye of effective marketing, and servicing and risk management. Data curation and management is now a prerequisite for competitive excellence.
Since its inception, American Express flaunts transformation: the company has transformed itself from being a trivial freight forwarding business to a top notch player in payments and customized service industry. Over the years, the working mechanism of the firm has changed dramatically, and today, it is #1 small business card issuer in the whole of the US.
No matter, while the company strives to evolve, its core values remain somewhat same. Keeping their customers above anything else and behave like a good citizen are two core values of American Express that are beyond alterations. To become a successful data-driven organization, they believe in investing on technology, analytics, along with human talent, emphasizing on a proper synthesis between technology and human cognition to trigger robust growth and future success.
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Risk 2020 – American Express envisions how an economy or marketplace might look like after a few years, and in the process, assesses the risks to combat to address the weaker issues in the economy. A comprehensive approach, including cloud, deep learning, mobile computing and AI is the solution.
Cornerstone – This is an encompassing, global big data ecosystem. The data is stored and shared with global potentialities across trusted sources. In any organization, data is the centre of attraction, and the consultants at American Express recognize the essence of innovation lies at company’s DNA and not somewhere on the top.
The data-driven culture in American Express is simple, natural and nuanced. A huge data base is created, from acquisition to customer management, which eventually needs to be shared with third parties and partners to derive insightful conclusions for better customer experience and risk assessment. “At American Express, we take our responsibility to serve customers and the public seriously, always ensuring that solutions are best-in-class and valuable to our customers,” says Ash Gupta, president, Global Credit Risk & Information Management, American Express.
“American Express’ closed-loop data allows us to analyze a large volume of real spending that can help marketers across a range of industries connect with customers and provide unique value,” he further adds.
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