- The neural network will approve credit lines
- And assess customer sentiment and more
Payment giant American Express (Amex) plans to implement artificial intelligence for its operations.
Neural networks will check transactions, approve credit limits, assess customers’ moods, and predict their financial health.
It is important that Amex will not develop its own technology (as JP Morgan, for example, is doing).
Instead, the company chose the easier route. They will incorporate off-the-shelf solutions into their ecosystem.
The company did not disclose what technology it is talking about.
But recently they have been working closely with Microsoft, who have a large stake in the startup OpenAI. So experts conclude that American Express will use the CharGPT solution.
It’s interesting that American Express Digital Labs were pioneers in using AI for finance. They have a special department with 100 technicians from all over the world.
The company has been integrating the AI-powered Mezi digital assistant. That’s how AmEx, a robot that communicates with customers, came about.
AI technology is closely related to cryptocurrencies. The Amex take a cautious stance on this issue.
They offer cards with rewards in tokens, but do not allow direct payments through cryptocurrencies.
The company believes that such business is not profitable yet. Nevertheless, American Express is preparing its own projects in NFT and metacities.