American Express is looking at the potential of utilizing Generative AI tools, such as ChatGPT, to enhance their offerings. However, the company is taking a cautious approach and seeking a better understanding of how it can help with their product’s 3 Ps: making it more personalized to individual customers, more proactive and predictive. While Amex Digital Labs, the company’s testing ground for innovative product prototypes, leverages AI in transaction approvals, the company is considering using large language models (LLMs) like ChatGPT through partnerships rather than creating their own from scratch. This cautious stance reflects the industry’s overall view on generative AI and the need to better understand its potential use cases.
American Express’s Digital Labs is a testing ground for innovative product prototypes, transferring ownership to the most suitable team within the organization to deploy as part of their digital offering. Amex Digital Labs is currently leveraging AI in transaction approvals and hopes to use it for predictive analytics technology.
Laura Grant, Vice President of Product Development for Emerging Platforms and AI at Amex Digital Labs, is cautious about utilizing Generative AI tools until a better understanding is reached on how it can help customers. Luke Gebb, Executive Vice President of American Express Digital Labs, stated that they would be better suited to use LLMs through partnerships rather than creating their own from scratch.
