- The neural network will approve credit lines
- As well as evaluate the mood of customers and much more
Payment giant American Express (Amex) plans implement artificial intelligence for their work. Neural networks will check transactions, approve credit limits, evaluate customer sentiment and predict their financial condition.
It is important that Amex will not develop its own technology (as they do, for example, in JP Morgan). Instead, the company chose the easier path. They will implement ready-made solutions in their ecosystem.
The company did not disclose what technology it is. But lately they have been working closely with Microsoft, who have a large stake in the OpenAI startup. So the experts conclude that American Express will use the CharGPT solution.
Interestingly, American Express Digital Labs was a pioneer in the use of AI for finance. They have a dedicated department that employs 100 technicians from all over the world. The company was integrating the Mezi AI-based digital assistant. This is how the AmEx product appeared – a robot that communicates with customers.
AI technologies are closely related to cryptocurrencies. Amex takes a cautious stance on this issue. They offer token reward cards but do not allow direct payments through cryptocurrencies. The company believes that such a business is not yet profitable. However, American Express is preparing its own projects in the NFT and the metaverse.