Amex to use AI for card and credit approval

The financial services giant American Express (Amex) plans to utilize artificial intelligence (AI) services to verify transactions, approve credit lines, analyze customer feedback, and predict customer finances.

However, a recent report from VentureBeat suggests that Amex has no plans to create its own large language model (LLM) to compete with OpenAI’s ChatGPT and Google’s Bard.

According to the report, Luke Gebb, Senior Vice President of American Express Digital Labs, dismissed the idea outright:

“Our hypothesis at the moment is that we would be better suited using LLMs through partnerships. I don’t see us spinning up our own LLM from scratch.”

Gebb did not reveal which partners the company plans to work with, but it is worth noting that Amex has recently collaborated with Microsoft to develop cloud-based AI technologies.

While it is uncertain which partners will provide services or whether Amex will seek out new partnerships, Gebb listed several activities and services the company hopes to integrate into its system in the future.

This includes using AI to expedite transaction approval, utilizing LLMs to analyze customer interaction data and sentiment, and using AI to approve credit cards and credit lines.

Amex appears to be taking a cautious approach to integrating the newest generation of AI technologies into its products and services, which aligns with its general approach to fintech in recent years.

While competitors Mastercard and Visa have embraced cryptocurrency payments, Amex has been more cautious in its endeavors in the space, offering a crypto rewards card but stopping short of allowing payments via cryptocurrency.

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