Like seemingly every other industry on earth, the credit card sector is kicking some tires on artificial intelligence.
Apparently, card providers like what they see and are whipping the plastic out to invest in the technology.
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Take American Express, which is set to expand its AI lineup to handle credit reporting and decision-making process operations at the New York-based financial services company.
“It may not be a standalone product this year, but we’ll be looking at direct-to-consumer or small-business services as part of our experimentation, and see what works and what doesn’t,” said Luke Gebb, executive vice president of American Express Digital Labs in VentureBeat.
Amex is no rookie when it comes to AI.
For example, the company already uses an AI-based customer assistant tool to help with travel booking decisions. Plus, it rolled out AmEx Digital Labs for projects just like artificial intelligence, using the technology arm to test new products and get new technology tools into the company pipeline.
What Amex is planning with AI now goes deeper.
The financial services giant is reportedly planning to leverage artificial intelligence to manage card transactions, handle line of credit inquiries, take a more granular look into customer experiences, and evaluate consumer finance metrics.
No decision has been made about which AI technology partners Amex will align with, but Amex has worked with Microsoft on AI-based cloud computing development initiatives.
While expanding its AI footprint, American Express isn’t saying it will use AI to directly approve or reject consumer or business credit decisions.
“Amex is not leveraging generative AI to approve transactions or determine who becomes an Amex Card Member, and this is not a use case the company is considering,” an Amex spokesperson told Cointelegraph on May 29.