Key insight: : Like most banks and fintechs, American Express is investing in artificial intelligence and determining how the technology will impact workflows. – Expert quote: “It’s not even early innings yet, it’s the preseason.” –American Express CEO Steve Squeri – Forward…
ok: Squeri says it’s still early and AI’s full impact will emerge in the coming years. With banks considering artificial intelligence’s impact on jobs, American Express painted a picture where AI is doing more technology work faster, with any reduction in workforce coming later through attrition. “We have a large backlog of tech products, with AI we are getting to more things quicker,” Amex CEO Steve Squeri said during Friday’s earnings call
Squeri said Amex is investing in new forms of AI for internal and external uses, and is seeing some early impact in speed to market and efficiency. But a deeper dramatic impact on product development, workflows and revenue generation will likely come in the future.”It’s not even early innings yet, it’s the preseason,” he said. Amex’s earnings For the second quarter, Amex reported net income of $3.11 billion, up from $2.88 billion a year ago.
Earnings per share was $4.53, up from $4.08 a year ago. Revenue rose to $19.64 billion from $17.8 billion. Billed business, or overall customer spending, was $445.8 billion, up from $416.3 billion the prior year.