American Express: AI and Credit Cards
This lesson discusses how AI is helping American Express.
We'll cover the following...
Let’s talk about one of the most valuable financial services brands in the world.
American Express handles more than 25% of U.S. credit card spending, and it handles more than $1 trillion in transactions! The company also has the enviable position of interacting with people on both sides of transactions, including millions of businesses and millions of buyers, giving American Express a rich flow of data to leverage. So, it’s not a surprise that the company puts data analytics and machine learning at the heart of its services. From an outsider’s perspective, we essentially see that American Express has three major use cases of machine learning: fraud detection, acquisition of new customers, and personalized recommendations to enhance customer experience.
Fraud detection
American Express is able to leverage AI to detect fraudulent payment transactions especially when it comes to online ...