Currently, the Digital Lab arm of the company is working on using LLM to analyze customer feedback and enquiries.
American Express (NYSE:AXP) has joined a new wave of companies adopting AI to enhance their businesses. The financial services corporation is planning to deploy AI to validate transactions and approve credit lines. It seeks to use technology to upgrade the experiences of its consumers by analyzing customer sentiments and forecasting their finances. Before the AI buzz, American Express was constantly adopting new technologies, which has helped the company stay relevant since it was founded in 1850.
According to VentureBeat reportsAmerican Express is not currently unveiling its own Large Language Model (LLM). This is despite the financial services corporation’s desire to grow its business by adopting artificial intelligence. Luke Gabe, senior vice president of American Express Digital Labs, which is a division of MX, confirmed the decision by saying:
“Our hypothesis at the moment is that we would be better suited to access the LLM through partnerships. I don’t think we’re going to be spinning off our LLM from scratch.”
In particular, American Express Digital Labs is a leader in using AI for financial services. The group, consisting of 100 tech experts from around the world, was involved in integrating Meji, an AI digital assistant. After the integration, AmEx eventually acquired the company behind Mezi and weaved its technology through some of its services.
American Express intends to upscale with AI
While Gabe didn’t specify the companies American Express might partner with, he did mention areas the company intends to upgrade with the help of AI. The US company wants to use artificial intelligence to speed up transaction approvals. This is the process where the credit card issuer verifies that the charges were incurred by the customer. Gabe said MX will use AI “to predict what our customers are going to do over time, and approve cards and lines of credit.” Using customer interaction data to analyze sentiment Part of the plan also includes using a larger language model for parsing.
Laura Grant, VP of Product Development for Emerging Platforms and AI at Amex Digital Labs, talks about the next step in AI. The VP said the team looks at technology based on how it will impact its customers. Currently, the Digital Lab arm of the company is working on using LLM to analyze customer feedback and enquiries. This will help address queries and feedback on the company’s existing customer service portals and social media. Hence, the company will be able to provide appropriate and valuable feedback. In addition, Grant said that the American Digital Lab is looking for help in dealing with new technologies, especially AI. The vice president said the company aims to help make its products more personalized, proactive and predictive for each customer.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
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