American Express

Revenue

$33.47 billion (2017)

Employees

55,000 (2017)

Founded

1850



Overview:
The American Express Company, also known as Amex, is an American multinational financial services corporation headquartered in Three World Financial Center in New York City. The company was founded in 1850 and is one of the 30 components of the Dow Jones Industrial Average. The company is best known for its charge card, credit card, and traveler's cheque businesses. In 2016, credit cards using the American Express network accounted for 22.9% of the total dollar volume of credit card transactions in the US. As of December 31, 2017, the company had 112.8 million cards in force, including 50 million cards in force in the United States, each with an average annual spending of $18,519.

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Industries:
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Financial Services



Similar firms (based on pattern co-occurrence):
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4 shared patterns
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5 shared patterns
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4 shared patterns
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3 shared patterns
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4 shared patterns
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3 shared patterns
Business Model Patterns:

Affiliation

How they do it: By cooperating with 3rd party businesses, American Express can actively drive customers to spent money with them, e.g. through giving an increased amount of loyalty reward points for certain partners.

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Cash Machine

How they do it: American Express developed the traveller’s cheque in 1891. It is a business model innovation based on the Cash Machine pattern. It emerged from the problem faced by American Express’ own employees who travelled abroad and had difficulty obtaining cash in a foreign country.

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Customer Loyalty

How they do it: American Express lets its credit card customers collect reward points for each spent. By offering money and in-kind rewards for a certain amount of collected reward points, customers are incentivized to use the card more.

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Direct Selling

How they do it: American Express markets its credit cards directly to end customers with targeted advertisement at events, in publications or also direct via mail.

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Layer Player

How they do it: American Express focuses on providing payment solutions to customers e.g. in form of credit cards and traveller checks. Although it focuses mainly on payment solutions it also cooperates with other 3rd parties to make their overall product more attractive to customers.

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Leverage Customer Data

How they do it: American Express uses customer’s data to target advertising of 3rd party services. As the company has a lot of information about its customers spending habits and amounts, it can cluster customers according to their wealth and purchasing power and hence provides an attractive value proposition for its 3rd party partners.

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Two-sided Market

How they do it: American Express facilitates interactions between two groups of clients, namely the vendors (businesses accepting credit card payments) as well as the end customers (customers purchasing goods and services with their credit card).

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