[Payments Briefing] How to spot red flags: American Express’ approach to fintech partnerships is like dating
- Strengthening its fintech partnerships enables American Express to expand the reach of Amex cards via its Agile Partnership Platform.
- Amex places a strong emphasis on the payment solutions that potential partners bring to the table, seeking offerings that are not only novel but also rooted in delivering tangible value to customers, regardless of whether they operate in the B2B or B2C space.
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While traditional banking sees a 6% annual revenue growth, fintechs could achieve annual revenue growth of 15% over the next five years, according to research by McKinsey. This shows the demand for fintech solutions among businesses is increasing, with 35% of small and medium-sized businesses in the US contemplating using fintech solutions with their current platforms.
In addition, recent findings from Amex Trendex digital payments research [soon to be published] show increasing consumer interest in novel payment methods. Nearly half of consumers express interest in adopting emerging payment technologies such as connected cars [41%], biometrics [47%], or wearables [48%] for making payments.
Responding to this growing appetite of businesses and consumers, American Express is repositioning its focus toward fostering fintech collaborations to propel growth. Strengthening these partnerships is also a pathway to expanding the reach and accessibility of its cards.
Will Stredwick, Senior VP and General Manager at Amex Global Network Services North America, likens these relationships to the dynamics of dating: emphasizing that trust forms the bedrock, compatibility is paramount, and strong partnerships last when there’s alignment in chemistry and values.
