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American Express intends to shore up its AI partnerships as it extends its footprint in the generative AI space, with plans on implementing AI-powered credit and transaction-approval systems.
The financial services giant said it would use the technology to decide whether to give customers the green light for lines of credit - and to analyze feedback from users.
AmEx Digital Labs is currently exploring ways LLMs could be used “behind the scenes” to analyze the feedback and inquiries customers provide.
The overall technology sector may be downsizing, but American Express is bulking up for a cross-department innovation initiative, and Visa, Mastercard and Discover are hiring thousands of programmers and developers.