American Express ranked No. 1 on Fast Company’s annual list of the World’s Most Innovative Companies for 2023 in the ‘Personal Finance’ category.
The list, as described by the publication, includes the 540 organizations that “are reshaping industries and culture.”
American Express earned its spot for “winning over Millennials and Gen Z.”
“This recognition is a testament to the passion, ingenuity and commitment our colleagues demonstrate each day to deliver the world’s best customer experience,” said Howard Grosfield, President of U.S. Consumer Services. “We’re focused on continuing to innovate our products, services and brand as we bring to life American Express Membership for a new generation of customers.”
Fast Company cited Amex’s modernization of its travel and lifestyle benefits, providing younger consumers with services they care about, from lounge access at airports when they travel to streaming service deals.
These efforts have helped us to deepen relationships with existing Card Members and to resonate with new customers, including Millennial and Gen Z consumers, who comprised more than 60 percent of Amex’s new proprietary consumer account acquisitions in 2022.
As a company, we continually update and tailor membership benefits to meet our customer evolving expectations, anticipating what they’ll want next. Recent additions to benefits include Uber Cash credits and food and drink savings offers. We’ve also built out our dining capabilities through our acquisition of Resy and launched Global Dining Access, which gives eligible U.S. Card Members access to exclusive tables just for them at the best restaurants in the world. That’s led to Millennial and Gen Z driving our consumer spending growth.
With this audience in mind, we also introduced in late 2022 a pilot program for U.S. Personal Cards that lets select applicants find out if they are approved for a new card without impacting their credit score.
Over the last several years, American Express has made investments to enhance card products and elevate the premium benefits and services we offer consumers, expand our B2B solutions to help serve more of our small business customers’ needs, and strengthen our payments network by expanding the number of places Card Members can use their cards around the world. We have also established partnerships to make it easier for fintechs to work with Amex.