Financial services giant Amex plans to use artificial intelligence (AI) services to verify transactions and analyze customer sentiment.
Despite these desires, a recent report from VentureBeat suggests that AmEx currently has no intention of launching its own large language model (LLM) to compete with the likes of OpenAI's ChatGPT and Google's Bard.
According to the report, Luke Gebb, senior vice president of Amex Digital Labs, dismissed the idea entirely: "Our current assumption is that we're better suited to use an LLM through a partnership. I don't think we're going to build our own LLM from scratch." Gebb did not disclose which partners the company intends to work with American Express did not immediately respond to Cointelegraph's request for comment but it is worth noting that the company has partnered with Microsoft over the past few months to develop cloud-based artificial intelligence technology . Microsoft has a large stake in generative artificial intelligence, backing current industry leader OpenAI with $1 billion in 2019.
While it's unclear which current partners will offer the service, or if Amex will pursue new partnerships, Gebb released a list of activities and services the company hopes to integrate into its stack in the future . s and leveraging LLM to parse customer interaction data to analyze sentiment—a process that involves treating customer feedback like a database and using machine learning to glean key insights and action points.
The company appears to be taking a cautious approach to integrating the latest generation of artificial intelligence technology into its products and services, in line with its general approach to fintech in recent years. For example, while rivals Mastercard and Visa already accept c cryptocurrency payments, Amex has been content to slow its efforts in the space by offering crypto rewards cards but not allowing payments via cryptocurrency.
“Amex is not leveraging generative AI to approve transactions or determine who becomes an Amex Cardmember, which is not a use case the company is considering.”
